Ever since Rishi Sunak addressed parliament in the 2021 Budget and announced his latest funding scheme – the Restart Grant – struggling businesses in sectors such as hospitality and non-essential retail have been waiting with bated breath for further news on how to claim.

 

Now, as we edge closer to re-opening and some form of normality, the Government has published full details of the scheme, including when it’s available and how to get your hands on the grant.

 

Here’s everything you need to know…

 

Is my business eligible?

Your business may be eligible for the Restart Grant if it is:

  • Based in England
  • Rate-paying
  • In the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
  • Trading on April 1st, 2021

 

You cannot get funding for your business if:

  • It is in administration, insolvent, or has been struck off the Companies House register
  • It has exceeded the permitted subsidy allowance (more on that below)

 

However, local councils will use their discretion to determine whether businesses meet the eligibility criteria for the scheme. If your situation changes and you may no longer be eligible for the grant, you must inform your local council.

 

The subsidy allowance refers to measures in place to limit the amount of funding any one organisation or business can receive as part of grant schemes.

 

In this case, the Restart Grant is covered by three subsidy allowances:

  • Small Amounts of Financial Assistance Allowance – you’re allowed up to £335,000 (subject to exchange rates) over any period of three years
  • Covid-19 Business Grant Allowance – you’re allowed up to £1,600,000
  • Covid-19 Business Grant Special Allowance – if you have reached your limits under either of the above allowances, you may be able to access a further allowance of funding under these scheme rules of up to £9,000,000 provided certain conditions are met

 

Grants under these allowances can be combined for a potential total allowance of up to £10,935,000.

 

How much money will I get?

If eligible for the grant, business owners will be paid a one-off lump sum to support them in reopening. However, the amount received depends on the type of business:

 

  • Businesses in the non-essential retail sector will be offered a one-off grant of up to £6,000
  • Businesses in the hospitality, accommodation, leisure, personal care and gym sectors will be offered a one-off grant of up to £18,000

 

When can I get the grant?

Grants will be available from April 1st, 2021, but applications can be submitted in advance.

 

What do I need to do next?

If you believe you’re eligible for the grant, you can apply via your local council’s website – and you can find that here.

 

If you need support with your business’ finances, our expert team are here to help. Get in touch on 01642 244090 or info@chuhanandsingh.co.uk.