Am I entitled to a Restart grant and how do I apply?
You may be aware that the Government has recently announced a business support scheme called “ The restart grant”. This scheme has been introduced to offer funding support to businesses that are required to close due to either local or national COVID-19 restrictions. The funding should support them through what is hoped to be the final stages of COVID-19 and enable them to reopen safely once restrictions have been lifted fully.
So, how do you know if your business is eligible for the grant?
Businesses that are eligible for the support grant are the businesses that have received a business rates assessment and have been forced to close under government restrictions. This includes all businesses classed as non-essential such as; retail, leisure, personal care, sports facilities and hospitality businesses.
GOV UK, have also stated your business may be eligible if it is:
- Based in England
- Rate-paying
- In the non-essential, retail, hospitality, accommodation, leisure, personal care or gym sector.
- Trading on 1 April 2021
The retail industry contributes almost 5.1% of UK GDP, the coronavirus pandemic has had a large impact on the UK and in particular the retail and hospitality industry. Economic output in the hospitality sector was down 90% in April 2020 compared to February 2020. Ongoing fixed costs, accumulating debt and low cash reserves are a major concern for these sectors.
That’s why the government has issued the re-start grant scheme to hopefully boost these particular sectors and help them perform how they used to.
It is important to know that the amount of money you receive varies due to your rateable value ( as of 1 April 2021). Businesses classed as Non-essential can get:
- £2,667 if your rateable value is £15,000 or under
- £4,000 if your rateable value is between £15,000 and £51,00
- £6,000 if your rateable value is more than £51,000
How do you claim the restart grant?
If you believe you are eligible for the restart grant, you should head to your local council website to apply. Local authorities have been given the authority to distribute the grant funding.
In Blackburn in particular, you must be registered for business rates with Blackburn with Darwen BC and have a business rates account number. If you do not have a business rates account number and have been forced to close due to covid-19 you should head to the ‘ Discretionary grants’ section on the Blackburn Council website.
In some situations, the grant will be distributed to you automatically without manually claiming for it. The application closure date is 30 June 2021.
How we can help you restart your business…
Restarting your business after being closed for so long may naturally be quite a daunting experience. You may have had plans in place before the pandemic for how you would handle the year, obviously everybody's plans were forced to change.
We have an expert team who offer a range of business strategy services, perfect for re-opening and restarting businesses. They can provide a broader insight from other industry knowledge, help you create a new and successful strategy that should make the reopening process seem a lot less daunting and more exciting- the way it should be.
You can book a free consultation with our business finance team today, just click here