Some 700,000 businesses emerging from lockdown in England are in line for the Restart Grant, which could be worth as much as £18,000.
The money is aimed at companies forced to close during lockdown in England and now reopening. That means non-essential businesses in sectors such as retail, hospitality, accommodation, leisure and personal care. What your business is entitled to will depend on the rateable value of the premises that it occupies, and also its business sector.
Firstly, non-essential retailers, which were mostly allowed to reopen for business on 12 April, are entitled to receive up to £6,000 per premises. They can claim £2,667 if their premises have a rateable value below £15,000, £4,000 if the figure is between £15,000 and £51,000, and £6,000 if it is above this threshold.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The second strand of the scheme is aimed at businesses in sectors such as gyms, leisure, personal care, accommodation and hospitality, many of which will not be able to reopen until 17 May in England. These businesses can claim grants of £8,000, £12,000 or £18,000, depending on which of the three rateable-value categories they fall into. Importantly, the Restart Grant is being administered by local authorities, albeit with funding from Westminster. Most local authorities are now set up to administer the scheme and you should be able to find details on your council’s website. In some cases, grants will be paid automatically, but you may have to make a formal application.
The scheme only covers England, though the governments of the devolved nations are pursuing similar arrangements of their own, in line with their own timetables for relaxing lockdown restrictions.
-
Gold’s allure and why you should never 'pay a premium for graded coins'It is easy to become distracted by the beauty of gold, but remember why you buy it, says Dominic Frisby
-
A rebound in UK's commercial property – should you invest?UK commercial property's three-year bear market finally appears to be over, says Max King
-
'Rachel Reeves' plan to force pension funds into UK assets won't work'Opinion Hustling pension fund cash into British assets sounds like a good idea. It would be better to make Britain an attractive place to invest, says Matthew Lynn
-
Supersonic travel: How China could 'leapfrog' US and Europe's commercial aviation industryOpinion Innovation in commercial aviation has been stuck for 60 years. A commercial supersonic jet might be back on the market soon, but will China get there first?
-
How British businesses can tackle Trump's tariffsThe majority of British businesses are likely to take a hit from the chaos caused by Trump’s tariffs to reorder global trade. Companies in the firing line face some difficult decisions, says David Prosser
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
Why are energy bills so expensive in the UK?Electricity bills in the UK are higher than in any comparable rich country. Some blame the net-zero zealotry of the government for that. What is really to blame for high energy bills?
-
Will Putin invade Europe? Why investors know Russia is a paper tigerOpinion Markets are right to ignore talk of Putin invading Europe, says Max King.
-
Why French far-right leader Marine Le Pen has been banned from running for officeMarine Le Pen, presidential candidate and leader of France's right-wing National Rally party, has been barred from standing by the country's judges.
-
Five years on: what did Covid cost us?We’re still counting the costs of the global coronavirus pandemic – and governments’ responses. What did we learn?
