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.
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.
-
The global defence boom has moved beyond Europe – here’s how to profitOpinion Tom Bailey, head of research for the Future of Defence Indo-Pac ex-China UCITS ETF, picks three defence stocks where he'd put his money
-
Profit from a return to the office with WorkspaceWorkspace is an unloved play on the real estate investment trust sector as demand for flexible office space rises
-
An “existential crisis” for investment trusts? We’ve heard it all before in the 70sOpinion Those fearing for the future of investment trusts should remember what happened 50 years ago, says Max King
-
No peace dividend in Trump's Ukraine planOpinion An end to fighting in Ukraine will hurt defence shares in the short term, but the boom is likely to continue given US isolationism, says Matthew Lynn
-
Will the internet break – and can we protect it?The internet is a delicate global physical and digital network that can easily be paralysed. Why is that, and what can be done to bolster its defences?
-
Why UK stocks are set to boomOpinion Despite Labour, there is scope for UK stocks to make more gains in the years ahead, says Max King
-
Chen Zhi: the kingpin of a global conspiracyChen Zhi appeared to be a business prodigy investing in everything from real estate to airlines. Prosecutors allege he is the head of something more sinister
-
Canada will be a winner in this new era of deglobalisation and populismGreg Eckel, portfolio manager at Canadian General Investments, selects three Canadian stocks
