The restart grant was announced by Chancellor Rishi Sunak in the budget this year. It was introduced to help businesses with a one-off grant to open safely following the lifting of lockdown. Primarily aimed at businesses in the hospitality, travel and tourism and leisure industries who have been hit hardest by restrictions. With businesses based in these industries potentially being eligible for up to £18,000. Businesses based in non-essential retail could also be eligible for up to £6,000.
We have already covered all about the restart grant and why it was introduced. However today we are going to focus on the eligibility criteria required to be entitled to the grant so that you have a better idea if your business is eligible to apply. There are 4 main points of criteria you have to meet to be eligible for the grant:-
- based in England
- in the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
- trading on 1 April 2021
However, if due to lockdown, your business isn’t eligible to open until the 12th of April, a perfect example is if you’re based in the hospitality industry, the government has confirmed that you will still be eligible to apply for the restart grant. The grant reflecting the impact that the lockdown restrictions have had on your business as opposed to when your business is reopening.
You are not eligible for funding from the grant if either of the two below points applies to your business:-
- is in administration, insolvent or has been struck off the Companies House register
- has exceeded the permitted subsidy allowance
If for any reason your business isn’t eligible for the restart grant. That isn’t the end of the world. There are plenty of other financing options that are available from the government to help your business bounce back stronger than ever before. If you want to know more about what options may be open to your business, get in touch with a member of the team here D&K Accounting, your trusted profit-first professionals.