Restart Grant for Your Small Business – What Is It And Where Can You Make A Claim?

Originally written by Timothy Adler about small business

Rishi Sunak has reportedly announced a £ 5 billion Restart Grant program to help small businesses hardest hit by Covid-19.

A Restart Grant worth up to £ 18,000 for the largest businesses will help stores, pubs, hotels and other small businesses through June 21 if the final coronavirus restrictions are due to be lifted.

Mr. Sunak is expected to announce on Wednesday that other small business support programs such as vacation will be extended until the end of June.

Where can you find your restart grant?

The Restart Grant program, administered by the local government, will help nearly 700,000 small business owners, including those who run businesses, pubs, clubs, hotels, restaurants, gyms and hair salons.

Non-essential retailers will receive up to £ 6,000 per location under the Restart Grant program to facilitate reopening. According to the government’s Covid-19 roadmap, stores won’t reopen until April 12th at the earliest.

More Restart Grant money will be available for any small hospitality, lodging, recreation, personal care, and gym business that later reopens and is more severely restricted. You can get up to £ 18,000 depending on their pro-rated value.

Meanwhile, local authorities in England are receiving an additional £ 425 million to distribute grants to businesses that are not eligible for the “restart grants” but are still suffering from Covid restrictions.

The Restart Grant program replaces the monthly Local Restrictions Support Grant (closed) and the Local Restrictions Support Grant (open), both of which will be concluded at the end of March.

Mr. Sunak told the Financial Times, “Our local businesses have been hard hit by the pandemic. That’s why we grew up and provided a multi-billion pound support package early on.

“The light is now at the end of the tunnel and these £ 5 billion extra cash grants are ensuring that businesses on our main drag can open their doors with optimism.”

The self-employed face higher levels of social security

Mr Sunak also plans to use an autumn budget to increase the National Insurance Contributions (NICs) paid by the UK’s 4.5 million self-employed to better align them with PAYE’s, arguing that they too would have benefited from government support for the pandemic.

And entrepreneurs could be spared an expected increase in corporate tax from 19 percent to up to 25 percent by 2024, with a lower tax rate being introduced for small businesses.

further reading

Budget 2021 and what it means for small businesses

Restart Grant for Your Small Business – What Is It And Where Can You Make A Claim?

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