The Restart Grant- Covid19 Financial Support

On 15th May, the government agreed details of the new €250 million Restart Grant, which will give direct grant aid to small businesses to help them with the costs associated with reopening and reemploying staff, following closures related to COVID-19.

So, what does this mean for your business?

The grant is available to businesses with turnover of less than €5 million and employing 50 people or less. The business must have been impacted by at least 25% reduction in turnover out to 30th June 2020 or have been forced to close. Your business must also be committed to reopen or remain reopened and the grant used to contribute towards the cost of reopening or keeping your business operational.  Most importantly, your business must be in the local authorities Commercial Rates Payment System.

How much is the grant worth?

The grant will be equivalent to the commercial rates bill of your business in 2019, with a minimum payment of €2,000 and a maximum payment of €10,000.

However, some small businesses will be left disappointed as they will not qualify for the grant. A lot of businesses are left outside of the current scheme. Specifically those who pay combined Rent and Rates to a landlord and do not have a direct relationship with the local authority, or those businesses who have not paid their 2019 rates bill, or businesses who do not pay commercial rates. Are these businesses completely excluded for the scheme? These are the unanswered questions, which will hopefully be addressed in the coming weeks.

How can you apply?

Applications for the Restart grant can be made online to your local authority from Friday 22nd May. The processing of applications and payment of the grant will depend on the volume of application, so please contact your local authority for more information.