Government have announced details of the Restart Grant for Small Business

Dear Members,
Government have announced details of the Restart Grant for Small Business. Applications can be made from Friday 22nd May Through Cork City Council.Please read the attached and if your business fits the criteria please submit your application as soon as possible, I would anticipate that many businesses will apply for this support consequently it is critical that you apply early, don't delay.
 
Lawrence Owens
CEO
  • Direct grant aid of between €2,000 minimum and €10,000 based on commercial rates bill from 2019.
  • Scheme applies to small businesses with a turnover of under €5m and employing 50 people or less.
  • Scheme opens for applications on Friday 22 May through the Local Authorities.

 

The Government today agreed details of the new €250m Restart Grant, which will give direct grant aid to micro and small businesses to help them with the costs associated with reopening and reemploying workers following COVID-19 closures.

The Grant will be available to businesses with a turnover of less than €5m and employing 50 people or less, which were closed or impacted by at least a 25% reduction in turnover out to 30th June 2020. It is a contribution towards the cost of re-opening or keeping a business operational and re-connecting with employees and customers.

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

 

Applications for the Restart Grant can be made online to local authorities from Friday 22nd May.

Processing of applications and payment of the Restart Grant will depend on the initial surge of applications but, as far as is feasible, will be prioritised according to scheduled re-opening dates in the national Roadmap.

This direct grant support is part of the wider €12bn package of supports for firms of all sizes, which includes grants, low-cost loans, write-off of commercial rates and deferred tax liabilities, all of which will help to improve cashflow amongst our SMEs.

Micro and small businesses are particularly vulnerable to the economic effects of Covid-19. Many businesses, even while closed, continue to incur costs including fixed costs without being able to generate revenues. It is recognised that businesses will also incur costs in preparing their businesses to reopen and meeting the needs of employees and customers. The Restart Grant is designed to alleviate the pressure on businesses in this context.

To avail of the Restart Grant, a business must be in the Local Authorities Commercial Rates Payment System and:

  1. have an annual turnover of less than €5m and employ between 1 to 50 people;
  2. have closed and/or suffered a projected 25%+ loss in turnover to end June 2020;
  3. commit to remain open or to reopen if it was closed;
  4. declare the intention to retaining employees that are on The Temporary Wage Subsidy Scheme (TWSS) and to reemploy staff on the Pandemic Unemployment Payment where applicable.

The grant can be used to defray ongoing fixed costs, for replenishing stock and for measures needed to ensure employee and customer safety.

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