The Government has released details of the new €250 million Restart Grant. This scheme is designed to give direct grant aid of between €2,000 & €10,000 to micro and small businesses. There are certain conditions that must be met in order to be eligible, and there is no doubt that some small businesses will be left disappointed.
These are the main points of the Restart Grant Scheme:
– It applies to businesses with sales of less than €5 million, employing 50 people or less.
– The business MUST be in the Local Authorities Commercial Rates Payment System.
– The business MUST have closed and/or suffered a projected 25%+ loss in sales to end June 2020.
– The business MUST commit to remain open or to reopen if it was closed.
– The business MUST declare the intention to retain employees that are on the Temporary Wages Subsidy Scheme & to re-employ staff on the Pandemic Unemployment Payment where applicable.
This scheme is open for applications THIS FRIDAY 22ND MAY 2020 VIA YOUR LOCAL AUTHORITY WEBSITE.
THE MINIMUM GRANT AMOUNT DUE TO ANY BUSINESS, WHO MEETS ALL THE CRITERIA, IS €2,000.
THE MAXIMUM IS €10,000.
THE GRANT AMOUNT PAYABLE IS THE EQUIVALENT TO THE COMMERCIAL RATES BILL FOR 2019.
There are some unanswered questions, which will hopefully be addressed in the coming weeks..
– What happens in the scenario where a tenant pays a combined Rent & Rates bill to their landlord, and does not have a direct relationship with the Local Authority?
– What happens if the business has not paid their 2019 Rates bill?
– What happens where a business has not been ‘rated’ yet? Do they miss out entirely?
– What about all the micro & small businesses who do not pay commercial rates (online businesses), are they completely excluded from this scheme?
– If you meet all the criteria get your application in early (open from Friday 22nd May).
– If you are a tenant unsure of your position contact your Local Authority to seek some clarity.