Article
Restart Grant for Small Businesses
Grant available for small businesses to help them reopening
Update as at 06/08/2020
In the July Stimulus package the Restart Grant, which had originally been allocated €250m, has been expanded to include certain businesses which were not eligible under the original scheme and further grant funding of €300m has been allocated to the fund. Read more about the updates here.
A €250m Restart Grant fund for small businesses, which was announced by Government at the beginning of this month, will go live from this Friday May 22nd.
All eligible business are being asked to apply online through your local authority from this date.
Given the expected large volume of applications it is expected businesses which are due to reopen in the earlier phases of the Roadmap for Reopening Ireland will have their applications processed first.
The grant will give direct aid to micro and small businesses to help them with the costs associated with reopening and reemploying workers following COVID-19 closures.
For example, the grant can be used for ongoing fixed costs, for replenishing stock and for measures needed to ensure employee and customer safety.
The amount you can receive from the grant will be equivalent to the rates bill of your business in 2019, with a minimum payment of €2,000 and a maximum payment of €10,000.
Here are the criteria your business must meet in order to avail to the Restart Grant:
- Your business must be in the Local Authorities Commercial Rates Payment System
- You have an annual turnover of less than €5m
- You employ between 1 to 50 people
- Your business has closed and/or suffered a projected 25%+ loss in turnover to end June 2020
- You must commit to remain open or to reopen your business if it was closed due to the COVID-19 crisis
- You need to declare the intention to retain employees that are on The Temporary Wage Subsidy Scheme (TWSS) and to reemploy staff on the Pandemic Unemployment Payment where applicable
Date published 19 May 2020 | Last updated 6 Aug 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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