With lockdown restrictions set to ease further in the coming weeks, the governments Recovery Loans Scheme and Restart Grants have launched.
Coronavirus Restart Grant
The Restart Grant Scheme launched nationally on 1 April 2021. This gives businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors the opportunity to apply for one-off cash grants of up to £18,000 from their local council.
Eligible businesses will be paid:
- a one-off grant of up to £6,000 in the non-essential retail sector
- a one-off grant of up to £18,000 in the hospitality, accommodation, leisure, personal care and gym sectors.
If you operate in England (in the sectors aforementioned), pay business rates and were trading on 1 April 2021, you may be eligible.
However, the opposite is likely to be true if:
- you have exceeded the permitted subsidy allowance;
- your business is insolvent;
- your business is in administration or,
- the business has been struck off the Companies House register.
Local authorities handling applications will determine eligibility. To apply you will need to find your relevant local authority by clicking here.
Recovery Loan Scheme
Government-guaranteed finance will continue to be available to businesses severely impacted by Coronavirus, throughout 2021.
Coffee shops, restaurants, hairdressers and gyms – to name a few – can secure funding up to £10 million in financial support via the Recovery Loan Scheme. The scheme launched earlier this week, and runs until 31 December 2021.
The loans are available in addition to funding secured under the emergency schemes established last year.
Importantly, applicants must be capable of repaying the loan and lenders are likely to request supporting documentation as proof.
The Recovery Loan Scheme is also available to startups, if the eligibility criteria is met. However, if you have been trading for less than two years, a startup loan may be more suitable.
Whether startup or more established, securing the right finance (if necessary) is important. Always seek advice if you are unsure.
How can George Hay help?
Whether it’s understanding your eligibility for the latest schemes or getting your application right, our team can help.