Businesses in North Somerset reopening after lockdown are being given a cash boost thanks to a £10 million government grant. Some businesses in the retail, hospitality and leisure industries have been receiving their slice of the Restart Grant to help get back on their feet after being forced to close as part of Covid-19 restrictions.
What is the Restart Grant?
Unveiled by Chancellor Rishi Sunak in March this year, the grant is aimed at businesses which were classed as non-essential retail or hospitality and leisure and which had to close throughout lockdown. The one-off payment, being handed out through North Somerset Council, is based upon a business’s sector and its rateable value.
Under the scheme, eligible businesses can get a one-off payment of up to £6,000 in the non-essential retail sector or up to £18,000 in the hospitality or leisure sectors. The funds have been handed out as restrictions have lifted and the hardest-hit businesses opened their doors once more. Councillor Mark Canniford, the council’s executive member for business, economy and employment, said the cash would give a welcome boost to businesses most affected by lockdowns.
‘As we emerge from this latest lockdown the grant will provide a much-needed boost to our hard-hit leisure, hospitality and non-essential retail businesses, supporting the recovery of the high street,’ he said.
How much could businesses receive?
Under the Restart Grant, the level of the support varies depending on a business’s sector and rateable value. For non-essential retail businesses, the grant is £2,667 if they have a rateable value of £15,000 or below; £4,000 for a rateable value between £15,000 and £51,000 and £6,000 for businesses with a rateable value of £51,000 or more.
Hospitality and leisure firms can get £8,000 if they have a rateable value of £15,000 or less; £12,000 for a rateable value of £15,000 to £51,000 and £18,000 for properties rated at more than £51,000.
The Restart Grant replaces the Local Restrictions Support Grant (LRSG) and the council contacted all rateable businesses which previously received LRSG with instructions as to how to apply online for the new grant. Forms have also been provided for businesses which had never received an LRSG before. Discretionary awards for non-rated businesses were also expected to be offered by the council.
The Restart Grant came into effect from April this year when businesses started reopening in line with Government guidelines. It is anticipated that nearly 700,000 businesses across the country could benefit from the £5 billion scheme. Speaking as the grants were announced, the Chancellor, Rishi Sunak said: “Our local businesses have been hard hit by the pandemic – which is why we went big and went early with a multi-billion-pound package of support. There’s now light at the end of the tunnel and this £5 billion of extra cash grants will ensure businesses on our high street can open their doors with optimism.”
