Coronavirus Update 22nd March 2021

In order to facilitate the orderly return to work of those businesses who have been unable to trade during the pandemic, HM Government have launched a new policy - Coronavirus Restart Grants.

The grants will be available from 1 April 2021.

The link below sets out the details of the grants.

https://www.gov.uk/coronavirus-taxon/businesses-and-self-employed-people

In summary, the grants are available for businesses

• based in England
• rate-paying
• in the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
• trading on 1 April 202

Funding is not available if the business is in administration, insolvent or has been struck off the Companies House register.

Local councils will use their discretion to determine whether businesses meet the eligibility criteria for this grant scheme.

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

Grants will be available from 1 April 2021 but businesses can submit an application in advance.

Comment

Viewed in isolation these grants seem rather miserly but in the context of business support overall, be it furlough, rate relief, payment of outstanding tax over extended periods and funding support, the grant is a welcome additional top up to the already enormous financial package of support which has been designed to help business get back on its feet.

There are certain to be anomalies but overall this is another helpful measure to restart the UK economy.

Please get in contact with ASE at chris.cummings@ase-global.com if you would like to discuss this in more detail.

Or visit our LinkedIn page for more info:https://www.linkedin.com/company/ase-plc/