Restart Grants for Business – Budget Announcement 2021
After being forced to shut down for almost 12 months, in some parts of the country, almost 700,000 ‘non-essential’ businesses which includes shops, hospitality, gyms, restaurants, hotels, beauty salons etc will be eligible for a “restart grant”. The grants will be sent directly to firms by local authorities from April and the amount available will depend on the industry within which the business operates and its reopening schedule. Non-essential retailers can claim a restart grant up to £6,000 per premises while hospitality, leisure, personal care and gyms can claim grants of up to £18,000, announced earlier this March.
Business Rates changes announced
The 100% business rates holiday which has been supporting many sectors that had to close down due to lockdown rules, has been extended at its current rate will run until June 2021. After this time period, there will be a discount of 2/3 up to £2 million dependant on whether or not the business has been able to open for the remaining 9 months.
Community Funds to help Buy Pubs
It can be argued, that the hospitality sector has been hit the hardest from all sectors due to the Pandemic. Pubs that already were seeing challenges in their industry have had to forego further financial struggle, which so many looking to go into administration.
Describing these venues as “the heart and soul of our local towns and villages”, the chancellor has said a £150m pot has been reserved to help communities take over local pubs if there is a chance of closure. The fund will be made available in the summer of 2021 and will allow community groups to to bid for up to £250,000 of matched-funding to help them to buy local pubs to run as community-owned businesses.
He also said, under “exceptional cases” up to £1m will also be available to community groups to buy their local sports club.
If your business has struggled due to any of the Pandemic lockdowns and you would like legal advice on business rates, restart grants or community funds, simply contact JMR Solicitors on 0161 491 3933 for a free 30 minute consultation.