During the pandemic, many entrepreneurs watched helplessly as their businesses collapsed. The government has heard their cry, and it’s willing to help them start all over again. Here is how someone can apply and get grant funding for their business.
Who is Eligible?
The government has guidelines in place on the people who can benefit from the program. Any business located in England that has been in operation since March 2020 is eligible for the grant. The company should be worth 51 euros for it to be considered. The grant is only for people in extreme financial crises.
Requirements for Application
The government has set some regulations to ensure that only eligible claimants will receive funds. One must provide evidence of fixed property cost, proof that the individual lost a substantial amount of income due to COVID, or that they are a small business entrepreneur.
The Unfortunate Ones
Several businesses won’t be eligible for the grant. Administrative companies, those under insolvency or who have received a legal notice to stop their operations, will not get the funds. Organizations that have received donations from the small business grand fund, zoos support fund, daily hardship funds, and fisheries response funds will not be considered for the grant.
The deadline for the application varies. The local councils have the mandate to prioritize some businesses. Small business in a flexible working space and regular traders have the priority. Charitable organizations that did not receive funds from small business rates are also eligible. Local councils will conduct the fund’s distribution.
How Much will a Business Receive?
The restart funds are meant to benefit more than 700,000 small businesses. The largest companies will get a grant of 18,000 euros for a restart. Other companies such as non-essential retail shops will receive 6,000 euros for their business. The local authority will also get 425 million euros to give those who will not benefit from the restart program.
The linked article highlights the grant’s eligibility criteria and how entrepreneurs can get the funding in order to restart their businesses after the economic crisis caused by the pandemic.