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Who can get the €10,000 Restart Fund for micro and small business?

A “Restart Fund” for micro and small businesses of €250 million has been created for micro and small enterprises.

The fund is operating through a system of rebates/waivers of commercial rates payments from 2019.

Companies will receive a total amount equivalent to no more than their 2019 rates bill and that there will be a cap per business of €10,000.

That grant can be used to help re-opening or keeping a business operational and re-connecting with employees and customers. To defray ongoing fixed costs, e.g. utilities, insurance, replenishing stock , refurbishment or for measures needed to ensure employee and customer safety.

To get the grant a business must:

1. Be in the Local Authorities Commercial Rates Payment System.

2. Have an annual turnover of less than €5 million and employ between 1 to 50 people.

3. Have closed or suffered a projected 25% or more loss in turnover to the end June 2020.

4. Commit to remain open or to reopen if it was closed.

5. Declare the intention to retaining employees that are on the Temporary Wage Subsidy Scheme and to reemploy staff on the COVID-19 Pandemic Unemployment Payment where applicable.

6. Have a Tax Clearance Access number.

You will also need to quote your Rates Customer Number, which is located on your commercial rates demand, and Rate Number (or LAID) which is also located on your commercial rates demand, to complete the online application.

Some councils are looking for a bank statement header to be uploaded, which is just a scanned copy of the top of a recent bank statement indicating your business name and address and business bank account number.

You can apply online for the grant through your local authority here until Monday 31 August 2020.

If your business is still open and operating, you might be better off waiting until 30 June 2020 to apply for the Restart Grant, to ensure that your turnover has reduced by 25% compared to last year.

Please free to contact us if you need any help completing the application or applying for a tax clearance access number.

Take care and stay safe.