COVID-19 Restart Grant Scheme

18 May 2020

On 15 May 2020 the Government announced the new €250m Restart Grant scheme which will give direct grant aid to micro and small businesses to help them with the costs associated with reopening and re-employing workers following COVID-19 closures.

The main details of the Restart Grant are as follows:

  • The Restart Grant will provide direct grant aid of between a minimum of €2,000 and a maximum of €10,000, based on a firm’s commercial rates bill from 2019.
  • The Restart Grant scheme applies to small businesses with a turnover of under €5m and which employs 50 people or less.
  • The Restart Grant scheme opens for applications on Friday 22 May through the Local Authorities.
  • Applicants must have been closed or impacted by at least a 25% reduction in turnover out to 30th June 2020.
  • Applicants must commit to remaining open or to re-open if it was closed.
  • Applicants must also declare its intention to retain employees that are on The Temporary Wage Subsidy Scheme and to re-employ staff on the Pandemic Unemployment Payment where applicable.
  • The Restart Grant scheme is intended as a contribution towards the cost of re-opening or keeping a business operational and re-connecting with employees and customers. It can be used to defray ongoing fixed costs, to replenish stock and / or for measures needed to ensure employee and customer safety.

The Restart Grant scheme is part of the wider €12bn package of supports for firms of all sizes, which includes grants, low-cost loans, write-off of commercial rates and deferred tax liabilities, all of which will help to improve cashflow amongst our SMEs.

Further details on the Restart Grant scheme are available here.

For further information please contact Erc Walsh, Banking Associate, Libby Garvey, Partner and Head of Banking or another member of the Banking team at Eugene F Collins.

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