Today’s bulletin focuses on:
- UK ‘Future Fund’ for start-ups
- £750m for R&D intensive businesses
- Package to support online learning
- Job Retention Scheme and Coronavirus Large Business Interruption Loan Scheme goes live
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For more analysis and the latest guidance please visit techUK’s COVID-19 information hub which is updated daily.
UK ‘Future Fund’ for start-ups
In partnership with the British Business Bank the Government will commit £250 million in funding to support high-growth companies. Match funding from private investors will bring the initial value of the fund to £500 million.
Delivered in partnership with the British Business Bank, the Future Fund will allow UK-based companies to access between £125,000 and £5 million from the Government with private investors at least match funding Government commitments.
You can find out more about the ‘Future Fund’ on our website, which will be updated as more details emerge.
£750m for R&D intensive businesses
Government will make available £750 million of targeted support available to the UK’s R&D intensive small and medium size firms, via Innovate UK’s grants and loan scheme.
To achieve this, Innovate UK will accelerate £200 million of grant and loan payments for 2,500 existing Innovate UK partners on an opt-in basis. An extra £550m will also be made available to increase the support on offer for these existing partners. Further Innovate UK will offer £175,000 to around 1,200 firms not currently in receipt of Innovate UK funding. Learn more here.
Package to support online learning
Disadvantaged children across England are set to receive laptops and tablets as part of a push to make remote education accessible for pupils staying at home during the coronavirus outbreak.
Devices will be ordered for children in the most vital stages of their education, those who receive support from a social worker and care leavers. The government will also provide 4G routers to make sure disadvantaged secondary school pupils and care leavers can access the internet – where those families do not already have mobile or broadband internet in the household.
For businesses wanting to support vulnerable individuals get online during this period please visit DevicesDotNow to see how you can help.
Job Retention Scheme and Coronavirus Large Business Interruption Loan Scheme (CLBILS) goes live
At 08:00 this morning the Government’s Job Retention Scheme went live. You can find out if you’re eligible and how much you can claim to cover wages for furloughed employees here.
The CLBILS scheme, which will support firms with a turnover of more than £45 million will also go live today.
How we are supporting our members
techUK continues to support our members and the wider tech industry through this period.