Today’s bulletin focuses on:
- Fast Start Competition boost
- Future Fund launch
- SSP Rebate Scheme launch
- Amendments to CLBILS
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Fast Start Competition boost
BEIS announced it would double the funds available under the Fast Start Competition scheme to £40m. The competition aims to fast-track the development of innovations borne out of the coronavirus crisis while supporting the UK’s next generation of start-ups.
Innovate UK received a record number of applications – over 8,600 to the Fast Start Competition and will now be able to distribute investment to over 800 projects.
Future Fund launch
Today, the Government’s Future Fund opens for applications. The fund will help support innovative and high-growth British businesses through the Coronavirus outbreak.
Ahead of the launch, the British Business Bank published further details about the Fund. We are pleased that the Government has worked to expand the scope of the scheme to make it more inclusive and accessible, including encouraging match fund investors to sign the Treasury’s Investing in Women Code.
techUK welcomes the Government commitment to amend the rules of the Enterprise Investment Scheme (EIS) to protect Future Fund investors from losing relief on previous investments, and will continue to monitor this closely.
Statutory Sick Pay Rebate Scheme launch
The Coronavirus Statutory Sick Pay Rebate Scheme will go live from 26 May, when a new online service will launch for small and medium-sized employers (under 250 employees) SSP payments they have made to their employees.
Employers will receive repayments for SSP they have paid to current or former employees for eligible periods of sickness from 13 March.
Coronavirus Large Business Interruption Loan Scheme
The maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme will increase from £50 million to £200 million from next week.
Changes also mean companies receiving help through CLBILS and the Bank of England’s Coronavirus Corporate Financing Fund will be asked to agree to not pay dividends and to exercise restraint on senior pay.
How we are supporting our members
techUK continues to support our members and the wider tech industry through this period.
techUK continues its work supporting Government. If you wish to make an offer of support you can do so by emailing our dedicated inbox.