£1.25bn for the ‘innovation and enterprise’ the UK needs for post COVID-19 economic recovery
The government has announced a £1.25bn package to support innovative companies lead the UK economic recovery.
Speaking at today’s Downing Street press conference, the Chancellor Rishi Sunak said: “We have never seen an economic crisis like this one.
“The goal of the schemes (to date) has been to maintain as many people as possible in their existing jobs, to support viable business to stay afloat and the incomes of the self-employed to allow them to trade again. This has been to retain our economy’s productive capacity so we can bridge through this crisis.
“But we are also sowing the seeds of our ultimate recovery. As we look ahead and start to plan for our recovery, it is critical we encourage business, and create jobs for the future.
“Innovation and enterprise have powered our countries for centuries and it is what will we drive our growth for the next centuries.”
The Chancellor announced two schemes, both due to launch in May. They comprise:
- a new £500 million loan scheme for high-growth firms, called the Future Fund, and
- £750 million of targeted support for small and medium sized businesses focusing on research and development.
Rishi Sunak said the targeted and tailored help would ensure firms in some of the most dynamic sectors of the UK economy – ranging from tech to life sciences – are protected through the crisis so they can continue to develop innovative new products and help power UK growth.
Delivered in partnership with the British Business Bank, the fund will provide UK-based companies with between £125,000 and £5 million from the government, with private investors at least matching the government commitment. These loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid.
The £750 million of targeted support for the most R&D intensive small and medium size firms will be available through Innovate UK’s grants and loan scheme, Innovate UK.
More information on the detail behind the scheme can be found in the headline terms – click here.
‘Furlough’ scheme and Large Business Coronavirus Business Interruption Loan scheme go live
The Coronavirus Job Retention Scheme claim portal opened at 8am this morning and has already received claims for more than a million workers.
Chancellor Rishi Sunak confirmed at today’s press conference that 140,000 firms have already applied for the grants which would fund the pay of up to a million employees. He said firms applying today will receive cash in six working days and the government would continue to provide updates.
HMRC have produced this step by step guidance on how to make a claim – click here. There is also a calculator (available here) to help you work out your claim. Click here to make a claim.
The Chancellor has also announced a one month extension to the scheme. This means that the scheme will now be open until the end of June, to reflect continuing lockdown measures. Click here for more information.
HMRC are holding live webinars providing an overview of the scheme to help employers and employees deal with the economic impacts of coronavirus. Register for a live webinar here.
The Coronavirus Large Business Interruption Loan Scheme, which has been expanded to cover all viable firms with a turnover of more than £45 million, was also been launched today. It will be available through a series of accredited lenders, listed on the British Business Bank website. Click here for more information.
This complements existing support including the Covid Corporate Financing Facility (more information available here) and the Coronavirus Business Interruption Loan Scheme for small and medium sized businesses – click here for more information.
Additional new guidance
Women in Innovation 2020: new funding announced
Innovate UK has announced a new wave of Women in Innovation Awards to find and support the UK’s most promising female innovators. Up to 10 women will secure £50,000 each as well as a bespoke programme of coaching, mentoring and innovation growth support. Click here for more information.
Competition rules temporarily relaxed to allow dairy industry to work together more during coronavirus crisis
The government will temporarily relax elements of UK competition law to support the dairy industry through the coronavirus outbreak. With the UK’s dairy farmers producing over 40 million litres of milk every day, the legislation, which will be laid shortly, will allow the industry to adapt to changes in the supply chain including decreased demand from the hospitality sector and reduced collection by retailers who have had to close. Details are available here.
Financial support for education, early years and children’s social care
Funding and financial support available for education, childcare and children’s social care organisations. Find out more here.
Rules you need to follow if you’re exporting ‘non-harmonised goods’ to the UK
Click here for information on mutual recognition of goods.
Updated guidance for funeral directors
Public Health England (PHE) has issued further guidance for those managing or organising funerals during the coronavirus COVID-19 pandemic. The guidance aims to ensure that bereaved people are treated with sensitivity, dignity and respect, while protecting individuals, communities and those in the funeral industry from the risk of infection. Click here for more information.
Updates for companies wanting to get involved in developing smart meter-enabled electric vehicle charging points for on-street and workplace charging
Click here for information on the smart meter-enabled electric vehicle (EV) charging trial: Beyond Off Street
Business support packages: latest updates
The Coronavirus Business Support Hub is now available at gov.uk/business-support.
The government has also launched a Coronavirus Information Service on WhatsApp which is now updated with business support advice. Text ‘hi’ to 07860064422 via Whatsapp and there are business support measures highlighted under option 5 with the relevant links to gov.uk pages.
Funding and support
- Financial support for businesses – click here
- Claim for your employee’s wages through the Coronavirus Job Retention Scheme – click here
- Apply for the Coronavirus Business Interruption Loan Scheme – click here
- Defer your VAT payments – click here
- Prevent your business from being evicted – click here
Support for the retail, hospitality, leisure and nursery sectors
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 – click here
- 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England – click here
Self-employed people and sole traders
- Claim a grant through the Self-employment Income Support Scheme – click here
- Self-employment and Universal Credit – click here
- If you cannot pay your tax bill on time – click here
- Carry out work in people’s homes safely (tradespeople) – click here
- Drivers’ hours rules relaxations – click here
- Negotiate a mortgage payment holiday – click here
Your responsibilities as an employer
- What you need to do and how to keep your employees safe – click here
- Claim for your employee’s wages through the Coronavirus Job Retention Scheme – click here
- Statutory Sick Pay (SSP): employer guide – click here
- Claim back Statutory Sick Pay (SSP) – click here
- Find out what to do if your employee needs time off to look after dependants – click here
- Which expenses are taxable if your employees work from home – click here
- Apprenticeships: how they can continue – click here
- Guidance for Tier 2, 4 and 5 visa sponsors of people affected by coronavirus – click here
Managing your business during coronavirus
- Cleaning your workplace safely – click here
- Handwashing advice posters – click here
- Rules that have been relaxed to help businesses during the coronavirus pandemic – click here
- Construction sites and safe working – click here
- Farmers, landowners and rural businesses – click here
- Food businesses – click here
- Freight transport businesses – click here
- Medical and healthcare industry – click here
- Shipping and sea ports businesses – click here
- Supported accommodation, residential care and home care – click here
- Transport businesses – click here
Business closures
- Businesses that must close – click here
- If you’re staying open for business: safe working guidance – click here
- Closing holiday accommodation to temporary residents – click here
Can your business offer Coronavirus support?
Request for support from the U9
The U9 group of universities across the South East are calling for support from businesses to help in the manufacture of personal protective equipment (PPE).
University of Brighton
Support/need we are working to meet: PPE manufacture, specifically face shield headbands and visors
Progress made/products available: 100 face shield headbands and 250 visors delivered to SECAMBS; 350 face shields and 650 visors delivered to the Royal Sussex Hospital
Business support required: More materials needed to respond to further demand for PPE, specifically:
- 8 mm to 1.5mm clear plastic sheets for A4 visors (210 x 300mm)
- A4 or A3 clear acetate sheets
- 5 mm to 1.2mm polypropylene sheet A2 or larger
- 4mm to 8mm wide Elastic cord
We can adapt to alternative materials if need be so would be interested to hear from parties with alternatives available.
Contacts: James Tooze at j.tooze@brighton.ac.uk / Glenn Longden-Thurgood at gl@brighton.ac.uk
Personal protective equipment (PPE) hub
A new hub containing guidance on personal protective equipment (PPE), and infection prevention and control (IPC) is now available, containing information for both health and social care settings and other workers and sectors. Click here for more information.
The hub also links to the Cross-government UK-wide PPE plan to ensure that critical PPE is delivered to those on the frontline. This includes a new ‘Make’ strategy of encouraging UK manufacturers to produce PPE. We would welcome support from manufacturers who wish to offer their production facilities where they can meet the required specifications for use by the NHS and care sector – click here. New offers can continue to be made via www.gov.uk/coronavirus-support-from-business.
Help the government increase coronavirus (COVID-19) testing capacity
There is also a new hub (click here) for businesses seeking to help the government increase testing capacity in the UK as part of its strategy to protect the NHS and save lives. It includes a raft of information, including specification for the required antibody test and guidance about the criteria laboratories need to meet to partner with a local NHS trust. Businesses can provide support in a number of ways:
- Help supply materials and equipment – click here
- Help supply complete testing methods – click here
- Help provide laboratory capacity – click here
- Help provide new testing methods in 4 key areas – click here
Can your business offer further support?
The UK Government is looking for businesses who can offer support in the multiple areas and has set up an online tool where businesses can register. To offer support click here.