During these unprecedented times, the UKBAA team will be doing all that we can to support our members and colleagues, as we strive to continue to maintain and build an effective ecosystem for investment and growth of small businesses across the UK.
On this basis, we are planning to organise as many of our events as possible using video links and other online approaches, including digitised pitching events, webinars and video conferencing and we will keep you informed of these on this dedicated page.
We are also acutely aware that for our investor members there are a range of challenges in running and maintaining your own organisations and ensuring that investment can still flow to the great founders that are seeking funding and also that the portfolio businesses that investors are supporting can continue to survive, maintaining liquidity and addressing core costs.
UKBAA is working with Government, the British Business Bank, our fellow trade bodies and other key stakeholders to ensure that our communities’ interests are addressed and to ensure that early stage investment can be further stimulated. We are also seeking ways to ensure that the latest measures announced by the Chancellor to address the needs of businesses including access to loans, grants and reliefs can be speedily and effectively implemented and available for access.
We recognise that the CBILS Loan scheme is not suitable for many of the pre-revenue, very early stage, low revenue start-up/seed businesses that many of you will be supporting.
With this in mind, we recently conducted a survey on our members to gain a better understanding of the potential models that will stimulate the angel and pre-seed investment market. Your responses have been used to lobby for a new Co-investment scheme that would support investors to continue to help founders survive, maintain traction and raise their next rounds. We will keep you updated on our progress.
Finally, although our office is closed, the team are very much online and here to help.
DealShare platform open to all - We are opening up our DealShare platform to all investors during COVID-19. Access deals that are part-funded by some of the UK’s top investors.
Tips for digitising your pitching events, UKBAA Article
Investing and growing women innovators during COVID-19 Rewatch the webinar
Coronavirus Business Interruption Loan Scheme (CBILS) - Find out more here
CBILS has been launched by British Business Bank is now open for applications for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Full details of the CBILS scheme are linked above, but the main criteria are:
The Government has extended the CBILS so that all viable small businesses affected by COVID-19, not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
The government is also stopping lenders from requesting personal guarantees for loans under £250,000, this is an issue those in our sector raised and one which techUK has been vocal with Government about.
Small Business Grant Scheme - Find out more here
Following the 2020 Budget announcement, small business grant funding of £10,000 is available for all business in receipt of small business rate relief or rural rate relief. Businesses eligible for this grant will be contacted by their local authorities.
Grants for businesses in Retail, Hospitality and Leisure sectors - Find out more here
In response to the Coronavirus, the Government announced there would be support for small businesses, and businesses in the retail, hospitality and leisure sectors. This includes, up to £25k per business property for those with rateable value of £15k-£51k and £10k for those in these sectors with lower rateable value.
Coronavirus Job Retention Scheme - Find out more here
The Coronavirus Job Retention Scheme allows all UK businesses to continue to pay employees that would have otherwise been laid off due to the disruption caused by the COVID-19 pandemic.
The employer payments will substitute the contribution the Government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month..
Deferral of VAT payments - Find out more here
If you're a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:
It does not cover VAT MOSS payments.
HMRC will not charge interest or penalties on any amount deferred as a result of the Chancellor's announcement.
Support for businesses through deferring Income Tax payments - Find out more here
For Income Tax Self-Assessment, payments due on the 31 July 2020 may be deferred until 31 January 2021. Eligibility for deferral of income Tax payments:
Support for self-employed through the Self-employment Income Support Scheme - Find out more here
The grant can be claimed through the Self-employment Income Support Scheme.
Statutory Sick Pay - Find out more here
Statutory Sick Pay costs to employees will be covered for two weeks - a rebate scheme is being developed, which will allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. Some of the key criteria include:
The rebate scheme is development, but further details will be provided once legislation is passed.
UKRI (UK Research and Innovation) - Proposals are invited for short term projects addressing mitigating health, social, economic and environmental impacts of the COVID-19 outbreak. Find out more here
Proposals that meet at least one of the following criteria will be supported:
Billion pound support package for innovative firms hit by coronavirus - find out more here
The new Bounce Back Loan Scheme opens for applications 4th May. - find out more here
Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans offer small and micro businesses ( less than 10 employees) in all sectors, access to loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.. The scheme offers a 100% government-backed guarantee and standardising the application form is expected to lead to a faster process with many loans becoming available within days. Scheme Features:
You can find an FAQ for SMEs on the Bounce Back Loan Scheme here
You can find a list of Bounce Bank Loan accredited lenders here
Government Future Fund to support Innovative UK companies announces eligibility criteria
The Business Finance Guide from the BBB and ICAEW has been updated to reflect the new Covid-19 funding options. Find out more here
BVCA's Coronavirus update page. Find out more here
FCA's Coronavirus update page. Find out more here
The FSB's Coronavirus (COVID-19): Advice and guidance for small businesses and the self-employed. Find out more here
Scale-up Institute's Covid-19 information and support across your local public and private sectors. Find our more here
Tech UK's comprehensive Covid-19 information hub providing the latest updates, news and developments. Find out more here
HM Treasury's Coronavirus business support hub. Find out more here
British Business Bank's FAQs for SMEs: Coronavirus Business Interruption Loan Scheme (CBILS). Find out more here
The Government has launched a 50 page document setting out a plan to rebuild the UK for a world with COVID-19. “It is not a quick return to 'normality.' Nor does it lay out an easy answer. And, inevitably, parts of this plan will adapt as we learn more about the virus. But it is a plan that should give the people of the United Kingdom hope. Hope that we can rebuild; hope that we can save lives; hope that we can safeguard livelihoods” says Boris Johnson
The Government has published new guidance to help employers prepare their businesses and employees for a safe return to work. The Government, however, is very clear that “all reasonable steps should be taken by employers to work from home”.
Remote working is encouraged as far as possible, given public transport networks operating social distancing measures meaning far less capacity and schools remaining closed to the majority of students (with exemptions made for children of key workers and specific vulnerable groups).
However, for those who cannot work from home and whose workplace has not been told to close, the Government is now pro-actively encouraging a return to work.
Guidance has been developed for 8 different workplace settings from offices to outdoor environments, laboratories to factories.
The Coronavirus Bill
The UK government’s coronavirus action plan sets out measures to respond to the COVID-19 outbreak that are reasonable, proportionate and based on the latest scientific evidence.
Budget Support for those affected by Coronavirus How to access government financial support if you or your business has been affected by COVID-19