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.

Latest UKBAA Updates
  • 8th July - Jenny Tooth OBE CEO of UKBAA comments on the Chancellor’s new £30bn jobs package. Click here
  • 18th June - Jenny Tooth looks ahead to rebuilding angel and early stage investment as COVID-19 restrictions ease. Click here
  • 21st May - Jenny Tooth comments on the launch of the Future Fund and the new £750m Innovate UK grants and loans. Click here
  • 18th May - Government Future Fund to support Innovative UK companies announces eligibility criteria. Click here
  • 11th May - The debate still raging around The Future Fund. Click here
  • 7th May - Jenny Tooth talks about the need for a suitable scheme to bring co-investment support to the angel and early stage community. Click here
  • 20th April - Billion pound support package for innovative firms hit by Coronavirus. Click here
  • 9th April - Jenny Tooth comments on the measures put in place by the Government to help businesses. Click here
  • 5th April - UKBAA is a founding partner of Save Our Startups: Campaigning for action. Click Here
  • 26th March – Jenny Tooth discusses the Chancellor’s latest announcement and the impact on the angel community. Click Here
  • 23rd March – UKBAA update on Covid-19 information for Small Businesses. Click Here
Support for Investors
Support for Founders

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:

  • Loan facilities of up to £5m
  • 80% of the lenders risk is covered
  • Repayment terms up to 6 years for term loans and asset finance, but overdraft and invoice facilities will be up to 3 years.
  • No upfront fees and interest is covered by Government for up to 12 months
  • Companies remain 100% liable for the debt repayments. Total unsecured lending of up to £250,000.
  • Application for loans from the scheme is administered by over 40 approved lenders including main banks, challenger banks and asset finance etc.

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.

  • To access this scheme employees will need to be designated as 'furloughed workers' and notified. The definition of 'furlough' is to allow or to force someone to be temporarily absent from their employment.
  • The Portal provides clarification on:
    • What should form the basis for furlough pay for employees furloughed on return from leave.
    • The types of employees that can be furloughed and the position of IR35 contractors.
    • What information employers need to claim the grant.

The scheme has been extended until the end of October

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..

  • Coronavirus Job Retention Scheme will continue until end of October
  • Furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500
  • New flexibility will be introduced from August to get employees back to work and boost economy

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:

  • defer the payment until a later date
  • pay the VAT due as normal

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:

  • You are eligible if you are due to pay your second self-assessment payment on account on 31 July. You do not need to be self-employed to be eligible for the deferment.
  • Income tax prepayments under the Self-Assessment scheme due in July 2020 can be deferred until January 2021 includes self-employed.

Support for self-employed through the Self-employment Income Support Scheme - Find out more here

  • The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19).
  • This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
  • The portal was updated on 15th April 2020 to provide clarification on the calculation of self-employed profits and what is meant by total income.

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:

  • This refund will cover up to 2 weeks' SSP per eligible employee who has been off work because of COVID-19
  • Employers with fewer than 250 employees will be eligible - the size of an employer will be determined by the number of people they employed as of 28 February 2020
  • Employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19

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:

  • New research or innovation with a clear impact pathway that has the potential (within the period of the award) to deliver a significant contribution to the understanding of, and response to, the COVID-19 pandemic and its impacts.
  • Supports the manufacture and/or wide scale adoption of an intervention with significant potential.
  • Gathers critical data and resources quickly for future research use.

Billion pound support package for innovative firms hit by coronavirus - find out more here

  • Chancellor announces new £1.25bn coronavirus package to protect firms driving innovation in UK
  • Package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector
  • SMEs focusing on research and development will also benefit from £750 million of grants and loans

Read an overview of the Future Fund scheme.

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:

  • Up to £50,000 loan: Loans will be from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower.
  • 100% guarantee: The scheme provides the lender with a government-backed, full guarantee (100%) against the outstanding facility balance, both capital and interest. The borrower always remains 100% liable for the debt.
  • Interest rate: The government has set the interest rate for this facility at 2.5% per annum, meaning businesses will all benefit from the same, low rate of interest.
  • Interest paid by government for 12 months: The government will make a Business Interruption Payment to the lenders to cover the first 12 months of interest payable, so businesses will benefit from no upfront costs.
  • No principal repayments for first 12 months: Borrowers will not have to begin principal repayments for the first 12 months, thereafter capital will be repaid on a straight line basis.
  • No guarantee fee for businesses or lenders to access the scheme.
  • Finance terms: The length of the loan is for six years but early repayment is allowed, without early repayment fees.
  • No personal guarantees: No personal guarantees are allowed, and no recovery action can be taken over a principal private residence or principal private vehicle.

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

  • Open for applications from Wednesday 20 May
  • Scheme operates on a commercial basis to deliver an initial commitment of £250m of new government funding
  • Financing will be unlocked by additional third-party investment on a match funded basis
  • Applications submitted via an online platform based on a set of standard terms and eligibility criteria

Read more here

Read fact sheet

The new Innovate UK support package under COVID-19 – What does it mean for our community? - Webinar recording

Beyond Covid-19 webcast: virtual fireside chat from KTN about the investment world post-lockdown - 11th June 2020, 3pm

Useful Links

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

Find out more here

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.

Find out more here

Other Resources

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

Guidance for employers and businesses on coronavirus (COVID-19)

Coronavirus support for small businesses

FAQ for employers

COVID-19 business support webinar series from Festival of Enterprise

Stay informed

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