A new scheme to support startups, called the Future Fund, was announced by Chancellor Rishi Sunak yesterday, 19 April. The £1.25 billion fund is designed to help firms not eligible for funding through existing coronavirus support schemes. It will provide loans to UK-based companies, from £125,000 to £5 million, as long as they’ve found at least equal funding from private investors. Further detail is expected soon but applications are expected to open in May. Your business may be eligible if:
- it is based in the UK
- has appropriate funding from private investors and institutions
- has previously raised at least £250,000 in equity investment in the past 5 years.
Today, 20 April 2020, the coronavirus job retention scheme portal opened, receiving 67,000 applications for furlough payments in the first ten minutes. It can be accessed via the gov.uk website.
CJRS was extended last week, up to the end of June. The cut-off date was also changed so it covers people on payroll on or before 19 March, instead of 28 February as originally announced.
Finally, in the past week councils have urged businesses notified of their eligibility for business support grants to complete their applications. Although at the time the grant schemes were announced businesses were told they would need to take no action, it is necessary to complete an application to receive this funding.