Government Support for Startups
Navigating the Crisis Webinar Series
Delivered by Dom Hallas, Executive Director of The Coalition for a Digital Economy (Coadec), the webinar focuses on providing insights into the impact the pandemic has had on the early stage ecosystem. The session highlights several government support schemes businesses can take advantage of.
- A 32% drop in start-up investment in Q1 has been recorded. Initial indications are that last month was even worse (Beauhurst data).
- Crowdfunders, Angels, Micro VCs and EIS funds unable to meet increased demand from many of their portfolio for bridge investment.
- Disproportionate impact on pre-/seed stage – larger funds with capital are protecting companies, further up the value chain.
- Nine out of ten start-ups need help with cash flow.
- 18% of SMEs could collapse within four weeks without help and 31% believe they will be unable to survive if the UK-wide lockdown lasts three months or more.
Government support schemes discussed:
- Coronavirus job retention scheme (AKA furlough scheme)
- Coronavirus business interruption loan scheme (CBIL)
- Statutory sick pay refunds
- Business rates reliefs and grants
- VAT and self-assessment payments deferred
- HMRC time to pay scheme
- Self-employed income support