Support for Innovative Firms Hit by Coronavirus

SMEs focusing on research and development will benefit from £750 million of grants and loans.

This targeted and tailored help should 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.

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, the national innovation agency, will accelerate up to £200 million of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis. An extra £550 million will also be made available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May.

More information can be found on the HMRC website: https://www.gov.uk/government/news/billion-pound-support-package-for-innovative-firms-hit-by-coronavirus