Finance is a wide ranging subject and specific to each person or business and their individual circimstances. This section provides links to organisations and websites which may be able to help you with advice and also provide you with more specific information in relation to Covid-19.
Worried about Your Finances?
When work suddenly stops the impact on income can be a challenge. The government appreciates this and has put some measures in place to help everyone through this difficult period. The following are reputable websites that will help you find information on various aspects, we appreciate it’s not always easily understood so please give our team a call on 0800 093 8543 and let us help you understand it and how it affects you personally.
Some helpful links for more information
Businesses can contact HM Revenue and Customs new dedicated COVID-19 helpline from 11 March 2020 for advice and support.
For more information
HMRC Freephone helpline
If you are concerned about being able to pay your tax due to COVID-19, then call HMRC’s dedicated free helpline 0800 0159 559.
The new Coronavirus Business Interruption Loan Scheme is now available for applications for small and medium sized businesses. The scheme will help any viable business with a turnover of up to £45m gain access to government-backed finance of up to £5m. Interest payments and any lender-levied fees for businesses will be covered by the government for an initial period of up to 12 months.
The government has said it will provide lenders with a guarantee of 80% on each facility to give lenders further confidence in continuing to provide finance to SMEs. The scheme is available through more than 40 accredited lenders, which are listed on the British Business Bank website click.
Lending to larger firms
The Bank of England’s new lending facility for larger firms – the Covid Corporate Financing Facility – will also be open for applications, 23 March.
Bank of England governor, Andrew Bailey, said the Bank of England has taken steps in recent weeks to support the UK economy through the economic shock caused by Covid-19. He said: “On Monday [23 March] a new lending scheme, the Covid Corporate Financing Facility, will open to help businesses manage through this period of uncertainty. Combined with steps taken by the Government, this will help companies through this difficult time and support the needs of the people of this country.”
The Covid-19 Corporate Financing Facility
Information on the Covid Corporate Financing Facility, including which lenders to contact, is available on Bank of England’s website click here
Businesses can talk to their lenders from the start of the day about accessing these loans.
The Coronavirus Business Interruption Loan Scheme
Information on the Coronavirus Business Interruption Loan Scheme is available through the British Business Bank. Interest and fees on the loans will be paid by the government for the first 12 months, making them interest free to customers. This period may be shorter for firms in the fishery, aquaculture and agriculture sectors click.
A full range of business support measures have been made available to UK businesses and employees in response to the commercial impact of Covid-19 .
This page helps businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply. This website is a comprehensive knowldege base for financial support initiatives available from HM Governement click here
Supporting the sector - flexibilities during Covid-19
As part of delivering on their priorities, Sport England (SE) want to offer some specific reassurances to any individual or organisation who receive funding, or any other type of support from SE, for their work.
On Tuesday 17 March SE confirmed that, for an initial period of three months, they are introducing significant flexibility to reflect current circumstances in how SE manage that support.
Sport England know that:
- It may be difficult to deliver projects, programmes or events as planned – so if you receive funding from SE for something specific, but it's no longer possible to deliver it, or you want, or need, to deliver it in a different form, speak to SE about the changes you want to make and they can discuss funding in this new context
- The timings of your work may need to change from what had previously been agreed – if you feel this is the case, please discuss with SE the changes you think you might need to make and they'll support you to do that
- The KPI's, targets and conditions within the funding agreements SE have with you may not be relevant, appropriate or proportionate given the drastically changed circumstances – SE's focus is on achieving key priorities around supporting the sector and encouraging people to stay active, not on asking you to report on previously agreed conditions
- More generally, you may want to use the money you receive from SE in a different way, or on different things, to respond to the current situation or to keep your organisation going – SE can be clear now that you are able to do this, and you should discuss with SE the changes you’d like to make
- If SE committed to providing you, your organisation or your project with future funding or any other support, SE remain absolutely committed to doing that, but they'll listen to you and be as flexible as they can be as to where, how and when that funding is deployed
Please do discuss this with your point of contact within Sport England, or you can get in touch with the using firstname.lastname@example.org, calling SE on 03458 508 508 or using they're live chat function if you want to discuss what this means for you specifically.
Other funding support
SE also have significant concerns about the impact coronavirus will have financially on the sport and physical activity sector, and they're looking at options that will help to mitigate this.
They're exploring a number of ideas, for example opening up applications to their Small Grants scheme to those that have lost income - modelled on their successful Flood Relief Fund - and allowing extensions of existing grants for those already in receipt of funding who have a critical funding shortfall.
Some things they'll be able to help with, but some things will require a request to the government to help with. SE hope to have more information about the financial support they'll be able to offer over the coming week or so. Sport England's intention is to keep you fully informed and update you, as soon as they can, as to how individuals and organisations, including sports clubs, will be able to access their help.
In addition to this, SE will continue to work with many of you to understand the ongoing and future impact of coronavirus on you, clubs, members and the sector workforce, and they want to make sure that whatever action they take has the greatest positive impact. So, they want to hear from you now about the issues you're facing and to take on board these ideas and concerns to feed into their plans.
Please contact Sport England via email@example.com and let them know:
- How coronavirus is impacting you or your organisation
- The type of help you think would be most beneficial now and in the future.
Please keep in touch with Sport England via the above email address as you or your organisation's situation changes. For the Sport England website click here
The Money Advice Service have put together guidance on how to deal with or put off any of the financial effects you might be suffering from due to the coronavirus (COVID-19) - click here
No matter what your role is in the racing industry, if you are struggling financially as a result of Covid-19, please get in touch with Racing Welfare about our hardship grants and how we can support you. To find out more, click here
The ECB Emergency Loan Scheme aims to support affiliated cricket clubs during the COVID-19 crisis by providing funding to assist clubs to cover any shortfall in essential day-to-day running and maintenance costs until normal recreational cricket activity can be resumed. For Emergency Loan Scheme guidance notes, please click here. For club FAQs, please click here.
Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). For a step by step guide explaining the information that employers need to provide to claim for their employees’ wages, please click here
During these challenging times, the Sport and Recreation Alliance is committed to keeping you up-to-date with the very latest advice, resources and offers of support in relation to the current global COVID-19 pandemic.
For Sport and Recreational Alliance Covid-19 Support, please click here
£2 billion package to create new era for cycling and walking, to see the article, please click here
Mind – Coronavirus Mental Health Response Fund, to find out more click here
The Swimathon Foundation COVID-19 Relief Fund, to find out more click here
Sport England to pause Community Emergency Fund to new applications on 14th May 2020, to find out more click here
Funding Support for Clubs Webinar, to find out more click here