In these unprecedented and worrying times, it is natural that your thoughts will turn to the financial impact that this period will have on your club.
During times of enforced closure, income is likely to reduce while costs may continue to exist. Clubs that own, lease or licence their facilities and pay taxes are likely to face added overheads.
In late March, the Government released details of the various support packages they have made available to try and reduce the negative financial impact on clubs, organisations, business and the self-employed. To date, a number of schemes have been released, they include:
- A 12-month business rates holiday for retail, hospitality, leisure and nursery businesses.
- Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value of between £15,000 - £51,000.
- A business interruption loan scheme for SME's of up to £5million via the British Business Bank.
- A new lending facility from the Bank of England to help support liquidity among larger businesses, helping them bridge coronavirus disruption to their cash flows through loans.
- A Coronavirus Job Retention Scheme.
- Deferring VAT and Income Tax payments.
- The HMRC 'Time to Pay' scheme.
- A self-employment income support scheme.
- A statutory sick pay relief package for small and medium-sized businesses (SMEs).
Further information for clubs can the found on the following websites:
- Sport England
- The Sport and Recreation Alliance SRA
- Sport Wales - Emergency Relief Fund
- Sport Northern Ireland
- Sport Scotland
Most pertinent of schemes for clubs is the Sport England Community Emergency Fund
On the 31st March, Sport England released its Community Emergency Fund, to deliver immediate funding to those in need. It's specifically targeted at organisations, including those not currently supported by Sport England, who have a role in supporting the nation to be active but who are experiencing short term financial hardship or the ceasing of operations due to the ongoing crisis.
This £20 million fund is designed to complement other sources of funding from the government, such as funds targeted at small businesses.
More information on funding support that the government has available before you consider applying to this fund.