Bracing yourself for the financial impact of Covid-19 copied from an email by Community Action Suffolk

Community Action Suffolk continues to support the Voluntary, Community and the Social Enterprises of Suffolk albeit remotely, during these challenging times! We understand the impact that Coronavirus is having upon organisations both financially and in their capacity to be able to continue operating.

Many new organisations are setting up in response to the COVID-19 crisis which is heartwarming. Funding is starting to come into the County for those organisations who are impacting on the relief effort; if you would like further specialist support on setting up a new organisation and/or funding for a new one, please contact us directly here at Community Action Suffolk.

This newsletter is filled with funding information, helpful tips along with some updates. We want this newsletter to be valuable for you so please, please share your feedback and suggestions to help us improve.

Many of us have had to postpone and cancel events which some groups often heavily rely upon for financial solvency. There has also been an understandable decline in individual giving and with earned income through rent and trading having decreased, many of us are feeling the pinch. Now is a time to diversify your income streams and review your income generation plan and explore alternative options for your future endeavours.

We’ve pulled together some sector news which we will be providing every week so you can keep your finger firmly on the pulse.
Mobilize or Mothball

Many charities will be needed now more than ever with many providing essential services, but in some cases ‘furloughing’ of staff where deployment is not a possibility may be a way of you keeping sustainable in the short term.

The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).

Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period.

For information take a look here: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

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