Coronavirus is having a huge impact on businesses and charities right across Wales. And in the sports sector, the pandemic has pulled down the shutters on events, training and activity which will no doubt leave many clubs and organisations struggling financially.
Here is a round-up of government support, advice, loans and grants and available to help you stay afloat.
The best thing you can do is keep up to date. The situation is changing quickly so you need to stay on top of the latest policies and advice. You can do this by visiting the Welsh Sports Association (WSA) who are updating the Welsh sports sector on a daily basis.
Their updates outline the support package made available by the Welsh Government which includes:
If you have specific questions and queries relating to your business, the WSA offers free helplines. Sign up to become a member and you gain access to expert advice on HR, VAT, legal issues, taxation, insurance and safeguarding.
Log in or sign up here.
All WSA member NGBs have reciprocal membership for their clubs too – you can check if your NGB is a member here,then get in touch with the WSA for logins to access the membership section of their website. If not, get in touch with your NGB to request that they join up.
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19).
For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:
The helpline number is 0800 0159 559 - and is an addition to other HMRC phone contact numbers.
Smaller businesses that are losing revenue and seeing their cashflow disrupted can apply for the Coronavirus Business Interruption Loan Scheme (CBILS).
British Business Bank is operating CBILS via 40 accredited lenders including high street banks. Small businesses can borrow up to £5 million available on repayment of up to six years. For overdrafts and invoice finance facilities, terms will be up to three years.
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees.
The borrower always remains 100% liable for the debt.
Find out more here.
The Development Bank of Wales has loan and equity funding available immediately to Welsh businesses. The Welsh Government is working closely with the Development Bank of Wales to consider additional support to help businesses through the Covid-19 impact.
To help limit and manage the commercial impact of the disease they are offering a three-month capital and monitoring fee repayment holiday for all customers on request.
Find out more here.
Social Investment Cymru at WCVA is offering emergency fast-track loans to voluntary sector organisations. The money can be used to support cash flow, to purchase replacement assets and to help cover costs until you receive insurance claims.
As the impact of Coronavirus is hitting organisations quickly, the WCVA want to act with speed and have therefore cut down the application process, This means that mostorganisations should receive loan payments within seven days of submitting and signing an application.
Existing loan-holders have the option to defer payments.
Find out more here.
Magic Little Grants supports projects which encourage people to take part in sports or exercise with the main aim of improving the physical health of participants.
To apply, organisations must have an income under £250,000 or be in their first year of operation. Magic Little Grants can fund new and existing projects as well as one-off day trips.
Find out more here.
Martin Lewis of Money Saving Expert is doing his bit by releasing £1 million from his personal charity fund to provide grants of £5,000 to £20,000 to organisations with charitable status across the UK. It will be awarded to help with specific UK coronavirus-related poverty relief projects.
Find out more here.
The National Emergencies Trust (NET) has launched a fundraising appeal to support local charities and grassroots organisations that can provide vital support to people in the quickest way possible. It will be administered by the British Red Cross, on behalf of the NET. Organisations can apply via their local community foundation. You can contact the Community Foundation for Wales on 020 7713 9326.
Find out more here.
The National Lottery Community Fund Wales has shifted application deadlines for some funds that were due to close shortly. It has also outlined that it will be flexible with grant-holders in terms of accommodating changes to timelines. It will also consider requests for support if organisations experience particular financial pressures as a result of the situation.
Find out more here.
To get in touch, visit their website.
In response to the Covid-19 pandemic, Steve Morgan Foundation has introduced an emergency hardship fund. Up to £1 million a week for an initial 12 weeks will be open to support charities and not-for-profit companies operating in North Wales, Cheshire and Merseyside
Its aim is to help with the costs of additional emergency services to support people affected by the virus. It will also help charities experiencing a loss of fundraising revenue to stay operational.
Find out more here.