Coronavirus: What financial support is still available to charities?

The latest research suggests that the not-for-profit sector is facing a £10 billion funding gap – the difference between the revenue charities need to run effectively and what they are actually making.

But with England still in national lockdown, charities continue to suffer from a fall in donations and commercial revenue.

So, what financial support is still available to help your charity throughout the pandemic?

Coronavirus Job Retention Scheme

Extended in response to the third national lockdown, the CJRS continues to support organisations by covering the wages of employees who cannot work due to the coronavirus. More information can be found here.

Coronavirus Community Support Fund

The £200 million fund launched last year to prevent the temporary closure of essential charities and social enterprises. Aimed at small and medium-sized organisations, more information about the CCSF can be found on the National Lottery Community Fund website.

Community Match Challenge

Part of the Government’s £750 million Voluntary and Community Sector Emergencies (VCSE) sector support package, the scheme invites philanthropists, foundations and grant making organisations to put forward new funding with a view to match funds raised on a pound-for-pound basis. Click here to find out more.

Dormant assets

More than £150 million has been “unlocked” to support charities by releasing cash from unclaimed bank accounts. Find out how the cash will be distributed here.

Resilience and Recovery Loan Fund

Aimed at social enterprises and charities that are “improving people’s lives across the UK”, but are experiencing disruption to their normal business model as a result of COVID-19. More information can be found here.

Arts Council England Emergency Response Package

Grants of between £25,000 and £3 million to help cultural organisations “transition back to a viable and sustainable operating model”. Find out more here.

Business Loan Interruption Scheme

While primarily aimed at commercial businesses, the CBILS will also support charities and social enterprises with trading revenues. The scheme was recently extended until 31 March 2021 in response to the third national lockdown. Find out more here.

Tackling loneliness

More than £7.5 million has been announced to support charities and community organisations in tackling loneliness throughout the pandemic.

Administered via Arts Council England, the Government’s Loneliness Fund and two radio funds, the scheme has been described as a “lifeline to cultural organisations, charities and local community groups who are delivering much-needed work to ensure no one feels isolated in their local community”. Click here to find out more.

For help and advice with related matters, please get in touch with our expert charity finance team today.

Posted in Blog, Charities, Covid-19.