It's a crisis the like of which we've never faced before, exerting a dreadful toll on humanity, health and the economy. And social enterprises are especially vulnerable.
What support is available to social enterprises and to the people running and working for them?
In this episode Heidi runs through a few measures which have been announced. Some have had lots of media coverage, but others have not – including one which could make the difference in business survival for some social enterprises.
Heidi covers:
- The Business Interruption Loan Scheme. This is not only being delivered by banks, but also through some community development finance institutions, themselves social enterprises. Details here.
- If you have salaried employees who would otherwise have been laid off during this crisis you can apply to HMRC for 80% of their wages to be reimbursed (up to £2,500) through the Coronavirus Job Retention Scheme.
- A (yet to be announced when this podcast was recorded) scheme to support self-employed people).
- If your social enterprise supplies the public, a procurement note published on 20th March has told commissioners to support its suppliers through payment up front and other measures. Do check whether this is relevant to you. Details in the podcast and here.
- An initiative to support social enterprises, especially focusing on the 'forgotten vulnerable' which Heidi is about to launch on Crowdfunder. Details soon here.
- Emergency resilience funding from the Arts Council.
- And other funding is available, often focusing on charities and community groups rather than social enterprises, including National Emergencies Trust, London Community Response Fund, Heart of England Community Foundation Resilience Fund, and Martin Lewis' charity fund.
- Heidi also gives in insight into not one, but two new books she's tasked herself with completing while holed up and social distancing.