The Not for Profit sector has been badly hit by the COVID-19 pandemic and unfortunately this has changed the everyday running of the business and in some cases requiring assistance from Government supports. The temporary wage subsidy scheme was introduced to support businesses to retain the link between employers and employees during the COVID-19 Pandemic. The scheme was introduced on 26th March 2020 for an initial 12 week period. However, the Minister for Finance has now extended the scheme until the end of August 2020.
The past 100-days or so have been unlike anything most of us have experienced in our working lives. Thankfully we are beginning to see light at the end of this tunnel, and although the virus is still with us, it seems to be much more under control. This is good news for the economy and the charity sector, as many businesses begin to prepare for the return to work, and aim to make up for lost productivity.
But as most business and not for profit sector leaders have already realised, it is much easier to shut an office down than to reopen it under these conditions. The key for a successful return to work is through careful planning, clear communications, and staff training.
The economic consequences of the coronavirus (COVID-19) on future trading assumptions, and the direct impact on many companies in the leisure, travel and consumer sectors already, will place some companies under liquidity pressures and potential covenant breaches from their debt facilities.
The Grant Thornton Resilience Wheel is a framework designed to help you have ‘initial’ high level ‘supportive’ conversations within your boardroom as a result of stressed/distressed operating conditions.
