AIM Covid-19 Crisis Fund Receives £300,000 Injection of New Donations
News: 30th September 2020 by Stef Loukes under Music Training & Careers, Record Labels
This month the Association of Independent Music’s Covid-19 Crisis Fund received a much-needed injection of £300,000 in new funds from a mixture of AIM Member record labels and digital partners, including a £50,000 donation from PPL, on top of the £100,000 the company originally donated when the fund was launched.
AIM’s Crisis Fund was launched with £500,000 in April to provide financial aid to freelancers, self-employed contractors and sole directors who are facing hardship due to lost work on cancelled projects with independent artists signed to AIM Members. The new donations bring the fund’s total to £800,000 – well on the way to its original £1 million target.
This welcome news follows the Chancellor’s announcement that the Self-Employment Income Support Scheme will now cover only £20% of average monthly trading profits, covering three months’ worth of profits and capped at £1,875 – a sum which is unlikely to provide the support that the UK music industry’s freelancers and self-employed workers need to sustain themselves through the months ahead, with many of them still unable to go back to work.
The Crisis Fund will now be able to reach hundreds more of these vital workers, with several hundred applications pending receipt of funds already. So far, the fund has made 498 payments totalling almost £500,000 to over 300 beneficiaries working across a range of roles including tour managers, live crew, sound engineers, producers, agents, managers, promoters and publicists, as well as AIM record label members and developing artists themselves.
Paul Pacifico, CEO of AIM, said: “We would like to offer our most sincere thanks to the companies in our community who have made this latest round of donations at such a crucial time. Their generosity will make a huge difference in the day-to-day lives of so many of the freelance and self-employed workers in the independent music sector who have seen their income completely wiped out by coronavirus. From the feedback we’ve received so far, it’s clear that this fund has had a huge impact already, and thanks to our supporters, it can continue to be a lifeline as the pandemic continues.”
Peter Leathem, CEO of PPL, said: “COVID-19 has had a huge impact on the music industry; recordings and releases have experienced delays whilst live performances in the UK and overseas have been postponed or cancelled. With the current outlook still uncertain, this hardship is likely to continue into 2021, making funding initiatives like the AIM Covid-19 Crisis Fund so important. PPL has always said that if more help is needed, we would explore how to support the music community further, and so we are glad to be able to contribute once again to this essential fund. We are proud to work closely with AIM as they seek to support the independent music sector through these challenging times.”
Association of Independent Music boost Crisis Fund with new donations