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Coronavirus and business interruption

The spread of coronavirus (COVID-19) has resulted in significant disruption to business activity. This page collects together ICAEW insights and externally-produced resources which offer practical advice on supply chain risks, travel and insurance.

ICAEW insights

Financial management implications of coronavirus

Finance professionals are key in supporting their businesses through the coronavirus (COVID-19) crisis. Most will be urgently working through the issues and helping their businesses respond. This guide to financial management responds to member feedback and aims to help members consider the actions they may need to take.

Coping with coronavirus

Why it’s imperative for businesses to have robust plans in place to deal with the outbreak and mitigate disaster.

Budget 2020: Business rates bonanza

11 March 2020: there are a number of provisions in Budget 2020 to help businesses cope with COVID-19 which expand upon measures previously announced.

Coronavirus, supply chains and insurance

14 February 2020: coronavirus reports are shocking and sad; but the outbreak also has impacts for business. We ask ICAEW’s business and financial services experts how the virus should shift business thinking.

COVID-19 and financial services

COVID-19 raises a range of financial services issues which firms and businesses will be managing through over the next weeks and months.

Protecting your profits from supply chain disruptions

Based on a recent faculty event, this article by Nick Wildgoose outlines finance’s key role in conveying the potential impact of supplier failure, providing appropriate safeguards against it, and preparing for any necessary actions.

UK government response

Coronavirus (COVID-19) guidance for the charity sector

The Charity Commission 23-03-2020

Advice from the Charity Commission on running charities during the coronavirus pandemic, including information on using reserves and restricted funds; cancelling or postponing AGMs and other key meetings; using video, teleconferencing and the internet in place of face-to-face meetings; and reporting serious incidents.

What the coronavirus bill will do

Department of Health & Social Care 17-03-2020

Government paper setting out proposed elements of the new legislation and why they are needed. This includes details of temporary changes to Statutory Sick Pay (SSP) provisions.

Coronavirus: what to report and how

The Charity Commission 12-03-2020

Advice for charities on whether COVID-19 related incidents need to be reported as serious incidents to the Charity Commission, reiterating that is ultimately the responsibility of charity trustees to decide whether an incident is significant and should be reported.

Support for those affected by Covid-19

HM Treasury 11-03-2020

Information about measures announced at Budget 2020 to support public services, individuals and businesses through the economic disruption caused by the coronavirus – including additional funding, Statutory Sick Pay changes, and an increase in the Business Rates retail discount for one year.

COVID-19: guidance for employers and businesses

Department for Business, Energy & Industrial Strategy, Public Health England 25-02-2020

Government guidance for employers and businesses on the novel coronavirus, how to help prevent spread of respiratory infections, what to do if someone suspected or confirmed to have COVID-19 has been in business settings, what advice to give to individuals who have travelled to specific areas, actions to take if staff come into contact with someone who is self-isolating or is a possible or confirmed case of COVID-19.

External resources

AGMs and impact of Covid-19

The Chartered Governance Institute, Slaughter and May, FRC 16-03-2020

Companies planning their AGM should be considering contingency plans in light of the spread of Covid-19. Checking relevant provisions of the articles of association and coordinating with registrars and venue providers is key, as is ensuring shareholders are kept regularly updated and are given the maximum opportunity to have their say. This guidance offers suggestions reflecting UK company law and associated regulation.

PwC's Global Crisis Centre: COVID-19

PwC 11-03-2020

Regularly updated hub providing advice on how organisations can prepare and respond to potential business impacts of COVID-19. Articles focus on crisis planning, effective communication, the workforce, supply chain, and importance of reliable information. Country-specific information is also available covering Australia, China, Germany, Malaysia, Singapore, South Africa, UK, US, and Vietnam.

Responding to COVID-19: key business considerations

PwC 09-03-2020

Guide for businesses on how to set up their COVID-19 response. It illustrates three potential scenarios to help inform crisis planning and outlines the possible impact of each scenario on the workforce, supply chain and the economy. The guide contains an example strategy and operating model checklist alongside detailed checklists of response strategy considerations.

Covid-19 coronavirus: 10 key points for effective contingency planning

Allen & Overy 06-03-2020

Detailed checklist from the law firm Allen & Overy highlighting key issues for businesses to consider in managing the impact of the pandemic. The advice covers coordinating your response; managing the impact on the workforce; managing contractual risks; managing financial arrangements; insolvency risks; maintaining appropriate data and documents; potential insurance claims; managing wider operational risk; the impact on potential M&A transactions; and staying up to date on your rights and obligations.

COVID-19: Implications for Business

McKinsey 01-03-2020

Article from McKinsey which sets out to provide business leaders with a perspective on the evolving situation and implications for their companies. The article suggests that businesses should consider three scenarios as part of their contingency planning and sets out the timelines for these. The article will be updated as the situation evolves.

Impact on global supply chains

Impact on industry sectors

UKHospitality Coronavirus hub

UKHospitality 22-03-2020

Regularly updated hub from UKHospitality covering guidance and announcements for catering, hotel and other hospitality businesses in the UK. It includes information on financial support, employer advice, public health advice, contracts advice, advice on laundries, and considerations for premises licence holders.

COVID-19: Hotel Industry Impact

STR 20-03-2020

Analysis, commentary and webinars from STR, the data benchmarking and analytics firm, monitoring performance data in regions around the world for the hospitality sector.

Benchmarks: Footfall trends and analytics

Springboard 20-03-2020

Daily analysis of footfall and visitor trends in retail and leisure venues in the UK and other countries from Springboard, data specialists for the retail sector, showing the impact of the coronavirus outbreak. Charts illustrate a sharp decline in UK footfall since mid-March 2020.

Coronavirus Update: Industry Fast Facts

IBISWorld 19-03-2020

Analysis from IBISWorld, the industry research firm, outlining how the spread of COVID-19 is affecting business sectors around the world (including Australia, Canada, Germany, New Zealand, the UK and the US). Summaries cover mining; utilities; construction; manufacturing; wholesale trade; retail trade; transportation and warehousing; publishing, broadcasting and telecommunications; finance and insurance; education; professional, scientific and technical services; real estate, rental and leasing; healthcare; accommodation and food services; arts, entertainment and recreation.

Updated impact assessment of the novel Coronavirus

IATA 05-03-2020

An updated assessment from the International Air Transport Association (IATA) comparing the impact on aviation of previous disease outbreaks with COVID-19. It highlights the potential effects in different markets of a limited spread scenario and an extensive spread scenario in terms of impact on passenger numbers and passenger revenues.

Initial impact assessment of the novel Coronavirus

IATA 21-02-2020

The International Air Transport Association (IATA) compares the impact on aviation of previous disease outbreaks with COVID-19. Data from February 2020 shows a 60% decline in domestic and international China passenger numbers and a potential industry-wide US$29bn loss of passenger revenues.

The coronavirus and freight forwarding

TT Club 10-02-2020

Briefing from the transport and logistics insurer TT Club outlining how freight forwarders, logistics service providers and other intermediaries can protect themselves legally and minimise their liabilities during disruption to freight transport and supply chains caused by the COVID-19 outbreak.

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