The AIM Crisis Fund, which was launched to provide financial aid to freelancers and self-employed contractors who are facing hardship due to cancelled projects, has received a £300,000 injection.
The new funds, donated by AIM Member record labels and digital partners, including a £50,000 donation from PPL, brings the total up to £800,000.
This welcome news follows the Chancellor’s announcement that the Self-Employment Income Support Scheme will now cover only 20 percent 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.
Paul Pacifico, chief executive, 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, chief executive, 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.’