Self-employment grant scheme extended for three months
Chancellor Rishi Sunak has confirmed that the Self-Employed Income Support Scheme will provide an additional three months of support for eligible applicants.
Workers that qualify for an income support grant will be able to claim for up to £6,570 to cover the three months from June. However, this final payment may not be as much as self-employed workers received in the previous three-month period.
The Self-Employed Income Support Scheme was designed to help self-employed people that have lost money as a result of the coronavirus crisis. In the first round of grant funding, income support was dished out to 2.3 million self-employed workers, with grants totalling around £6.8 billion.
In the first three months of the scheme - covering March, April and May - allowed self-employed workers to apply for a taxable grant worth 80% of quarterly average trading profits up to a maximum of £2,500 per month. Applications for this initial batch of grant payments will remain open until July 13th.
Now, the Chancellor has confirmed that applications for a second wave of support covering the months of June, July and August. Applications for this grant will open in August, but applicants will only be able to claim 70% of their average monthly trading monthly trading profits for this period. Eligible self-employed workers will receive this in a single instalment of up to £6,570.
Rishi Sunak said that this would be the ‘second and final’ grant provided through the Self-Employment Income Support Scheme. He also said that eligible applicants will be able to apply for the second grant regardless of whether they claimed for the first three month period.
For more information about support for self-employed workers and businesses, speak to a member of the Cloud Accountant team today. Call: 0808 281 0303.