Self-employed coronavirus financial assistance news

The big news for the self-employed is:

Self-Employment Income Support Scheme will be extended
– with those eligible able to claim a second and final grant.

Those eligible will be able to claim a second and final grant in August. The grant will be worth 70% of average monthly net profit. To be paid out in a single instalment covering three months’ worth of profits and capped at £6,570 in total.

Self Employed Income Support Scheme SEISS

The Detail:

  • Individuals can continue to apply for the first SEISS grant until 13 July.
    Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
  • Applications for the second grant will open in August.
    Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
  • The eligibility criteria are the same for both grants.
    Individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant.

For example, you may only have been adversely affected by COVID-19 in this later phase.

  • Further guidance on the second grant will be published on Friday 12 June.