Extension to Self Employment Income Support Scheme
The Government has announced two further grants to support the self employed during Coronavirus.
To qualify self employed individuals or members of a partnership must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
The third grant will cover 1 November 2020 to 31 January 2021 and will be calculated at 80% of 3 months average monthly trading profits capped at £7,500. It will be paid out in a single instalment.
Claims for the next grant will be available from 30 November.
Don’t forget that the grants are subject to income tax and National Insurance.
The level of the fourth grant – covering the period 1 February 2021 to 30 April 2021 – will be reviewed and announced in due course.