Self Employed to get more Financial Support
Self Employed workers can now claim up to 80% of their average trading profits for November. To reflect the recent changes to the furlough scheme, the chancellor, Rishi Sunak announced that the third instalment of the self-employment income support scheme (SEISS) will be available for November, December, and January.
The Chancellor said:
“The rapidly changing health picture has meant we have had to act to protect people’s lives and I know this is an incredibly worrying time for the self-employed. That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.”
In addition, more businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.
When can you apply for the grant?
You can apply for the grant from 30th November. The claims window originally was supposed to open on 14th December 2020.
How much will be the grant?
The third taxable grant available through the self-employed income support scheme (SEISS) was originally set to cover 40% of trading profits, up to a cap of £3,750 in total. But now, the self-employed workers will be able to claim 80% for November 2020, 40% for December 2020 and 40% for January 2021, this increases the total level of the third grant to 55% of the average trading profits. The maximum grant will be £5,160.
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, 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 or
were previously trading but are temporarily unable to do so due to coronavirus
You can check your eligibility here.
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