An announcement made yesterday (02/11/2020) by Rishi Sunak, Chancellor, confirmed that the government intends to increase support for the self-employed via continued Self Employed Income Support Scheme (SEISS) grants and that will be doubled to 80% of their average earnings for the month of November and will bring it into line with the extension of the Coronavirus Job Retention Scheme for employees.
The scheme currently covers 40% of average monthly profits and for a 3-month period capped at £3,750 but after yesterday’s announcement this will moved the grant cap up to £5,160 per quarter.
SEISS grants are calculated over 3 months, November's uplift to 80% with a 40% level of trading profits for December and January will increase the total level to 55% for the 3rd grant.
The claims window has been brought forward from 14th December to 30th November so payments will be made more quickly.
Applications for government backed loan schemes have also been extended until 31st January 2021 meaning more businesses will be able to access support.
Rishi Sunak said, “we will continue to do everything to support livelihoods across the UK and have already provided £13.7 billion of support to self-employed people throughout the crisis”.
He continued: “The scheme is only available to those who were continuing to actively trade and are faced with reduced demand due to coronavirus and those that were eligible for the first 2 grants”.
Watch our latest video on support for both employers, employees and the self employed.