Rishi Sunak has outlined additional government support to provide certainty to the self-employed impacted by coronavirus across the UK.
In addition to loans, grants and tax cuts to businesses in line with the recently proposed Winter Economy Plan, the government has confirmed that it will be continuing its support for millions of self-employed individuals by extending grants under the Self Employment Income Support Scheme (SEISS).
An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to coronavirus. The initial lump sum will cover three months’ worth of profits for the period from November to the end of January next year. This is worth 20% of average monthly profits, up to a total of £1,875.
The second grant, which may be adjusted to respond to changing circumstances, will be available for self-employed individuals to cover the period from February 2021 to the end of April – ensuring our support continues right through to next year.
The new grants are in addition to the more than £13 billion of support already provided for over 2.6 million self-employed individuals through the first two stages of the SEISS, which is regarded to be one of the most generous support packages for the self-employed in the world.
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