Saturday, October 24, 2020

SEISS - increased support

As with the Job Support Scheme, then Chancellor has improved the support for the self-employed through the extension to the Self-Employment Income Support Scheme. The extension will last for 6 months from November 2020 to April 2021 with grants paid out in 2 lump sums covering each 3 month period. In the first 3 months the Government will now pay a grant to eligible individuals amounting to 40% of average monthly trading profits capped at £3,750 in total. The level of the second grant will be set in due course.

In broad terms you will be eligible if you were eligible for the first tranches of grant (even if you did not claim) and your trading continues to be affected by the virus.