Final extension announced to the Self-Employment Income Support Scheme

Advice Self Employment Income Support Scheme

The Chancellor announced on Friday 29 May 2020 that the Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final grant capped at £6,570 in August. The grant is to be worth 70% of an Individuals average monthly trading profits, which will be paid out in a single instalment covering three months’ worth of profits. This will be capped at £6,570 in total.

Those eligible can continue to apply for the first SEISS grant until 13 July. Under this first grant, individuals that are eligible can claim a taxable grant worth 80% of their average monthly trading profits, which will be paid out in a single instalment covering three months’ worth of profits, which is capped at £7,500 in total. The money will be paid into the bank account of those eligible, within six working days of completing a claim.

The second grant will open to applications in August

Those eligible will be able to claim a second taxable grant worth 70% of their average monthly trading profits. This will be paid out in a single instalment covering three months’ worth of profits. This is to be capped at £6,570.

For both grants, the eligibility criteria are the same as we reported back in March. Individuals will be required to confirm that their business has been adversely affected by coronavirus. The first grant does not need to have been claimed by an individual to receive the second grant,  for instance, an individual may only have been adversely affected by COVID-19 in the later phase.

Further guidance on the second grant is due to be published on Friday 12 June and we will update our news section with this, once available.

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