Self-Employment Income Support Scheme to be extended

The Government’s Self-Employment Income Support Scheme will be extended, it has been announced, with those eligible able to claim a second and final grant capped at £6,570.

Those eligible under the Self-Employment Income Support Scheme (SEISS), which has so far seen 2.3 million claims worth £6.8 billion, will be able to claim a second and final grant in August. The grant will be worth 70 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

SEISS grant % eligible individuals can claim Applications open Applications close
First grant A taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profit, and capped at £7,500 in total 13 May 13 July
Second/Final grant A taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, and capped at £6,570 in total August – details to be confirmed  
  • The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus when applying for the second and final grant.
  • If you are eligible and want to claim the first grant you must make your claim on or before 13 July 2020.
  • An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.
  • Applications for the second grant will open in August 2020. Further information on the second grant will be available on 12 June 2020.

If you require any assistance, please contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.

For further information about the Government measures to protect individuals and businesses, visit our COVID-19: Support for UK businesses hub.

Useful links:

Download the SEISS factsheet here

Check if you can claim a grant through the Self-Employment Income Support Scheme

Claim a grant through the Self-Employment Income Support Scheme

 

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