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Government Extends Financial Support For Self Employed

Chancellor Rishi Sunak has announced that, just like the furlough scheme for those who are employed, the financial support scheme for self-employed people in the UK will be extended.

This means that anyone who is eligible will be able to claim a second grant, this time for 70 per cent of three months’ worth of their average monthly trading profits.

Any grants will be capped at £6,750, Mr Sunak announced. During the first round of the Self-Employment Income Support Scheme (SEISS), some 2.3 million people made claims worth £6.8 billion collectively. Those who need to apply for a second grant will be able to do so in August.

Announcing the extension to both the SEISS and the Coronavirus Job Retention Scheme, Mr Sunak said that the government’s priority had been to protect jobs and businesses during the crisis, and to provide the financial support people needed.

“Now, as we begin to reopen our country and kickstart our economy, these schemes will adjust to ensure those who are able to work do so, while remaining amongst the most generous in the world,” he stated.

If you haven’t yet applied for a grant under the first round of SEISS support, you can still do so until 13 July. The following month, applications for the second grant will open to those who are self employed. The government also explained that you can apply for the second grant even if you didn’t apply for the first.

In May, Mr Sunak announced a further measure to help small businesses recover from the economic impact of the pandemic in the form of ‘Bounce Back’ loans, which will have a 100 per cent government guarantee, while any interest or fees within the first 12 months of the loan will also be covered by the government.

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Published On: June 10, 2020

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