The government has announced that the Self-Employment Income Support Scheme will be made more generous to reflect the changes that have been made to the nation’s furlough scheme, with self-employed people set to receive 80 per cent of their average trading profits for the month of November.
Grants will also be made more efficient, with the claims window open from November 30th instead of December 14th, changes that will help ensure self-employed people who find themselves unable to conduct business as usual at the moment or who have seen reduced demand because of the pandemic are supported over the winter months.
This uplift for November to 80 per cent, coupled with the 40 per cent level of trading profits for both December and January, will see the total level of the third grant increased to 55 per cent of trading profits, with the maximum grant increased to £5,160.
Thus far, the government has provided £13.7 billion worth of support to self-employed individuals during the crisis. An extension of the SEISS was announced in September to provide support over the winter, with two grants to provide support up until April.
Alok Sharma, business secretary, said: “Today’s measures will mean people will receive more money in their back pockets, faster, to help them through the winter months ahead.”
Local authorities across England are also set to receive one-off funding of £1.1 billion to support businesses over the next few months, as a key part of local economies, funding that can be used at their discretion.
Looking for accountants in Marlow at the moment? Get in touch with Another Answer today.