Today, the second stage of the Self-Employment Income Support Scheme (SEISS) has opened for applications. Those eligible will receive a government grant worth up to £6,570 and over 2.7 million people have benefitted from the scheme so far.
The government has so far provided £7.8 billion of grants to help the self-employed, and those eligible will now be able to receive a second and final grant worth 70% of their average monthly trading profits. The money to be deposited into bank accounts within six days of an application being made.
Anyone whose self-employed business has been adversely affected by the COVID-19 outbreak since 14 July is eligible for the scheme and HMRC will contact all potentially eligible customers to advise them they can claim for a second and final grant.
The Treasury has confirmed the eligible criteria remains the same as for the first grant, with people needing to have had trading profits of no more than £50,000, making up at least half of their total income.
The SEISS is part of the Chancellor’s comprehensive package of support for self-employed people, including Bounce Back Loans, income tax deferrals, rental support, increased Universal Credit, mortgage holidays and various business schemes announced by the Treasury. The Chancellor has also outlined the government’s Plan for Jobs to support, protect and create jobs up and down the country.
Further guidance on how the SEISS grant works can be found here - https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme