Self-employed to get more financial support

The self-employed can claim up to 80% of trading profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed.

The third taxable grant available through the self-employed income support scheme (SEISS) was originally set to cover 40% of trading profits, up to a cap of £3,750 in total.

Self-employed workers will now be able to claim 80%, initially for November 2020, followed by 40% for both December 2020 and January 2021.

The temporary move raises the total grant available from 40% to 55% from November 2020 to January 2021, increasing the maximum grant to £5,160 in total.

The Government also said payments will also be made more quickly, with the claims window being brought forward from 14 December 2020 to 30 November 2020.

Deadlines for applications for government-backed loan schemes and the future fund have also been further extended, until 31 January 2021.

Sunak said:

“The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is an incredibly worrying time for the self-employed.

“That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.”

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