Self-Employed Income Support Scheme Update

Posted on 3rd June 2020 by Streets

On 29th May 2020 the Chancellor, Rishi Sunak, announced an extension to the Self-Employed Income Support Scheme.

The extension provides those who have already applied for a grant to make an additional claim along with those who have not made an application previously. It should be noted that this will be the final grant to be given under this Scheme.

This second grant allows individuals to claim a taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, capped at £6,570 in total. This represents a reduction from the first grant that enabled claimants to receive up to 80% of their average monthly trading profits, capped at £7,500.

The eligibility criteria remains the same for the second grant as was in place for the first and is outlined below.

An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.

It is important to note that the deadline for the first grant application covering March, April and May is 13th July 2020.

We are expecting further information from the government relating to the second grant on 12th June 2020 and we will then update our guidance accordingly.

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