COVID-19: Self-employed to receive second grant from government

Chancellor Rishi Sunak announces the extension of Self-Employment Income Support Scheme (SEISS) to cover for the lost income whilst the UK experiences ‘lockdown’.

The scheme so far has seen 2.3 million claims worth £6.8 billion to the self-employed who have been affected by the impact of coronavirus on the economy.

How much will the second grant cover?

Those who are eligible will be able to claim a second grant capped at £6,570. The grant will be worth 70% of their average monthly trading profits, covering 3 months’ worth of profits and capped at £6,570 in total. This will be paid out in single instalment.

When can the self-employed claim?

This will be available to claim in August. The government have said this will be the second and final grant available to self-employed workers.

What was the first grant for self-employed workers?

If eligible, self-employed workers were able to claim a taxable grant worth 80% of average trading profits, up to £7,500 (covering three months of profits). This amount was also a single instalment.

How can we help?

If you would like to discuss further, please contact Matthew Spencer matthewspencer@lubbockfine.co.uk or your usual Lubbock Fine contact.

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