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

Lubbock Fine, 2 June 2020

Placeholder image

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.

Related posts:

We use cookies to give you the best experience of using this website. By continuing to use this site, you accept our use of cookies. Please read our Cookie Policy for more information.