The second stage of Self Employment Income Support Scheme (SEISS) opens for applications today.
Under the scheme, the government pays self-employed individuals a taxable grant based on an average of their earnings over the past three years.
The businesses eligible will receive a government grant worth up to £6,570. Over 2.7 million people have benefitted from the first stage of the SEISS scheme so far, receiving £7.8 billion. The government had handed out £7.8 billion of grants to help them through the crisis.
The grant will cover the three months to the middle of October and is the final time the Government has said it will support the self-employed with a cheque.
Those eligible will now be able to receive a second and final grant worth 70% of their average monthly trading profits, with the money set to land in their bank accounts within six working days of making a claim.
So, anyone whose self-employed business has been adversely affected by coronavirus since 14 July is eligible for the scheme.
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Chancellor of the Exchequer Rishi Sunak said:
“Our self-employment income support scheme has already helped millions of hard-working people, whose get up and go drive is crucial to our economy.”
He added that people’s livelihoods across the country will remain protected as we continue our economic recovery. Consequently, it will help them get back on their feet as we return to normal.
HMRC will contact all potentially eligible customers to advise them to claim for a second and final SEISS grant.
The eligibility criteria for the second grant are the same as for the first one. However, to be eligible, self-employed workers must have filed a tax return for the 2018/19 tax year. Further, they should have average trading profits under £50,000 for the past three years.
The SEISS is part of a comprehensive package of support the government has introduced to protect businesses during this time.