Future of Self-Employment Income Support Scheme revealed

This article was last updated on 22nd June 2020

The Chancellor has revealed that the Self-Employment Income Support Scheme will provide eligible applicants with the opportunity to apply for an additional grant payment in August.

The scheme is designed to support self-employed people during the coronavirus crisis. It currently allows eligible applicants to apply for a taxable grant worth 80% of their average trading profits over three months, up to a maximum of £2,500 per month. Claims for this grant, which is awarded in a single instalment of up to £7,500, can be backdated to 1st March and applications for it will remain open until 13th July.

In his announcement at the government’s daily press briefing on Friday, Rishi Sunak announced that applications for a second taxable grant, worth 70% of an eligible applicant’s average monthly trading profits over three months, will open in August. This grant will be paid in a single instalment of up to £6,570. Eligible applicants will be able to apply for the second grant regardless of whether they claimed for the first grant, but must confirm that coronavirus affected their business after 14th July 2020.

The Chancellor confirmed in his announcement on Friday that this will be the “second and final” grant provided through the Self-Employment Income Support Scheme.

To learn more about what the coronavirus crisis could mean for your business and to stay up to date with the latest news, take a look at our small business coronavirus hub.

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