Support from Self-employment Income Support Scheme to increase
By Rachel Lawler
The government has confirmed that the Self-Employment Support Scheme (SEISS) will cover up to 80% of average trading profits in November, December and January.
The level of support offered through the scheme was due to drop to 40% of profits in November but since a second national lockdown, starting on 5 November, was announced the scheme will now cover up to 80% of average trading profits up to a total of £7,500.
The government has also confirmed that the claims window will be bought forward from 14 December to 30 November.
A second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The government has said that it will review the level of the second grant and set this in "due course".
Chancellor Rishi Sunak commented: "The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is an incredibly worrying time for the self-employed. That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead."
Individuals will need to have been previously eligible for the first and second SEISS grants, although they do not need to have claimed them, to be eligible for this next grant.