The Chancellor has announced that the Self Employment Income Support Scheme (SEISS) will be extended, with two further grants.
One for the 3 month period covering November 2020 to January 2021 and another for February 2021 to April 2021.
Who can apply?
You can apply if you’re a self-employed individual or a member of a partnership.
- You must have been previously eligible for the Self-Employment Income Support Scheme first and second grants (although you do not have to had claimed the previous cash grants).
- You must intend to continue to trade, and are either;
- actively trading but are impacted by reduced demand due to coronavirus
- or were previously trading but cannot do so temporarily due to coronavirus.
The amount that can be claimed
The SEISS extension will last for six months from November 2020. Grants will be paid in two lump sums each covering a 3 month period.
The third cash grant is worth 80% of your average monthly trading profit, capped at £7,500 in total, and covers 1 November 2020 to 31 January 2021.
The government will review the level of the fourth grant covering 1 February 2021 to 30 April 2021 and details will be published at future date.
Making a claim
The online service will be available from 30 November 2020 for the third grant.
HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.
Check out the blog for more updates on coronavirus financial support.
