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Changes to the Self-Employment Income Support Scheme

1st June 2020

 

First Grant

Eligible individuals can claim a taxable grant worth 80 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, and capped at £7,500 in total.

Applications for the first grant opened on 13 May 2020. Applications for the first grant will close on 13 July 2020.

 

Second and Final Grant

Eligible individuals can claim a taxable grant worth 70 per cent of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profit, and capped at £6,570 in total.

The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus when applying for the second and final grant.

An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.  Applications will open in August 2020. Further information on the second grant will be available on GOV.uk on 12 June 2020.

Please contact us if you have any questions.

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