Future of Self-Employment Income Support Scheme revealed

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 clients during the coronavirus crisis. It currently allows eligible applicants to apply for a 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 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. Your eligible clients will be able to apply for the second grant regardless of whether they claimed for the first grant.

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.

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