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The UK’s Self-Employment Income Support Scheme (SEISS) is to be extended…
As part of the Winter Economy Plan the Self-Employment Income Support Scheme (SEISS) will be extended under the name SEISS Grant Extension.
The scheme will last for six months (from November 2020 to April 2021) and will consist of two grants. The first grant will cover a three month period from the start of November until the end of January. This initial grant will cover 20% of average monthly trading profits, paid out in a single instalment covering three months' worth of profits and capped at a total of £1,875. The second grant will cover a three month period from the start of February until the end of April. The Government will review the level of the second grant and set this in due course.
The amount of the first grant under the SEISS grant extension will be significantly less than the grants made under the SEISS. The initial SEISS grant was based on 80% of profits (capped at £7,500) and the second SEISS grant was based on 70% of profits (capped at £6,570).
For more information on the COVID-19 Government measures which apply to the self-employed, please contact us.