Self-employed income support scheme extended

Self-employed income support scheme (SEISS) extended to eligible self-employed.

The good news for small business, is that a final grant payment can be claimed and is open for application in August 2020.

The grant is slightly less generous than the original grant with a maximum claim capped at £6,570. The grant is worth 70% of the average monthly trading profits, paid out again in a single instalment covering three months. This is a reduction of 10% from the first round of grant claimed.

Any business applying for the second grant must confirm that they intend to trade in the future.

Any business that is trading now but is adversely affected can also continue to claim if they can prove that the coronavirus has impacted their business. There is no single measure to prove this but a good measure could be reduced sales, loss of clients and reduced profits. Other measures may include increased levels of expenditure to help you adjust to a new way of operating your business safely through the pandemic.

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