The Chancellor has given extra help to the self employed for the November lockdown bringing the help in line with the amounts received by those employed.
The extension to the Self-Employed Income Support Scheme will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.
The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.
This is the same level of support for the self-employed that is being provided for employees through the Coronavirus Job Retention Scheme which has also been extended until March 2021.
If you need any advice, or have any questions about how to access the support scheme email firstname.lastname@example.org.