Government increases support for self-employed across the UK
皇冠体育app government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned, it was announced today, 2 November.
- government increases support under the third instalment of the UK-wide Self-Employment Income Support Scheme, with people receiving 80% of average trading profits for November
- grants will also be paid faster than previously planned 鈥� with the claims window opening at the end of November rather than the middle of December
- the increase means 拢4.5 billion of support for the self-employed between November and January
- more businesses will also be able to benefit from government loan schemes which have been extended to the end of January, while firms can 鈥榯op up鈥� existing Bounce Back Loans should they need additional finance
To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous 鈥� with self-employed individuals receiving 80% of their average trading profits for November.
And to ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.
皇冠体育app changes will ensure that self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter.
In addition, more businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.
Chancellor of the Exchequer Rishi Sunak said:
So far we鈥檝e provided 拢13.7 billion of support to self-employed people through the crisis - and I鈥檝e always said we will continue to do everything we can to support livelihoods across the UK.
皇冠体育app rapidly changing health picture has meant we have had to act in order to protect people鈥檚 lives and I know this is incredibly worrying time for the self-employed. That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.
Business Secretary Alok Sharma said:
We know what an incredibly difficult time it has been for self-employed workers across the country. We are determined to support them.
Today鈥檚 measures will mean people will receive more money in their back pockets, faster, to help them through the winter months ahead.
As SEISS grants are calculated over three months, the uplift for November to 80 per cent, along with the 40 per cent level of trading profits for December and January, increases the total level of the third grant to 55 per cent of trading profits. 皇冠体育app maximum grant will increase to 拢5,160.
This provides broadly equivalent support to the self-employed as we are providing to employees through the government contribution in the Coronavirus Job Retention Scheme in November and then the Job Support Scheme in the two subsequent months.
So far, the government has provided 拢13.7 billion of support to self-employed people through the crisis, with the world-leading scheme among the most generous in the world.
In September, the Chancellor announced an extension of the SEISS to provide support throughout the Winter period, with two grants to cover the period until April.
皇冠体育app SEISS continues to be just one element of a comprehensive package of support for the self-employed. In addition to this they can also access other elements of the package which includes Bounce Back Loans, tax deferrals, rental support, mortgage holidays, and other business support grants.
皇冠体育appse government backed loan schemes have already supported more than 1 million businesses to access over 拢60 billion of finance.
Further information
- to be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
- have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
- declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus
- were previously trading but are temporarily unable to do so due to coronavirus
- This follows the CJRS being extended until December. This provides broadly equivalent support to the self-employed as is being provided to employees through the government contribution in the Coronavirus Job Retention Scheme in November and then the Job Support Scheme in the two subsequent months.
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