This Content Was Last Updated on November 27, 2020 by Jessica Garbett
There was an announcement on Friday 29 May 2020 of an extension to the Coronavirus Self Employed Income Support Scheme (SEISS) by way of a “Second and Final Grant”.
To recap the SEISS:
- Eligibility
- Must have been Self Employed in 2018-19
- Must be intending to remain Self Employed during 202-21
- Average business profits 2016-17, 2017-18, 2018-19 less than £50,000
- Self Employment must be majority of your income
- Grant was equal to 80% of three months average profits
- Maximum of £7,500
- (new stipulation) grant must be claimed by 13 July 2020
The extension pays a second grant:
- Grant equal to 70% of three months average profits
- Maximum of £6,570
- Claims open and payable in August
A few things to note:
- Each grant can be claimed separately, so you can claim one not the other
- The eligibility on both is the same
- There is still nothing available for anyone starting Self Employment after April 2019 or for Company Directors (other than Furlough)
- The SEISS grant is not linked to specific months – doing so can cause some confusion, if people talk about it “covering April, May and June” or “extended to September” – simply there was a 3 months 80% grant and now a three month 70% grant, both capped.
