Millions of self-employed individuals have been eligible to receive direct cash grants through the government’s Self-Employment Income Support Scheme (SEISS), to help them during the coronavirus outbreak.
There are four opportunities to receive a grant under the SEISS, although the deadlines for the first two parts have now passed.
For parts three and four, the government says it will provide two taxable grants to support those experiencing reduced demand due to Covid-19 but are continuing to trade, or temporarily cannot trade. Payments will be available to anyone who was previously eligible for the SEISS grant one and grant two, and meets the eligibility criteria.
Grants will be paid in two lump sum instalments each covering three months. The part 3 grant will cover a three-month period from the start of November 2020 until the end of January 2021. The government will pay a taxable grant which is calculated based on 80% of the individual’s average trading profits for November to January, paid out in a single instalment and capped at £7,500.
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.
The part 4 of the grant will cover a three-month period from the start of February until the end of April 2021. The government will review the level of the second grant and set this in due course.
Business grants
Business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant. Also, £1.1bn is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.
Businesses required to close in England due to local or national restrictions will be eligible for the following:
– For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
– For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
– For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
