Update: Self-Employed Income Support Scheme (SEISS)
No doubt due to recent lobbying by the press and other interested support groups, the Chancellor has extended the SEISS for a final three-month period to 31 August 2020.
This means that the self-employed who are eligible to claim will have received six-months financial support from government.
As before, applicants will have to wait until the last month of the claim period, August 2020, to make a claim.
A bullet-point summary of the changes is set out below:
- SEISS Extended for three months to 31 Augusts 2020
- Applications covering June – August 2020 period will open in August.
- Grant available will be 70% of eligible earnings (previous quarter 80%).
- Maximum grant for the three-months will be £6,570 (Previous quarter £7,500) paid in a single instalment.
- Eligibility criteria remains unchanged.
- A self-employed person can claim for the second grant, to August 2020, even if they had not claimed for the first grant.
- More information on these changes will be published 12 June 2020.
If you are eligible to make a claim for this second grant under the scheme you will still be subject to the same rules regarding eligibility. You will need to confirm that your business has been adversely affected by the coronavirus outbreak.
If you did not claim for the first quarter, to May 2020, as your business at that time was not adversely affected, but will be affected in the quarter to 31 August 2020, it will be possible to claim for the second quarter.
And finally, claims for the first quarter (March-May 2020) will close 13 July 2020.
Veracity are here and available to help you and your businesses through this extremely challenging period.