01 Jun 2020 4:46 PM

The Government provided details of the extension of the Self Employed Scheme at the same time as announcing the update to the Coronavirus Job Retention Scheme from 1 July 2020.

The key changes to the SEISS to note are:

  • Individuals can continue to apply for the first SEISS grant until 13 July. Under this first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Approved claims will result in the money paid into eligible individuals’ bank accounts within six working days of completing the claim.

 

  • Applications for the second grant will open in August. The taxable grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of trading profits and capped at £6,570 in total.

 

  • The criteria for both grants is the same and individuals will need to confirm that their business have been adversely affected by COVID-19 in this later phase.

Detailed guidance will be provided on Friday 12 June; we will be releasing a further update once this announcement has been made.

Meanwhile if you have any questions on SEISS please contact us

For information on the extension to the Coronavirus Job Retention Scheme please click here.

Further details:

https://www.gov.uk/government/news/chancellor-extends-self-employment-support-scheme-and-confirms-furlough-next-steps

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888764/Factsheet_for_SEISS_and_CJRS_schemes.pdf

 

For details on the government support available to businesses and individuals please visit our dedicated

COVID-19 Information Hub.