Alongside the announcement of changes to the Job Retention Scheme on 29 May 2020, the Chancellor also provided detail of the extension to the Self-Employed Income Support Scheme (SEISS).
Self-employed people can continue to apply for the first grant up until 13 July 2020 which is for 80% of their average monthly trading profits. This will be paid out as one instalment covering three months’ worth, but subject to a cap of £2,500 per month.
The second grant will become available in August. The grant will equate to 70% of the average monthly trading profits. This again will be paid out in one instalment of three months’ worth but will be subject to a cap of £2,190 per month.
The entitlement basis for the grant will be the same. An individual does not need to have applied for the first grant to be entitled to claim for the second as they may only have become adversely affected later during the phase of COVID-19.
Further guidance on the second grant will be published on Friday 12 June and we will keep you up to date with the details when we know them.
June 2nd, 2020