The Self Employment Income Support Scheme is the Government scheme to support individuals who are self employed, or members of trading partnerships whose businesses have been adversely affected by COVID-19.
The scheme currently allows eligible individuals to claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. You must make your claim for the first grant by 13 July 2020.
The Chancellor has recently announced that the scheme is being extended. If your business is adversely affected by COVID-19 on or after 14 July 2020, and you meet the other eligibility criteria, you’ll be able to make a claim for a second and final grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. Find out more in our briefing here.