The Chancellor has announced that up to 95% of self-employed workers will be eligible for a taxable grant of 80% of their average earnings (up to £2,500 a month), to help them cope with the financial impact of coronavirus. The money will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.
Rishi Sunak told the self-employed: “You have not been forgotten.” He outlined that the self-employed will be paid on par with the announcements for furloughed workers last week for those earning a trading profit up to £50,000 a year.
HMRC will contact those who are eligible for the grant and the scheme is likely to be for 3 months initially. He said the vast majority of the self-employed are likely to be eligible but there will be those who are not where other measures such as the Business Interruption Loan Scheme, full Universal Credit advance payments, help with council tax bills, 3 month mortgage holidays and housing benefits could be looked at.
It is important to note that you cannot apply for this grant immediately and you should read further details here.
Visit the Business Gateway Growth Hub coronavirus support pages for details of all Government and local support for businesses.
For more information, please contact: firstname.lastname@example.org