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Second Round of Support for the Self Employed

In addition to providing further guidance on the extended Coronavirus Job Retention Scheme (CJRS), the chancellor also announced a second round of support for the Self Employed under the Self Employment Income Support Scheme (SEISS).

The SEISS scheme first opened on 13th May with 2.3 millions claims being made as of midnight on 24th May 2020. Following the announcement that the furlough scheme for employers would be extended until October 20, industry has been urging the government to extend their support for the self employed and they have come through.

Those who are eligible to claim will be entitled to receive a second grant payment based on 70% of average monthly trading profits for last three financial years up to a maximum of £6,570. This is down from 80% of average profits, but still a very welcome lifeline for many whose businesses have been severely affected by Coronavirus.

The portal for the second wave of claims will open in August 20, whilst those who are eligible and have not yet made a claim will be able to do so until 13th July 20. Anyone who thinks they are eligible for the grant should use the HMRC eligibility checker and follow the prompts to make their claim. To be eligible for the second grant, eligible individuals can make a claim even if they have not done so before.

Further information is expected to be released about the scheme on 12th June 2020.

Source: GOV.UK/SEISS/CJRS Factsheet

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