As with the job support scheme, the Government has also extended the Self Employed Income Support Scheme. The extension will see the addition of two further grants available which should help provide critical support to the self-employed.
Each grant will be available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
In order to claim the grant extension you must have been eligible for the Self-Employment Income Support Scheme first and second grant (even if you did not claim them).
You must also declare that you intend to continue to trade and either:
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
The Government are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are taxable income and also subject to National Insurance contributions.
HMRC will provide full details about claiming and applications in guidance on gov.uk in due course.