There was an announcement on Friday 29 May 2020 of an extension to the Coronavirus Self Employed Income Support Scheme (SEISS) by way of a “Second and Final Grant”.
To recap the SEISS:
- Eligibility
- Must have been Self Employed in 2018-19
- Must be intending to remain Self Employed during 202-21
- Average business profits 2016-17, 2017-18, 2018-19 less than £50,000
- Self Employment must be majority of your income
- Grant was equal to 80% of three months average profits
- Maximum of £7,500
- (new stipulation) grant must be claimed by 13 July 2020
The extension pays a second grant:
- Grant equal to 70% of three months average profits
- Maximum of £6,570
- Claims open and payable in August
A few things to note:
- Each grant can be claimed separately, so you can claim one not the other
- The eligibility on both is the same
- There is still nothing available for anyone starting Self Employment after April 2019 or for Company Directors (other than Furlough)
- The SEISS grant is not linked to specific months – doing so can cause some confusion, if people talk about it “covering April, May and June” or “extended to September” – simply there was a 3 months 80% grant and now a three month 70% grant, both capped.