Self-Employment Income Support Scheme (SEISS) Grant Extension

Self-employed

The self-employed can claim up to 80% of trading profits during the initial month-long lockdown in England. 

 

The Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits to 55%. The government has also said that payments will be made more quickly, with the claims window being brought forward from 13 December to 30 November 2020.

 

The SEISS Grant Extension provides support to the self-employed in the form of two grants, each available for three-month periods covering November to January and February to April.

 

Grants will be paid in two instalments each covering a three-month period. The first grant will cover a three-month period from the start of November until the end of January. The Government will provide a taxable grant, covering 55% of average monthly trading profits paid out in a single instalment covering three month’s profits, capped at £5,160 in total.

 

The grant will be increased from the previously announced level of 40% of trading profits to 80% for November. This therefore increases the total level of the grant from 40% to 55% of trading profits for November to January.

 

The second grant will cover a three-month period from the start of February until the end of April. The Government will review the level of the second grant and set this in due course.

 

The grants are taxable income and subject to National Insurance Contributions.

 

To be eligible for the scheme, self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme grants
  • intend to continue to trade and either:
    • are currently actively trading but are impacted by reduced demand due to coronavirus
    • were previously trading but are temporarily unable to do so due to coronavirus

 

Deadlines for applications for government-backed loan schemes and the future fund have also been extended until 31 January 2021.

 

For more information, please go to https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension