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The Self-Employment Income Support Scheme Has Been Extended

This is very good new for sole traders ...

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POSTED BY ROGER EDDOWES ON 05/11/2020 @ 8:00AM

As Lockdown 2.0 is about to start, The Government has been announcing changes to its business support programmes. In my last blog post, I talked about furlough, this time it's the Self-Employment Income Support Scheme ...

The Government has announced a far better 3rd claim for the Self-Employment Income Support Scheme!

The Government has announced a far better 3rd claim for the Self-Employment Income Support Scheme!

copyright: stillfx / 123rf

The third instalment of the Government's Self-Employment Income Support Scheme (SEISS) was originally going to open for claimants in the middle of December; it was also a lot smaller and had tighter restrictions on who could apply for it.

"However, in light of Lockdown 2.0, which starts today, the Government has increased support!"

SEISS claimants will receive 80% of their average trading profits for November. As this third grant covers a three month period of November 2020 to January 2021, December and January will be at 40% of average trading profits. It will all be paid in one lump sum.

These changes to SEISS bring it into line with CJRS (the furlough scheme for employees) and ensures that individuals still suffering a reduced demand, or cannot carry out their own business at all, will be supported over Christmas and into the New Year.

To be eligible for the third SEISS grant, claimants must have been eligible for the first and second grants, but don't have to have claimed them. The online portal for claims will open at the end of November rather than mid-December!

Other changes are coming, which includes the ability for businesses to top up their Bounce Back Loans and other Government-backed support schemes and more deferments will be on the cards too.

Until next time ...

ROGER EDDOWES
Business Godparent

 
 



Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about the Self-Employment Income Support Scheme, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help you.

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.