The Self-Employed Revenue Assist Scheme (SEISS) is to be doubled for November
UPDATED: The government is amending the Self-Employed Income Support Scheme (SEISS) to reflect recent changes to the vacation system announced today.
The UK Self-Employment Income Support System (SEISS) is being made more generous – self-employed receive 80 percent of their average trading profit in November.
And to make sure those who need assistance get it as soon as possible, payments are made faster too, as the claims window is brought forward from December 14th to November 30th.
Since SEISS grants are calculated over three months, the November increase to 80 percent, along with the trading profit of 40 percent for December and January, increases the total amount of the third grant to 55 percent of trading profit. This means the maximum grant will be increased to £ 5,160.
The news comes as England prepares to be locked again from November 5th to December 2nd.
Chancellor of the Exchequer Rishi Sunak said:
“So far we have supported self-employed £ 13.7 billion during the crisis – and I have always said that we will continue to do everything we can to make a living across the UK.
“The rapidly changing health image has led us to act to protect people’s lives, and I know this is an incredibly worrying time for the self-employed. Because of this, we’ve increased the generosity of the third grant to ensure those who can’t trade or face lower demand can get through the months ahead. “
What about other coronavirus agents?
In addition to the SEISS changes, more companies will have access to additional support as the deadlines for applications for government sponsored loan programs and the Future Fund have been extended to January 31, 2021.
According to the government, companies can also top up existing bounce-back loans if necessary.
Am I eligible to extend the Self-Employed Income Support Scheme?
You may be eligible for the extension if you were eligible for the first and second grants (although you don’t need to have applied for them).
You must also state that you intend to continue trading and that you:
- Are currently active in the trade, but are affected by lower demand due to coronavirus
- Was previously in stores, but temporarily not able to do so due to the coronavirus.
Visit the government website for more information.
Government extends vacation program by 80% through December