Yahoo Finance Coronavirus: Millions of self-employed to benefit from second support grant
The second stage of the Self Employment Income Support Scheme (SEISS) opens for applications today, providing income relief to Brits affected by COVID-19.
Millions of self-employed people, whose livelihoods has been impacted by the coronavirus pandemic, can apply to claim up to £6,570 ($8,560) from today (Monday 17 August).
The SEISS scheme saw over 2.7 million people benefit from the first stage, with the UK government handing out £7.8bn of grants to help those affected through the crisis.
Anyone whose self-employed, with trading profits of no more than £50,000 making up at least half of their total income and whose business has been adversely affected by coronavirus since 14 July is eligible to apply.
Those eligible will now be able to receive the second and final payment worth 70% of their average monthly trading profits. The money will be deposited in their bank accounts within six working days of making the claim.
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HM Revenue and Customs (HMRC) will contact people who are eligible, including those who didn’t claim the first grant to advise them they can claim for the second and final SEISS grant.
The SEISS scheme is part of other measures introduced to help drive the UK’s economic recovery and protect British businesses, including Bounce Back loans, income tax deferrals, rental support, increased levels of Universal Credit and mortgage holidays.
Chancellor Rishi Sunak also set out the Jobs Retention Scheme —which is due to end on 31 October — to protect, support, and create jobs in the UK, including in the construction and housing sectors through funding to decarbonise public sector buildings and the Green Homes Grant.
Sunak said: “Our self employment income support scheme has already helped millions of people, whose hard work running their own businesses is crucial to our economy.
“It means that people’s livelihoods across the country will remain protected as we continue our economic recovery - helping them get back on their feet as we return to normal.”
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