Rishi Sunak has announced (29th May 2020) an extension to SEISS.
“I know people have been waiting to hear and I understand they have been anxious. I can confirm today the self-employment income support scheme will be extended”.
“Applications will open in August. The second final grant will be paid out in a single installment covering three months’ worth of average monthly profits. To maintain fairness alongside the job retention scheme the value of the final grant will be 70%, up to a total £6,570”
“There will be no changes and no further extensions to the scheme, which continues to be one of the most generous in the world”.
- Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. Those eligible have the money paid into their bank account within six working days of completing a claim.
- Applications for the second grant will open in August. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
- The eligibility criteria are the same for both grants, and individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: for example, they may only have been adversely affected by COVID-19 in this later phase. Further guidance on the second grant will be published on Friday 12 June.