Grants for the self-employed doubled to 40% of previous earnings
The Thursday 22nd October 2020 announcement increases the amount of profits covered by the two forthcoming self-employed grants from 20 per cent to 40 per cent, meaning the maximum grant will increase from £1,875 to £3,750.
This is a potential further £3.1 billion of support to the self-employed through November to January alone, with a further grant to follow covering February to April.
Steve McNamara, General Secretary of the Licensed Taxi Drivers Association
The doubling of financial support for the self-employed is very welcome news for taxi drivers and will go some way to keeping them afloat over the difficult winter months ahead. It demonstrates that the Treasury is listening and being responsive to the needs of those hit hardest by the pandemic. We hope that this will continue and that the level of support will be kept under review as circumstances change, to ensure it is sufficient to meet drivers’ needs.
- The government will provide two taxable SEISS grants to support those experiencing reduced demand due to COVID-19 but are continuing to trade, or temporarily cannot trade.
- It will be available to anyone who was previously eligible for the SEISS grant one and grant two, and meets the eligibility criteria.
- Grants will be paid in two lump sum instalments each covering 3 months. The first grant will cover a three-month period from the start of November 2020 until the end of January 2021. The government will pay a taxable grant which is calculated based on 40% of three months’ average trading profits, paid out in a single instalment and capped at £3,750.
- The second grant will cover a three-month period from the start of February until the end of April 2021. The government will review the level of the second grant and set this in due course.
- For more information, see:
PAYadvice.UK 22/10/2020 updated 23/10/2020