The Self-Employment Income Support Scheme Grant Extension provides support in the form of two grants, each for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750. Broadly the same level of support for the self-employed is being provided to employees through the Job Support scheme (JSS).
The Government will review the level of the second grant and set this in due course. The grants are taxable income and also subject to National Insurance contributions.
How to claim
The online service for the next grant will be available from 14 December 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.