Self-Employment Income Support Scheme Grant Extension.
As many of you will be fully aware the government has announced that the CJRS Furlough scheme will be extended until the end of March 2021. Along with this they have announced an extension from the 1st November 2020 to the Self Employment Income Support Scheme with 2 further grants available, each for 3-month periods covering November 2020-January 2021 and Feb 2021-April 2021.
To be eligible for these grants self-employment persons, including partnership members must have been eligible for the first and second grant previous paid by the government this year – however you do not have to have claimed it. You will also need to declare that you intend to continue to trade and are currently trading but impacted by reduced demand due to Covid or previously trading but temporarily unable to do so.
Grants will be paid in 2 lump sum instalments each covering a 3 month period.
The third grant 1st November – 31st January will be a taxable grant calculated at 80% of 3 months average monthly trading profits calculated using the same eligibility criteria for grants 1 and 2. The 3-month payment will be capped at £7,500.00.
The 4th Grant covering Feb-April 2021 has been announced by the government; however no details have yet been released regarding the percentage of grant to be recieved. Once we know we will of course update you all.
The online service for the grant will be available from the 30th November 2020 and can be accessed using your government gateway log in details as was the case previously.
With the good news of potential vaccines being brought out as early as December let’s all hope that we can write off 2020 as a year to forget and make 2021 a year we will never forget!!!!