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Gloucestershire Business News

Second support grant for self-employed available now

Self-employed people whose work has been hit by the covid-19 pandemic can now apply for a second support grant from the government.

More than three million people could be eligible for a payment of up to £6,570 each. Chancellor Rishi Sunak says this will be the final hand-out, as reported by the BBC.

The first grant, launched in May, saw £7.8bn claimed by 2.7 million people.

The scheme is open to self-employed people who made a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-To be eligible for the grant, more than half of a their income needs to come from self-employment.

Under the first payment, self-employed workers who qualified received a grant of 80 per cent of their average profits - up to £2,500 a month for three months.

From today (17th August), eligible people can claim a second grant, which covers 70 per cent of their average monthly trading profits. It will be made as a single payment, covering three months and capped at £2,190 a month.

To be eligible, applicants will need to confirm their business has been affected by the virus on or after 14th July. They do not need to have claimed the first grant to be eligible for the second.

A number of self-employed people, such as directors who pay themselves in dividends, freelancers, and the newly self-employed, are unable to apply for the self-employment support package.

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