Subsequent self-employed revenue help grant boosted to 55% of income
How does SEISS work?
The Self-Employment Income Support Scheme (SEISS) is made up of four taxable Government grants for self-employed individuals. There were initially only two grants (these two have now closed), but in September Chancellor Rishi Sunak announced that a third and fourth grant would be rolled out.
This means that Government support for the self-employed will now be extended until 30 April 2021. However, the extension means there is now effectively 12 months’ worth of support over a period covering 14 months – here’s what Martin has to say on that.
The four grants are similar. The main differences are when they’re available, how much they’re worth and stricter eligibility criteria for the third grant compared to the previous two. The first two grants were open to those whose businesses were “adversely affected” by coronavirus, while those who apply to the second two need to declare that they have been specifically “impacted by reduced demand” due to coronavirus.
While the third grant has now been increased in size, it’ll still cover a smaller amount than the previous two grants. And crucially, only those who were eligible for the first and second grant are able to apply for the third, which means those who were previously excluded and still excluded. See full info, including precise eligibility criteria, in our Self-Employment Income Support Scheme need-to-knows.