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Increased Support for Self Employed November 2020

In line with the Furlough Scheme extension, the government have announced, on 2 November, that they will be increasing support for the self-employed and ensuring faster payments. This provides broadly equivalent support to the self-employed as is being provided to employees through the government contribution in the Coronavirus Job Retention Scheme in November and then the Job Support Scheme in the two subsequent months.

 

SEISS – Self Employed Income Support Scheme

  • Same eligibility as before
  • Support is 80% of average trading profits for Nov 2020, then Dec 2020 and Jan 2021 at 40%, giving an average claim of 55% for the 3 months up to a maximum of £5,160
  • Grants to be paid faster, claims portal to open at the end of November instead of mid December
  • Application by self-employed themselves (as before)

 

Government Loans extended to 31 January 2021

  • CBILS, CLBILS, Bounce Back and Future Fund all now allowed until 31 January 2021
  • Bounce Back Loans can be topped up where the businesses didn’t take their max of 25% turnover or £50K (whichever is lower). Applications must be made to the same lender as the original loan

 

More details

To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the SEISS first and second grant (although they do not have to have claimed the previous grants)
  • state that they intend to continue to trade and either:
    • are currently actively trading but are impacted by reduced demand due to coronavirus
    • were previously trading but are temporarily unable to do so due to coronavirus

https://www.gov.uk/government/news/government-increases-support-for-self-employed-across-the-uk

 

We will keep you updated with all the latest government announcements – if you would like to join our mailing list, sign up here

 

If you would like to speak to someone regarding any of these measures and to see how we can help you, please get in touch with your usual contact at Rayner Essex or fill out the form below and we will get back to you.

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