What is it?
The Self-Employment Income Support Scheme is designed to provide support to the self-employed who have been negatively impacted by Coronavirus.
Under the current Coronavirus Business Support measures, the Government will pay a grant to self-employed individuals to cover 80 per cent of their average monthly profits for the past three years, paid out in a single instalment covering three months and capped at a maximum of £7,500 in total.
Payments will begin being made in May.Self-employed individuals will be able to continue work, start a new trade or take on other employment and still receive the grant.
The grant is subject to Income Tax and National Insurance.
Get in touch if you’re a self-employed and are struggling to meet your current liabilities.