Among the many millions that have had their livelihoods disrupted by the pandemic, there is a glimmer of hope in the form of second-stage support funds of up to £6,570 with an aim to stimulate the recovery of the UK economy.
The second stage of SEISS (Self Employment Income Support Scheme) opened for applications on 17 August, 2020.
Those that qualify can receive a grant from the government up to £6,570.
So far approximately £7.8 billion has been distributed with more than 2.7 million UK residents benefitting from the first stage of the SEISS scheme during the crisis.
Furthermore, those that qualified for the first stage will now receive a second and final grant equivalent of 70% of their average monthly income. After filing a claim, the amount is sent to the bank within six working days. Those that are self-employed and have had their business income adversely impacted by the pandemic since 14 July qualify for the scheme.
Rishi Sunak, Chancellor of the exchequer said:
The SEISS scheme has already benefitted millions of hard-working self-employed people whose welfare is so critical to the improvement of the economy.
This will help to protect the livelihoods of people across the UK as we move on the path of economic recovery, helping them to recover while the economy slowly returns to normal.
The HMRC will get in touch will all those prospective individuals that qualify to apprise them to file an application for the second and final grant.
The criteria for eligibility is same as the that for the first grant, where an individual must have had a trading profit not more than £50,000 that constitutes a minimum of half of their total income.
The SEISS grant forms part of a complete package for those self-employed and include rental support, mortgage holidays, Bounce Back loans, increased levels of Universal Credit, income tax deferrals etc. and the many business support schemes that the UK government has instituted to assist and protect businesses in these difficult times.
The Chancellor also shared a road map of the government to aid, protect and create employment all over the UK. This includes the housing and construction industries via granting funds for Green Homes Grants and decarbonise public sector buildings.
Further information about the grant and its working is available here.
Those that qualify will receive information to apply for the second and final grant any time from the mentioned date, with the scheme closing on 19 October 2020.
Economic figures for self-employed individuals available show 2.2 million claims were made in England for £6.4 billion. In Wales 108,000 claims for £289 million, in Scotland 155,000 claims for £449 million and in Northern Ireland 76,000 claims for £216 million have been filed.