The Government has announced new support for self employed during the lockdown and beyond. This summarises their support:
- government increases support under the third instalment of the UK-wide Self-Employment Income Support Scheme, with people receiving 80% of average trading profits for November
- grants will also be paid faster than previously planned – with the claims window opening at the end of November rather than the middle of December
- the increase means £4.5 billion of support for the self-employed between November and January
- more businesses will also be able to benefit from government loan schemes which have been extended to the end of January, while firms can ‘top up’ existing Bounce Back Loans should they need additional finance
To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals receiving 80% of their average trading profits for November.
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