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Self-Employed to Benefit From Second Stage of Support Scheme

Posted 3 months ago

Self-Employed to Benefit From Second Stage of Support Scheme
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Over 2.7 million benefited from the first stage of the SEISS - with the government handing out £7.8 billion of grants to help them through the crisis.

Those eligible will now be able to receive a second and final grant worth 70% of their average monthly trading profits, with the money set to land in their bank accounts within six working days of making a claim.

Anyone whose self-employed business has been adversely affected by coronavirus since 14 July is eligible for the scheme.

According to Chancellor of the Exchequer, Rishi Sunak: “Our self employment income support scheme has already helped millions of hard working people, whose get up and go drive is crucial to our economy.

“It means that people’s livelihoods across the country will remain protected as we continue our economic recovery - helping them get back on their feet as we return to normal.”

The SEISS is part of a comprehensive package of support for self-employed people, including Bounce Back loans, income tax deferrals, rental support, increased levels of Universal Credit, mortgage holidays and the various business support schemes the government has introduced to protect businesses during this time.

The eligibility criteria remains the same as for the first grant, with people needing to have had trading profits of no more than £50,000, making up at least half of their total income.

According to Sacha Bright, CEO of Nextfin: “Although I welcome this support, I am still somewhat bemused at why the government does not include owners of micro companies in this scheme. 

“This sector represents a large proportion of self-employed business owners, many of whom do not fit the criteria of the scheme. 

“These are the businesses that employ people. I feel the government have not got their finger on the pulse, and that, if radical changes are not implemented soon, come December many of these businesses will fail if the government does not include them.”

Author: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site. 



Tagged: sme entrepreneur self employed coronavirus news alternative finance



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