Self-employed are given extra support by Treasury

Time 5:19 pm, November 2, 2020

Rishi Sunak has announced more help for self-employed people – including doubling the percentage of trading profit for November they can receive via a grant.

The third instalment of the Self-Employment Income Support Scheme, announced today (Nov 2), will see them get 80 per cent of their average trading profit this month as opposed to 40 per cent.

Along with the 40 per cent level for December and January, it raises the total level of the third grant to 55 per cent of trading profits, with the maximum grant rising to £5,160.

The chancellor added that grants will also be paid more quickly than had been planned, with the claims window opening on November 30 rather than December 14.

He said the increase meant the self-employed would get £4.5bn of support between November and January.

The aim is to ensure that self-employed workers who can’t carry out their business at the moment or who have suffered reduced demand because of the pandemic are helped over winter.

Sunak said: ‘So far, we’ve provided £13.7bn of support to self-employed people through the crisis – and I’ve always said we will continue to do everything we can to support livelihoods across the UK.

‘The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is an incredibly worrying time for the self-employed.

‘That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.’

In addition, deadlines for applications for the Coronavirus Large Business Interruption Loan Scheme, Coronavirus Business Interruption Loan Scheme, Bounce Back Loan Scheme and Future Fund have been further extended to January 31, 2021.

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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