The Self-Employed Income Support Scheme (SEISS) has been updated in October 2020.
The maximum grant which can be claimed will increase from 20% to 40% for the period of 1st November 2020 to 31st January 2021. This means the maximum grant will increase from £1,875 to £3,750.
The SEISS scheme operates in the following way:
- The government will provide two further taxable grants to support those affected by COVID-19, but continuing to trade, or cannot trade at all.
- The grant will be available to anyone previously eligible and who continues to meet the current eligibility criteria.
- You don't have to have received a SEISS grant previously to apply (but you must meet the criteria).
- SEISS grant 3 will be paid out in a single instalment (calculated @ 40% of three months' average trading profits).
- A fourth grant will cover the period from February to April 2021. The level of grant available has not been set yet.
Confused? Need help? Contact us at DJB Accounting