Mel Stride MP, who chairs the influential House of Commons Treasury Select Committee, is urging self-employed workers in his constituency who have been impacted by Covid-19 to apply for the second phase of the Government’s Self Employment Income Support Scheme (SEISS). The scheme provides grants for self-employed workers who have suffered a loss of profits due to the coronavirus pandemic with applicants needing to demonstrate that their business has been adversely affected. The second and final taxable grant, worth 70% of average monthly trading profits and paid out in a single instalment covering 3 months’ worth of profits, is capped at £6,570 in total.
“When the Chancellor announced the furlough scheme for employed workers in March the Treasury Select Committee was quick to press for similar support for the self-employed and more than 5,000 workers in Central Devon benefited from the first phase of the scheme. Workers do not need to have applied for the first grant to apply for the second – if their business was not impact initially but has been more recently, perhaps by facing higher costs or a reduced income, it is well worth applying. It is also important to note that this is a grant and not a loan - it does not need to be paid back.”
The deadline for applications is 19th October 2020. For more information visit www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.