The government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned. (announced 2 November).
- 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.
And to ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.
The changes will ensure that self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter.
In addition, more businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.