Reflecting the recent changes to the Furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) is to be made more generous – with self-employed individuals receiving 80% of their average trading profits for November.
The Government has announced that payments will also be made more quickly, with the claims window being brought forward from 14 December to 30 November, ensuring those who need support get it as soon as possible.
As SEISS grants are calculated over three months, the uplift for November to 80%, along with the 40% level of trading profits for December and January, increases the total level of the third grant to 55% of trading profits. The maximum grant will increase to £5,160.
The changes aim to help self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter.
The online portal for the for the next grant will be available to access from 30 November 2020.
Additionally, more businesses will be able to access supplementary support as application deadlines for government-backed loan schemes (Coronavirus Business Interruption Loans, Large Business Interruption Loans, Bounce Back Loans) and the Future Fund have been further extended until 31 January 2021.