The Self-Employed Income Support Scheme was created to help those make up profits they may have missed in the wake of the crisis – with recent figures revealing over 2.7m people have applied so far.
But if you haven’t done so yet, how long do you have left to apply?
Here’s what you need to know…
When is the deadline to apply for the government’s self-employed grant scheme?
Workers who are eligible for the first grant need to be quick, as the deadline for applying is 11.59pm on Monday 13th July.
The first grant covers lost profits in the months of March, April and May, and will provide 80% of a person’s average three months’ profits, up to a cap of £7,500 (or £2,500 per month).
Those who don’t apply could benefit from a second grant, which will see the government pay 70% of average profits, to help self-employed people who are affected by the pandemic in June, July and August.
Those who miss the closing date for the first grant are still able to put their details forward for the second grant – however, they could miss out on thousands of pounds they deserve from earlier in the year.
Who is eligible for the scheme?
In order to qualify for the scheme, a worker’s business must have been adversely affected by Covid-19.
Examples of this include if someone is shielding or self-isolating, if they have had to take sick leave due to coronavirus, or if they have had caring responsibilities as a result of the pandemic.
They may also be eligible if they have had to scale down, stop trading or have been hit by additional costs due to lower customer numbers, or their supply chain has been interrupted.
Companies must have traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23rd April 2020 for that year.
They must have also traded in the tax year 2019 to 2020 and be intending to trade in the tax year of 2020 to 2021. They cannot claim the taxable grant if it is a limited company or operating a trade through a trust.
You can check if you are eligible to claim on the gov.uk website.
Do you find this article useful? Comment below...