COVID-19: Support for Sole Traders extended until August

COVID-19: Support for Sole Traders extended until August

The latest on sole trader support...

Nearly two and a half million self-employed workers are set to receive some form of cash relief from the government.  The long wait for lump-sum payments from the Coronavirus self-employment income support scheme (SEISS) ends this month.

As money starts to hit bank accounts to cover March, April and May, it's extremely welcome news that the Chancellor will roll the scheme on to August. This will provide a final grant to cover June, July and August. We're told that there is a small 10% reduction to the cap (to at least 70% of average monthly trading profits, capped at a total of £6,570), and after this, the tap will be turned off.

So it's worth remembering:

When can I claim?

As always, we'll keep you posted.

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