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17 August 2020

Second stage of Self-Employment Income Support Scheme opens for applications

Summary

Chancellor Rishi Sunak announces that applications are open for the second stage of the Self-Employment Income Support Scheme (SEISS). Those eligible will receive a second and final grant worth 70% of their average monthly trading profits. They will receive the money in their bank account within 6 working days of making a claim. Anyone whose self-employed business has been adversely affected by COVID-19 since 14 July 2020 is eligible. HMRC will contact all potentially eligible self-employed people to advise them they can claim for a second grant. The eligibility criteria remain the same – trading profits can be no more than £50,000 and must make up at least half of an individual's total income.

Source(s)

Gov.uk guidance