The British Institute of Kitchen, Bedroom & Bathroom Installation today welcomed news that Chancellor Rishi Sunak has extended the Government’s Self-Employment Income Support Scheme (SEISS), a single grant covering three months.
Those eligible for SEISS will be able to claim the additional grant in August, which will be worth up to 70% of their average monthly trading profits, capped at £6,570.
The money will again be paid out in a single instalment covering June, July and August, although Mr Sunak added that this extension will conclude the governments financial support of the self-employed.
How will this extention work?
SEISS, the Government grant to self-employed individuals whose businesses have been adversely affected by coronavirus, opened for applications on Wednesday 13 May. It initially covered three months (March, April and May) and the grants were worth up to 80% of profits, capped at £2,500 per month, or £7,500 in total.
If you’re eligible for the scheme you can still apply for this first grant, but the Government’s now said that you’ll need to do so by Monday 13 July.
Applications for the second grant will open in August
The second grant will be worth 70% of average monthly trading profits, paid out in a single instalment covering three months’ worth of average profits (June, July and August), though this time it’ll be capped at £2,190 per month, or £6,570 in total.
The eligibility criteria are the same for both grants, and you don’t need to have claimed the first grant to receive the second.
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