As you are aware the Prime Minister has announced a second national lockdown starting on Thursday 5th November and lasting four weeks.
For this reason the Government has announced a series of support packages to cover this new period of the lockdown, one of which is a change to the Self Employed Income Support Scheme (SEISS).
The grants will now be calculated on the basis of 80% of the average trading profits for the 3 month period covering November 2020 to January 2021 bringing it broadly in line with the support offered to employees under the extended Job Retention Scheme.
The SEISS scheme currently covers up to 40% of average monthly profits up to a maximum of £3,750 for a 3 month period, but this announcement will increase that figure to £7,500 for the 3 months ending 31 January 2021.
The grants will also be paid faster than planned, with the claims window brought forward from 14 December to 30 November.
The eligibility criteria are the same as the first two SEISS grants, although individuals are not required to have made a previous claim in order to access the scheme.
Should you require and further information relating to this email, or any other matter, please contact us.