One million apply to self-employed grant scheme in 48 hours

A million self-employed workers whose income has been hit by the coronavirus (COVID-19) pandemic made 440,000 applications for government grants during the first 48 hours of the scheme being open.

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A million self-employed workers whose income has been hit by the coronavirus (COVID-19) pandemic made 440,000 applications for government grants during the first 48 hours of the scheme being open.

In total, claims of over £1.3 billion were made by 440,000 individuals through the Self-employment Income Support Scheme (SEISS) on 13 May, according to the Treasury. Over 500,000 self-employed workers applied the following day, increasing the total.

The SEISS is designed to match the support being given to furloughed employees.

Under the scheme, the government will pay self-employed people a taxable grant based on an average of their earnings over the past three years. The grant will cover up to 80% of earnings, up to a limit of £2,500 a month.

HMRC said most of the 3.5 million people affected should have been contacted and invited to prepare to make a claim by using its eligibility checker.

Detailed guidance about the grants can be found here.

For more information about S I Ahmed & Co. Certified Public Accountants, Chartered Payroll Professionals, Tax and Business Advisors, please contact us.

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