Self-employed Income Support Scheme of £2,500 Grant Announced by Rishi Sunak

BREAKING NEWS: Rishi Sunak announces Self-employed Income Support Scheme, but not until June 2020.

Claims can be backdated to 1st March, meaning 3 months payment can be claimed as of June.

“Today I’m announcing a new self employed income support scheme.” – Rishi Sunak.

The Government is now offering self-employed workers a taxable grant worth 80% of their average monthly profits over the past 3 years.

This grant will be capped at £2,500 per month, and is set to last for three months. Rishi Sunak states that the scheme will open “no later than the beginning of June”, meaning the self-employed must wait two months before getting any cash.

The scheme will not be open to all self-employed individuals. Applicants must;

• Have trading profits of no more that £50,000
• Take the majority of their income from self employment
• Already be in self employment i.e. have a tax return for 2019.

More to be announced over the coming weeks.