The second round of Self Employment Income Support Scheme (SEISS) grants are now available, with sole traders being required to follow the same application process as before.

These grants were created to help sole traders whose businesses had suffered as a result of COVID-19 and the lockdown to stay afloat for the duration of the crisis. More than 2.7 million people applied for the initial grant, which became available in May, with the government handing out a total of £7.8 billion.

The second round of grants are likely to see a similarly large uptake, although the actual sums available are less than they were the first time around. The second SEISS grant will be calculated based on 70% of the average profits per month of each applicant, compared with the 80% figure in May.

To be eligible, a minimum of 50% of an applicant’s income must be derived from their self-employed business and they must not have yearly profits of over £50,000. The government is stating that everyone who successfully applies will receive the money inside of six working days, as with the first grant.

As with the first round of grants, applicants will not be able to ask an accountant for sole traders in South Yorkshire or wherever they live to complete the application for them. However, they will have the option of getting assistance with the application from a professional of this kind. Those eligible are set to receive an email notification from HMRC.