Chancellor Rishi Sunak has announced that the amount on offer through the third Self Employment Income Support Scheme grant is being doubled in response to criticism over the government’s level of self-employed help.
During a House of Commons speech, Sunak confirmed that this third grant will now meet 40% of average profits for those applying, rather than the 20% that the government had originally announced. This means the maximum amount a self-employed person will be able to claim is now £3,750 across a period of three months, instead of £1,875.
As with the previous grants, this one will be available to self-employed people who have kept their businesses going during the COVID-19 pandemic but have suffered a drop in income due to it. Again, as with the earlier grants, it is unlikely that they will be allowed to get a professional to complete the application for them. However, they will have the choice of asking an accountant for sole traders in Goole or wherever they live for help with it.
The revised grant comes after observers described the previous offer as being nowhere near enough to help self-employed people make it through the winter period. There will also be a fourth and final SEISS grant, but the size of this has not yet been revealed.
During his speech, Sunak praised self-employed business owners by calling them the heart of the UK economy, and said the government would support them as much as needed until the crisis is over.