The government has announced increased support for the self-employed during the second lockdown. To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals receiving 80% of their average trading profits for November.
Grants will also be paid faster than previously planned, with the claims window opening at the end of November rather than the middle of December. Businesses will also be able to benefit from government loan schemes, which have been extended to the end of January, while firms can ‘top up’ existing Bounce Back Loans.
Business Secretary Alok Sharma said: “We know what an incredibly difficult time it has been for self-employed workers across the country. We are determined to support them. Today’s measures will mean people will receive more money in their back pockets, faster, to help them through the winter months ahead.”
In addition, more businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31ST January 2021. The government-backed loan schemes have so far supported more than 1m businesses to access more than £60bn of finance.
Business leaders welcomed the additional measures, however they also warned that millions of people were slipping through the cracks and urgently required support, including the newly self-employed, sole company directors and people who had lost their jobs. Adam Marshall, the director general of the British Chambers of Commerce, said: “Despite this extension, there are still many businesses and individuals who have, through no fault of their own, not yet been able to access any government support since the start of the pandemic.”
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