Further to the announcement of the second lockdown and the extension of the Furlough Scheme, the Chancellor has made changes to the Self-Employed Income Support Scheme that will apply from 1st November 2020.
The Chancellor has increased the grant available for November from 40% to 80% of average trading profits, whilst the grant for December and January remains at 40% of profits. The cap for the grant for the 3 months ended 31 January 2021 has therefore been increased from £3,750 to £5,160.
In addition, the claims window will now open on 30th November until 14th December, so businesses that are adversely affected by COVID can access a larger grant sooner.
The Government has also extended the deadline for applying for Government-backed loan schemes to 31st January 2021.
If you require guidance on any of these changes, please contact your TC adviser on 0330 088 7111 or visit www.tc-group.com.