The Self Employment Income Support Scheme, which is open for applications from today, allows individuals and partnerships whose work has been affected by the Coronavirus to claim for financial support. A second and final taxable grant worth 70% of their average monthly trading profits. This is paid out as one single payment covering three months’ worth of profits and is capped at £6,570 in total.
Cllr Paul Harper, Chair of the MBC Economic and Regeneration Committee said:
“You can make a claim for the Self Employment Income Support Scheme if you’re eligible, even if you didn’t make a claim through the initial grants.
“We believe that around 30% of those eligible businesses did not apply last time and are hoping they will do so this time. So, we are urging anyone who is self-employed to take advantage of this grant and apply.”
Any self-employed sole traders and small businesses, who were eligible for the first grant and can confirm to HMRC that their business has been adversely affected by Coronavirus on or after 14 July 2020, is able to make a claim for a second and final grant from 17 August – 19 October 2020.
Chief Executive of Kent Invicta Chamber of Commerce, Jo James added:
“There is no doubt that these past few months have been extremely difficult for everyone in business, not least for those who are self-employed. That is why it is vitally important that if they are eligible and need the support that they should apply for the Income Support Scheme.
“Over the past 4 months, Kent Invicta Chamber has run the COVID-19 Business Helpline via the Kent & Medway Growth Hub and have supported over 10,000 businesses, so we know first-hand that these types of schemes could literally be make or break for so many people in business."
Stephen McGinnes, Mid Kent Services Director at Maidstone Borough Council said:
“Those sole traders and businesses who receive the grant can continue to work, start a new trade or take on other employment including voluntary work, or duties as a military reservist. Most importantly the money received through this scheme does not need to be repaid, although it will be subject to Income Tax and self-employed National Insurance.
“We are particularly concerned that sole traders may not have taken this up first time around so if you know of any self-employed plumbers, builders, hairdressers, electricians or gardeners who might benefit please let them know about it.”
For more information about the scheme please visit: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme