As suspended fund reopens...
Self-employed? Here’s how to get a government grant
Help is now on hand for the self-employed
Some relief will be offered across the UK with the early opening of the government scheme today to help those who run their own business.
Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim.
Everyone eligible for the SEISS, which is said to be one of the most generous support schemes announced by any government in response to coronavirus, should receive the grant by 25 May, or within six days of a completed claim.
- Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
- earn at least half of their income through self-employment
- have trading profits of no more than £50,000 per year
- traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year
- HMRC calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.
- Customers have been invited to claim their SEISS grant on a specified date, from 13 – 18 May. They won’t be able to apply before their claim date but can make a claim after that day.
- People can check their date using HMRC’s online checker at any time.
- For further information, please read HMRC’s guidance or speak to your tax agent. If you need further support, please use HMRC’s webchat service or call the Covid-19 Helpline on 0800 024 1222.
Resilience fund reopens
Scottish Enterprise and partners advised that from mid-morning on 14 May the Pivotal Enterprise Resilience Fund will reopen for new applications.
The fund was suspended last week after being overwhelmed.
A spokesperson on behalf of partners said: “We would like to thank businesses for their applications for the COVID-19 business resilience and hardship funds.
“The funds have received a high volume of applications and our appraisers have been working hard to review and process applications. We are pleased to confirm that following the pause of the Pivotal Enterprise Resilience Fund, we are now able to reopen the fund for new applications.
“The additional £45 million funding from the Scottish Government has been crucial in helping us meet demand and we’re now moving to process offers of grant funding so that all approved applicants can receive their funding as quickly as possible.
“We will be closely monitoring the volume of new applications and expect both the Pivotal and Hardship Funds to reach their full capacity early next week and therefore anticipate both will close at 5pm on Monday 18 May 2020.”
Eligible businesses are encouraged to apply online before the funds close through the FindBusinessSupport website.
Any businesses requiring support with their application should access the Live Chat function when available on the full application form or email email@example.com and mark FAO of appraisal team and include their company name.