- Extension to the Self Employment Income Support Scheme
The Guidance regarding this scheme has been updated following the Prime Minister’s announcement yesterday that the grant will cover 80% of trading profits for November 2020.
\The extension of the scheme is to last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period. The first grant will cover a three-month period from 1 November 2020 until 31 January 2021.
The Government will provide a taxable grant covering 55% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £5,160 in total. (55% takes into account 80% of trading profits in November and 40% of trading profits for December and January).
The Government are providing broadly the same level of support for the self-employed as is being provided for employees through the Coronavirus Job Retention Scheme in November due to its extension. And then the Job Support scheme in December and January.
The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
- Extension to Coronavirus Business Interruption Loan Scheme(CBILS) & Bounce Back Loan Scheme (BBLS)
The schemes are now open to applications until 31 January 2021.
CBILS application information is available here: https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme
BBLS application information is available here: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan