The Government has increased the Self Employment Income Support Scheme payment for November to 80% of average profits.
The Government has announced that self employed people in the UK will be able to get up to 80% of their average trading profits for November under the Self-Employment Income Support Scheme (SEISS).
It says payments will also be made more quickly with the claims window being brought forward from 14th December to 30th November.
The Government has also extended deadlines for applications for government-backed loan schemes and the Future Fund until 31st January 2021.
Chancellor of the Exchequer Rishi Sunak said: “The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is incredibly worrying time for the self-employed. That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.”
As SEISS grants are calculated over three months, the uplift for November to 80 per cent, along with the 40 per cent level of trading profits for December and January, means that the average level of the third grant will be 55 per cent of trading profits. The maximum grant will increase to £5,160.
The Government says this is broadly in line with what employees get under the furlough scheme and the Job Support Scheme which will follow the national lockdown in England.