Self-employed workers can now access a second lump sum of cash from the Self-Employed Income Support Scheme. Funding from the government scheme will cover lost income for businesses who have suffered while the country is in lockdown.
The grants will be worth 70% of a self-employed person’s average monthly trading profits and will cover three months’ worth of income to those who are eligible.
They are capped at £6,570.
The scheme so far has been used by 2.6 million people. £6.8bn has been paid out to self-employed individuals who have been affected by the impact of coronavirus on the economy.
This is the second and final time grants will be offered, the chancellor has said.
Mr Sunak offered the first grant to the self-employed in March, paying 80% of average monthly trading profits, capped at £7,500.
If you are looking for further information about the SEISS itself, it can be found in our previous news story covering it in detail.