Support for self-employed increased as lending schemes extended

03 Nov 2020

The government has increased the support available to self-employed workers and extended its emergency business loan schemes as the UK heads for a second national lockdown.

It has increased the third instalment of the Self-employment Income Support Scheme (SEISS) from 40% to 80% of average trading profits for November.

The SEISS grants will also be paid faster than previously planned, with the claims window opening at the end of November rather than the middle of December.

In addition, UK firms will now have until the end of January to apply for emergency business loans, which is a two-month extension from the original 30 November deadline.

Eligible loans include Bounce Back Loans (BBL), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS), as well as the Future Fund, which is designed for UK start-ups.

Chancellor 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 an 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.'

Further details can be found here.

Stringer Mallard, Harrogate Accountants

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