Income Support Scheme grant extension
The Government have now announced the Self-Employment Income Support Scheme extension has now been extended a further 6 months until April 2021, this news is welcomed by many small business suffering loss of income and uncertainty about the next for coming months.
The grant extension is available to the self-employed and including members of partnerships, to be eligible self-employed individuals must be actively trading and trading/income profits are impacted due to the coronavirus. Full details of the eligibility requirements visit: www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension
The Government third grant will cover the period from 1st November 2020 until 31 January 2021 and the fourth grant will cover February 2021 until April 2021.
The third grant will be a taxable grant based on 80% of 3 months trading profits of the business and capped at 7,500 in total, all eligible businesses will receive an email to apply if meet the criteria.
The grants are taxable income and will also be subject to National Insurance contributions. To apply and for full details, click on the link provided.
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