The third grant, or the first of the Government’s extended SEISS scheme, will be worth 40 percent of average monthly trading profits - capped at £3,750 over a three-month period from November 2020 to January 2021.
When the extension to the scheme was announced last month, the first grant was billed to be worth only 20 percent of average monthly trading profits - capped at £1,875.
Although the recent cash increase is more generous than originally proposed, some have argued the extended SEISS scheme does not provide adequate support for the self-employed, many of whom have lost significant income during the pandemic.
The first grant back in March was worth 80 percent of average monthly trading profits, capped at £7,500 in total for three months.
The second grant was worth 70 percent of average monthly trading profits, capped at £6,570 in total.
Andy Chamberlain, director of policy at the Association of Independent Professionals and the Self-Employed, told the Guardian: “Two-fifths of income simply will not be enough for many of the UK’s creative freelancers, who are the backbone of our vital cultural, entertainment and hospitality sectors.
“It’s also crucial to remember how many freelancers in these industries have been entirely excluded from claiming even 40 percent of their income – because they work through limited companies or are newly self-employed.”
To be eligible for the SEISS extension claimants must have been eligible for the previous two grants.
However to claim the upcoming two grants you do not need to have claimed either of the previous grants.
Self-employed people must declare that they intend to continue to trade and must be either currently actively trading but business is impacted by reduced demand due to COVID-19, or were previously trading but are temporarily unable to do so due to COVID-19.
A number of self-employed people have been excluded from the SEISS scheme.
SELF-EMPLOYED people will receive two extra grants from the Government if they are eligible for the Self-Employment Income Support Scheme. So when is the next grant paid?