The Chancellor of the Exchequer, Rishi Sunak, has offered a vital lifeline to the self-employed who are facing the economic shocks of the coronavirus outbreak.
Today the Chancellor announced the new Self-Employed Income Support scheme to help those who are self-employed and affected by the coronavirus outbreak.
Under the scheme, the Government will pay the self-employed a taxable grant worth 80% of their average income over the past three years up to £2,500 per month. The scheme is expected to be fully operational in June.
Those who are eligible can apply directly to HMRC for the grant using an online form. HMRC will then pay the grant directly into their bank account.
The scheme will be open to those with an income of £50,000 or less, who make up the majority of the UK’s self-employed workforce.
The move has been welcomed by Amanda Solloway, the MP for Derby North.
“Once again, the Government has shown that it is ready to step up to the plate and support the nation through this crisis.
I know that this is a vital lifeline to many businesses in my constituency.
It is only by standing together that we will get through this and that includes the self-employed. The Government has my full support.”