The next two stages of the Self-Employment Income Support Scheme (SEISS) cover the periods from November 2020 through to April 2021. How has the Chancellor’s announcement on 22 October 2020 greatly increased its value?
The SEISS was already due to be extended beyond 31 October 2020. Initially, there were to be two grants covering three months each with the first being equal to 20% of average trading profits. On 22 October 2020 it was announced that the first of the new grants, covering November to January, will be doubled to 40%.
The overall cap is doubling too, meaning a maximum grant of £3,750. There is no information as to what the level of support for the period from February through to April will be just yet.
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