fbpx

Self-employed to get grant for 80% of profits due to new lockdown, Boris Johnson announces

Self-employed to get grant for 80% of profits due to new lockdown, Boris Johnson announces

FINANCIAL support for self-employed workers will be extended to cover 80% of trading profits during the second national coronavirus lockdown. Boris Jo

Universal Credit Q&A: I got into debt to pay for childcare – I hope you don’t have to
Is Wilko staying open in the second lockdown and what are the opening times?
Military wives club: Mother leads fight to get Army spouses into jobs 

FINANCIAL support for self-employed workers will be extended to cover 80% of trading profits during the second national coronavirus lockdown.

Boris Johnson told the Commons he would be doubling the amount of support for those who work for themselves than what was previously announced.

⚠️ Read our coronavirus live blog for the latest news & updates

Grants for the self-employed are set to be increased to take into account of lockdown

3

Grants for the self-employed are set to be increased to take into account of lockdownCredit: PA:Press Association

Until now, self-employed workers were only going to receive government grants worth 40% of average monthly profits.

Typically, the grants cover three months worth of loss of earnings, with the amount adjusted to reflect the latest round of coronavirus restrictions.

The latest grant was set to be worth £3,750 to cover impacted profits from November through to January, although this will now increase. The government is yet to confirm the exact amount.

The government support has been increased to help workers through a four-week national lockdown, announced on Saturday, due to begin on Thursday November 5.

The help for self-employed workers has not been brought in line with the support announced on Saturday for full-time workers.

The government’s furlough scheme has been extended and will see 80% of wages paid for by the state if their workplace has been forced to temporarily shut up shop.

Early speculation had been that the support would be increased but not to the same amount as that for PAYE employees.

Chancellor Rishi Sunak said today that the amount of cover will increase

3

Chancellor Rishi Sunak said today that the amount of cover will increaseCredit: PA:Press Association

Chancellor Rishi Sunak told the BBC Radio 4 Today programme this morning: “The 40% will go up to reflect the fact that at least one of those months of support will be at a higher level for those who are in employment.”

The help will come on top of the £13billion the government has already invested in grants to help 3million self-employed workers.

The Chancellor added: “We’ve announced extensions to our self-employed grants and, what we have done typically during this crisis, is adjust the value of the grants as we’ve adjusted the value of support to those who are employed, bearing in mind they’re slightly different programmes.

“The self-employed grants are for three months at a time versus furlough [which is] a month at a time.

“But broadly, we’ve adjusted those things and you can expect us to do the same again here and the Prime Minster will have details of that in his statement.”

Mr Sunak said that the payments were unlikely to be brought inline with the furlough scheme, which sees 80% of wages covered for those who can’t work during the lockdown.

3

The Chancellor blamed the lack of equality between the two schemes on the fact that they cover different time frames, with furlough covering monthly wages and the grant scheme covering three month’s worth.

He also said it won’t be the same across the board because some workers will be put on a combination of furlough and the Job Support Scheme over the next few months, which affects the overall percentage of state cover.

The first round of self-employed grants were worth £7,500, while the  second payout was worth £6,570.

Earlier this month, the government said there would be a fourth grant for self-employed workers to cover February 2021 until the end of April 2021 but it is yet to announce how much it will cover.

The Prime Minister will lay out further details of the support package later today when he addresses the Commons.

Mr Johnson is expected to announce that there is “no alternative” but to impose four weeks of tough measures across England from November 5 as a way of trying to control rising infection rates.

The UK has reported more than one million coronavirus cases throughout the pandemic.

Pubs and restaurants will be shut although they will be allowed to do deliveries and provide takeaway services.

All non-essential retail will close, but supermarkets will be able to sell any and all goods they like. They will not have to follow the Welsh example which saw non-essential goods cordoned off to shoppers.

Hairdressers and gyms will also be forced to close under the new restrictions.

Boris Johnson apologises as he announces pubs, bars and restaurants must close AGAIN

This post first appeared on thesun.co.uk

Do You Enjoy This Article?
Sign up for our newsletter and receive FREE access to download SuccessDigest Digital Weekly Edition for attainment of your financial freedom in the new digital economy!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.

COMMENTS

WORDPRESS: 0
DISQUS:
%d bloggers like this: