Self-employed workers can apply for a grant worth 80% of their average monthly profits, the chancellor has announced.
The money, up to a maximum a month, will be paid in a single lump sum. The problem is the money, which will be backdated to March, will not start arriving until the start of June, at the earliest.
Chancellor Rishi Sunak said to be eligible at least half your income must come from self-employment, registered on the 2018/19 tax returned filled in January. If you have missed the deadline you have 4 weeks to get it done.
The scheme is open to those who earn under £50,000 a year, and unlike the employee scheme the self employed can continue to work.
All the grants are taxable and you will need to declare on your tax returns by January 2022.
Any company owners who pay themselves a dividend are not covered.
The scheme does not cover people who only became self-employed recently. They will need to rely on the benefit system.
