Martin Lewis provides last-minute advice on third SEISS grant
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The Self-Employment Income Support Scheme (SEISS) has provided billions in taxable grants to eligible self-employed people. The most recent SEISS grant provided claimants with 80 percent of average monthly trading profits, capped at £7,500 for a three-month period. The last scheduled SEISS grant is due to end in April 2021.
How many grants are there?
In total so far the Government has provided three SEISS grants under the scheme.
The latest SEISS grant, which was the third grant since the scheme’s inception in March 2020, closed for applications on January 29, 2021.
Mr Sunak has confirmed there will be a fourth SEISS grant, which will cover the three-month period of February to April 2021.
How much will the fourth SEISS grant be worth?
Currently it is not known how much the fourth SEISS grant will be worth, or when exactly applications will open.
However, the Government website currently states an update on the scheme can be expected in March.
The SEISS website reads: “There will be a fourth grant covering February 2021 to April 2021.
“Details about the fourth grant will be announced on March 3, 2021.”
On this date, Mr Sunak is expected to announce the Budget for 2021.
In his statement, many businesses are hoping the Chancellor will outline the future for other support schemes, such as the furlough scheme.
Further information on Government loans, such as the Bounce Back Loan Scheme, may also be given on this date.
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Will Rishi Sunak extend SEISS?
At the moment, any extension of the SEISS scheme has not been announced.
The Chancellor may unveil plans for a fifth SEISS grant in the March Budget announcement.
Similarly, Mr Sunak could decide not to continue support for the self-employed in light of ongoing vaccine rollout and plans to reduce restrictions.
But the Chancellor is under increasing pressure to provide some support to businesses going forward over the coming months.
IPSE, The Association of Independent Professionals and the Self-Employed, is also calling on the Government to make more self-employed people eligible for SEISS grant four.
Derek Cribb, CEO of IPSE (the Association of Independent Professionals and the Self-Employed), said: “After numerous policy proposals from us and other organisations, the Government has still not got support to the 1.5 million excluded self-employed.
“These people have now been almost a year without financial aid.
“Many are now in spiralling debt and self-employed applications for Universal Credit have risen by over 300 per cent.
“Ahead of the fourth round of SEISS, we urge the government to look again at ours and the other policy proposals to get support to these groups.
“Last year, Government said it could not support the newly self-employed because of the risk of fraud with people who had not filed a full year’s tax return.
“Most of those newly self-employed who have clung on will now have filed their first full annual tax return.
“There should therefore be no excuse not to support this group at least.”
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