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Financial assistance for an estimated 3.8 million self-employed workers opens for applications, with promises to pay within six business days.
The self-employment income support plan (SEISS) was first announced in March, amid a clamor from business groups for help aimed at plumbers, electricians, musicians, many freelancers and hairdressers, unable to access the Job Retention Plan (JRS).
It was slated to open next month, but HM Revenue and Customs (HMRC), which administers the aid, was able to complete its anticipated work ahead of schedule.
The Treasury said that as of 8 a.m. this morning, self-employed workers or members of companies whose business had been adversely affected bycoronavirus You could apply for grants, worth 80% of your average monthly business earnings.
It was explained that the payments would cover three months of lost income and would be paid in a single installment, with a limit of £ 7,500, within six business days after the acceptance of the claim.
HMRC had already notified those identified as potentially qualified for the scheme, the Treasury said.
He said those people will be informed on what day to file their application, as officials have tried to ensure that the system is not overwhelmed by high volumes.
An online ‘ inspector‘, using a person’s unique tax reference number, is available for claimants to verify the date of their application.
The process started less than a day after Chancellor Rishi Sunak confirmed aextension from the separate JRS, or licensing scheme, through October.
It was revealed that he is currently supporting the wages of 7.5 million workers at a monthly cost of £ 8 billion.
The Office of Budgetary Responsibility had already estimated more than £ 100 billion on the bill for the COVID-19 government support schemes before the extension was announced.
Commenting on the start of SEISS, Mr. Sunak said: “SEISS is part of a comprehensive package of support for self-employed people, which includes Bounce Back loans, income tax deferrals, rental support, higher levels of universal credit, mortgage vacations, and the various business support schemes that the government has introduced to protect businesses during this time. “
A variety of business groups welcomed the move as a lifesaver for the self-employed.
Mike Cherry, national president of the Small Business Federation, said: “I would encourage all those who think they are eligible to use the online verifier if they have not already done so, and to apply on the assigned date.
“We are particularly pleased to see the scheme open earlier than scheduled, with a quick application and a promise of quick payment.”
