The 3rd grant for the Self Employed Income Support Scheme is now open for applications.
Please see below some key points to be aware of:
- The criteria for this grant is different; “impacted by reduced demand” is the important measure.
- The time period that this grant covers is between 1st November 2020 – 29th January 2021 and you can claim up until the close of play on 29th January 2021.
- If you meet the criteria the grant will be 80% of your average monthly trading profits* up to a maximum of £7500 (increased from 40%).
If you were eligible for the first & second grants you may have heard from HMRC, via phone or email, with a date you can claim if your business is impacted by Covid-19 because of reduced demand or you were previously trading but are temporarily unable to do so due to Covid-19.
You will have to declare as part of the claim process that you reasonably believe that due to Covid-19 there will be a significant reduction in trading profits due to reduced demand (activity or capacity) or because you are unable to trade during the period 1st November 2020 – 29th January 2021. You must keep evidence that shows how your business has been impacted by Covid-19 compared to what you expected.
HMRC states that if your business recovers after you’ve claimed, your eligibility will not be affected as this is based on your reasonable belief that your trading profits are significantly reduced at the time you made your claim. It is vital that you keep evidence to support your claim.