Self-employed workers have been handed a financial lifeline as the Government announces a new support package worth 80% of their trading profits during the upcoming four-week lockdown.
The Prime Minister, Boris Johnson, made a statement to the Commons today detailing new lockdown measures effecting England and coming into force on Thursday.
In the statement the Prime Minister said: "The Government will continue to do everything possible to support jobs and livelihoods in the next four weeks, as we have throughout.
"We protected almost 10 million jobs and we're now extending the scheme throughout November.
"We've already paid out £13.7billion to help the self-employed and I can announce today that, for November, we will double our support from 40 percent to 80 percent of trading profits."
The increased grant in November will see the three-month Self-Employed Income Support Scheme (SEISS) package now worth 55 percent.
Chancellor of the Exchequer Rishi Sunak said:
”So far we’ve provided £13.7 billion of support to self-employed people through the crisis - and I’ve always said we will continue to do everything we can to support livelihoods across the UK.
“The rapidly changing health picture has meant we have had to act in order to protect people’s lives and I know this is incredibly worrying time for the self-employed.
“That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead.”
As SEISS grants are calculated over three months, the uplift for November to 80 percent, along with the 40 percent level of trading profits for December and January, increases the total level of the third grant to 55 percent of trading profits. The maximum grant will increase to £5,160.
In addition to the increase for November, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.
In September, the Chancellor announced an extension of the SEISS to provide support throughout the Winter period, with two grants to cover the period until April.
Taxi drivers and other self-employed workers effected by the coronavirus pandemic last received government support back in August as part of their second SEISS payment application.