Self-employed scheme changes: Everything you need to know after Rishi Sunak's announcement
MILLIONS of self-employed will get an extra three months state support as the Chancellor extends the grant scheme.
Chancellor Rishi Sunak today announced an extension to the Self-Employment Income Support Scheme which has already helped 2.3million workers.
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Grants worth up to £7,500 to cover the last three months come to an end on Sunday.
We explain everything you need to know about the changes and how it affects you.
Scheme extended for three more months
Mr Sunak announced that the scheme – which ends on Sunday – would be extended for three months.
To get the additional cash you don't already need to have made a claim.
Grants are 10 per cent smaller
You will only get 70 cent of income – up to a maximum of £6,570.
Previously you could get up to 80 per cent or £7,500 in total.
The grants will be pain in one instalment and you only qualify if you earn under £50,000.
HMRC works out how much you can get paid on your average trading profits from 2016 to 2019, divided by three.
The grant will be paid into your bank account
Just like the previous grant it will be paid in to your bank account.
We don't know yet when you will be paid or details but applications will open in August.
For more details on who can apply for the scheme and how it works, read our guide.
We also explain how the furlough changes could affect you.
For more financial help, here's when you need to apply for mortgage, loan and car finance payments by.
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