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Self-employed earning £50,000 or less to wait until June for grant up to £2,500 a month – What you need to know

Rishi Sunak says “you have not been forgotten we will not leave you behind” but those on the lowest income who are already struggling with the impact of coronavirus on their self-employed income will have to wait months to get help and may have  to sign up for universal credit. despite the nearly half a million applications in the last 10 days many have not been able to apply.

If you have lost your income how are going to put food on the table till then. The government will pay a taxable grant and 3.8 million people will be eligible. To be able to get the grant which is equivalent to the bailout for the employed 80% of income up to £2500 the following applies.

  • Majority of earnings from self-employed
  • Must have submitted a 2019 self-assessment
  • Must earned under £50.000 a year

John McDonnell MP said “Some of them did the money now”

The grant will be based on average monthly profits  over three years.

Today at the government’s daily press conference, Sunak said: “The government will pay self-employed people who have been adversely affected by the coronavirus a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. To minimise fraud only those who are already in self-employment who have a tax return for 2019 will be able to apply,” he said.

He continued “95% of people who are majority self-employed will benefit from this scheme. HMRC are working on this urgently and expect people to be able to access this scheme no later than from the beginning of June.”

The prospects are daunting for many as instead of feeling a sense of relief another 12 weeks of hardship does not boost moral.

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