In his speech to the House of Commons on 2nd November, the Prime Minister confirmed that in line with the month long extension of the furlough scheme announced on 31 October, that November’s element of the third grant round of the SEISS (incorporating the months of November, December and January 2021) will now be calculated on 80% of average trading profits rather than 40%.
The date that eligible self employed will be able to claim the grant for the November period has also been brought forward to 30th November from 14th December 2020. The increased calculation will mean that maximum funds available for the Grant 3 period will rise to £5,160.
The PM also announced that the deadline for applications for various government backed loans has been further extended, with applications to remain open until 31 January 2021.
To be eligible for SEISS, self employed/members of partnerships must:
- Have previously been eligible for the SEISS scheme first and second grant (irrespective of whether this was claimed)
- Declare their intention to continue to trade, and are either
- Currently actively trading but are impacted by reduced demand due to coronavirus
- Were previously trading but are temporarily unable to do so due to coronavirus.
The full government announcement can be read here: https://www.gov.uk/government/news/government-increases-support-for-self-employed-across-the-uk