The UK Government has announced that those who are majority self-employed will receive a direct cash grant of 80% of their profits, up to £2,500 per month for at least 3 months, similar to the coronavirus job retention scheme employees. This covers 95% of people who receive the majority of their income from self-employment. Those self-employed with earnings over £50,000 will not receive any support.
Grants will be paid in a single lump sum instalment covering three months, with a single backdated payment that paid at the beginning of June.
Only those who are already in self-employment will be eligible to apply. HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply.
Find out more about support for the self-employed at the gov.uk website.
Newly Self-employed Hardship Fund
For those who are newly self-employed and facing hardship, the Newly Self-Employed Hardship Fund has been established to provide grants of £2,000. The fund will be managed by Local Authorities, and applications will be open by the end of April 2020, with recipients receiving funds in early May.
Details of how to apply for the Newly Self-Employed Hardship Fund can be found at: https://findbusinesssupport.gov.scot/coronavirus-advice/sources-of-funding