SELF-EMPLOYED workers will get a fourth coronavirus grant worth £7,500, Rishi Sunak is set to confirm.
The Chancellor will reveal the plans for the fourth grant as part of his Budget in the Commons tomorrow.
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The grants will cover lost earnings through February, March and April as a result of the coronavirus crisis.
Like the previous payouts, the grants will be part of the self-employment income support scheme (SEISS).
The latest grant will be worth up to 80% of average monthly profits up to a maximum of £2,500 a month.
He will also announce than extra 600,000 newly self-employed people may be eligible to claim government support.
The Chancellor will also confirm a fifth payment for self-employed workers, as well as an extension to furlough until September.
It's likely the cash payouts will only be available to workers who meet a certain criteria to acknowledge that some businesses will have had to stay shut through the third national lockdown.
How do I apply for the self-employment grant?
EXACTLY how self-employed workers can claim the next coronavirus grant is yet to be confirmed.
For the previous grant, you made your claim via the Gov.uk website once they opened for applications.
Self-employed workers needed the following info to claim:
- For Self-assessment unique taxpayer reference (UTR) – if you do not have this find out how to get your lost UTR
- National insurance number – if you do not have this find out how to get your lost national insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
- UK bank details (only provide bank account details where a Bacs payment can be accepted.
Up to three million self-employed workers were not eligible for the first three grants.
Only people who had filed a 2018-2019 self-assessment tax return could apply as the Government looked for ways to avoid widespread fraud.
Self-employed workers who are company directors or run their businesses as limited companies were also unable to apply.
Ahead of the announcement, there had been speculation that the scheme could be ditched or drastically scaled back from May when lockdown restrictions are expected to be eased.
It's not clear when self-employed workers will be able to claim the cash but applications could open in the coming days.
For the first three grants, applications did not open until weeks into the period that the grant covered.
For example, applications for the second grant opened on August 17 despite it covering the three-month period from July 14.
MoneySavingExpert founder Martin Lewis has previously criticised the Government for not failing to share details of the fourth payment earlier than the Budget.
Martin Lewis said the delay “stops them planning, stops them budgeting, stops them having legitimate expectations."
He added: "One can only hope the reason for this cruel delay is because there are substantial changes being made that can help more people."
For a deep dive into the how SEISS works, we've put together a guide with everything you need to known about the system.
We meet the entrepreneurs who’ve set up their own businesses after coronavirus left them jobless.
The Chancellor will take questions from the press and the public in a press briefing this evening at 5pm.
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