3rd Round of the Self-Employed Income Support Scheme grant is now available
The 3rd Round of the Self-Employed Income Support Scheme (SEISS) grant is now available until 29 January 2021 BUT ..
Some of the terms and conditions have changed which could mean that you are not eligible to make a claim.
In brief, the following conditions must all be met from 1 November to 29 January 2021:
- Your business must be trading albeit affected by reduced demand; or you are temporarily still unable to trade, due to Coronavirus.
- You must still be intending to trade beyond the end of the pandemic.
- You reasonably believe that there has been/will be a significant reduction in your trading profits from 1 November 2020 to 29 January 2021.
Before you make your third SEISS grant claim, our advice to all business owners is to consider your eligibility. Think about:
- Your annual accounts or management accounts – do they show a reduction in turnover when compared with previous years which demonstrate a reduction in business activity and/or the inability to trade as a result of Coronavirus?
- The number of cancelled (or reduced) contracts, jobs you have had?
- Whether you have been unable to work as a result of being sick, having to self-isolate or have had additional caring responsibilities?
You must keep evidence to demonstrate that your business has (and will) continue to suffer from the effect of Coronavirus to be eligible to claim the 3rd SEISS grant.
You have until 29 January 2021 to make your claim so be sure that you have enough evidence beforehand.
In the meantime, consider applying for a Bounce Back Loan as an alternative source of finance to help you with your cashflow?
Whilst the 3rd SEISS grant has been increased to a maximum of £7,500 and more stringent conditions (noted above) need to be met; the basic rules for business owners who are considering a SEISS grant are that their business must have commenced before 6 April 2019, more than 50% of their total income is business profit and annual profit realised is less than £50,000 (the latter two conditions are still assessed over 2016/17, 2017/18 and 2018/19).
As before, we are unable to help you with your actual SEISS claim but we are here to help you check if you are eligible.
Call one of our friendly advisers on 01223 810100 for help and support during difficult times.