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Chancellor unveils package of support for self-employed

26 March 2020 by
Chancellor unveils package of support for self-employed

The chancellor has announced a support package for self-employed people, in line with that previously unveiled for furloughed employees, telling them "you have not been forgotten".

Rishi Sunak said "we're all in this together" as he unveiled the scheme that will allow self-employed workers adversely affected by coronavirus to access a grant worth 80% of their average monthly profits over last three years, up to £2,500 a month.

The grant will be available for at least three months and open to those who earn the majority of their money through self-employed work, have a 2019 tax return and have trading profits of less than £50,000. He said this would cover 95% of self-employed workers.

Funds will be available no later than the beginning of June, the chancellor said, but in the meantime the self-employed will be able to access a business interruption loan and have full access to Universal Credit.

Sunak added: "There will be challenging times ahead and we will not be able to protect every single job or save every single business, but I'm confident that the measures we've put in place will help millions of businesses, families and self employed people to get through this."

Picture: Shutterstock

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