Coronavirus: Self-employed grant claims top two million

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Coronavirus: Self-employed grant claims prime two million

rishi sunak Picture copyright AFP

More than two million self-employed individuals whose companies are affected by coronavirus have utilized for government grants, Chancellor Rishi Sunak has stated.

The value of the claims made to date is £6bn, he informed the House of Commons.

He stated the money would attain claimants within six working days.

The Self Employed Revenue Help Scheme is designed to help individuals in an identical solution to the scheme for furloughed staff.

The grants are calculated as 80% of month-to-month profit, averaged out over a period of up to three years and capped at £7,500.

The cash is paid out in a single instalment overlaying three months. The scheme is momentary, however is underneath evaluate and could possibly be extended.

The scheme is the most important direct monetary help package deal for freelancers and the self-employed since lockdown began.

The process is being run by HM Revenue & Customs (HMRC), which has been working and overseeing loan schemes and the government's furlough payments.

The scheme was unveiled in March after the federal government confronted criticism for failing to offer help for self-employed and freelance staff in its earlier package of economic measures.

HMRC has invited 3.5 million individuals to use for the scheme by sending them notices. In response to the newest figures given by the chancellor, more than half of them have put in claims.

Mr Sunak has described it as "one of the generous schemes anyplace on the earth".

Nevertheless, those who began in enterprise from early April last yr will miss out, as will those that pay themselves just with dividends from a restricted company.