Over 110,000 self-employed people whose businesses have been affected by the UK’s lockdown measures against the coronavirus pandemic have already applied for government grants on the first day since they became available. The estimated value of claims made so far is in excess of £340m, according to official figures.
The government’s Self Employed Income Support Scheme is designed to match the financial support currently being given to furloughed employees. Therefore, the grants that are awarded will be calculated as 80 per cent of a self-employed person’s monthly profit over a period of up to three years. The government has said that applicants to the scheme could expect to have money transferred to their bank accounts within a week.