Applications will open today for the government’s £9bn coronavirus support package for the self-employed, with first payments expected on 25 May.
The scheme will open weeks earlier than initially anticipated, and will see self-employed workers get paid up to £7,500 as a lump sum for three months’ income.
Funds are expected in applicants’ bank accounts within six days of making a claim.
The taxable grant is worth 80% of average profits over the past three years, up to £2500 per month. It will be open for at least three months across the UK, and will be extended if necessary.
The grant is only available for those with taxable profits of up to £50,000, who make the majority of their income from self-employment.
To minimise fraud, only those already in self-employment who have a tax return for 2019, can apply.