Support for the self-employed, contractors, freelancers and ‘gig economy’
The government’s new coronavirus (COVID-19) Self-employed Income Support Scheme has been developed for self-employed residents who have lost income due to the pandemic.
The scheme will allow self-employed residents to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
The grants are open to anyone with trading profits of up to £50,000 and are available to people who i) make the majority of their income being self-employed, ii) have a self-employed tax return for 2019.
Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. No penalties or interest for late payment will be charged in the deferral period.
If you are a ‘gig-economy’ or zero hours contract worker you may be eligible for Statutory Sick Pay – check your eligibility.
If you are not entitled to Statutory Sick Pay, you may be eligible for benefits such as the Employment Support Allowance (ESA) or Universal Credit. Please contact your local Jobcentre Plus for claims for either Universal Credit or ESA.
How to receive government grants
There are two grant funding schemes available – the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund.
The Government has confirmed that councils will be responsible for administering the grants to businesses.
Eligible businesses will be contacted by Newham Council shortly with information on how to claim these grants, with payments to then be made as soon as possible after 01 April 2020.
Community Wealth Building
Find out what support the government has made available to businesses in response to the Coronavirus pandemic.Community Wealth Building Business Bulletin (PDF)