Self-employed Brits could get £5,160 coronavirus grant due to second lockdown

Self-employed workers will be given financial support to cover 80% of trading profits during the second lockdown.

From this Thursday (November 5), England will enter a four-week restriction to slow down the rate of coronavirus infection.

During the Commons on Tuesday morning, Prime Minister Boris Johnson announced further support for self-employed workers.

He said the government will double the amount of support for those who work for themselves during the month-long shut down.

Until now, self-employed workers were only set to receive government grants worth 40% of average monthly profits.

Now after today's announcement, November's grant will be doubled, but December and January's cover remains at the lower level.

The latest grant was set to be worth £3,750 but this will increase to £5,160.

This means, self-employed workers will receive 55% of trading profits overall for the next three months.

The help has now been brought in line with the support already revealed for PAYE workers.

It comes after the furlough scheme was extended beyond its October 31 deadline.

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It's the same as the one for a furloughed PAYE employee who rolled onto the Job Retention Scheme in December and January.

Applications will also be brought forward too from December 14 to November 30.

Roger Barker, director of policy at the Institute of Directors (IoD) said there were still "significant gaps" in the initiative.

He added: "Many small company directors continue to go without support, it's long past time to sort this problem."

Chancellor Rishi Sunak told how the pandemic has been a worrying time for self-employed workers in the country.

He added: "The rapidly changing health picture has meant we have had to act in order to protect people's lives and I know this is incredibly worrying time for the self-employed.

"That is why we have increased the generosity of the third grant, ensuring those who cannot trade or are facing decreased demand are able to get through the months ahead."

For more information, visit the gov.uk website.

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