The new Self-Employment Income Support Scheme (SEISS) will help those adversely affected by COVID-19. Some 95% of people who are mainly self-employed could benefit from this scheme, based on 2017-18 data.
The design of the SEISS, including the £50,000 threshold, means it is targeted at those who need it the most, and who are most reliant on their self-employment income. Those who had more than £50,000 from self-employment profits in 2017-18 had an average total income of more than £200,000.
Those with average trading profits above £50,000 could still benefit from other support. Individuals may have access to a range of grants and loans depending on their circumstances, including the Bounce Back Loans Scheme for small businesses, the Coronavirus Business Interruption Loan Scheme, and the deferral of tax payments.