The Self-Employment Income Support Scheme (SEISS) was designed to support eligible self-employed individuals by providing, in its third phase, a taxable grant worth 80% of average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is designed to ensure that support will be targeted to those self-employed individuals who need it most.
Those individuals who are ineligible for the SEISS may be eligible for other elements of the Government’s support package, including Bounce Back loans, tax deferrals, rental support, mortgage holidays, self-isolation support payments and other business support grants.
Other businesses, including those in the self-catering accommodation industry, may benefit from the additional funding for businesses worth £4.6 billion across the UK. All local authorities in England have received an additional £500 million of discretionary funding to support their local businesses. This builds on the £1.1 billion discretionary funding which local authorities had previously received to support their local economies and help businesses affected by the COVID-19 crisis. This is on top of support being offered to businesses required to close through the Local Restrictions Support Grant and additional one-off grants.
The Government encourages local authorities to use their Additional Restrictions Grant allocations to set up a discretionary grant scheme using this funding e.g. for those businesses who are affected by closures, but which are not legally closed. However, local authorities can also use it to support businesses indirectly including by providing additional guidance and support for businesses in their areas.