HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS for a final three-month period to 31 August 2020, officially referred to as the SEISS extension. The eligibility criteria remains largely unchanged.
The SEISS extension grant will be calculated based on 70% of eligible earnings (previous quarter 80%). This will result in a maximum grant for the three-months of £6,570 (Previous quarter £7,500) paid in a single instalment. The application process for the SEISS extension will open from 17 August 2020 and close on 19 October 2020. The revised guidance provides further details on the amended rules for new parents and reservists.
It is also important to note that claims for the first grant for the quarter March-May 2020 closes on 13 July 2020. In order to claim the first grant, the business in question must have been adversely affected by the pandemic on or before 13 July 2020. Likewise, in order to claim the SEISS extension (June-August 2020) the business must have been adversely affected by Coronavirus on or after 14 July 2020. A self-employed person can claim for the second grant, to August 2020, even if they had not claimed for the first grant.