The Government has announced that it will pay self-employed Islanders adversely affected by the coronavirus crisis a grant of up to 80% of their average monthly profits.
Matching the support given to employed people earlier this month, Chancellor Rishi Sunak made the announcement from Downing Street this evening (Thursday).
The scheme is only open for those with profits of up to £50,000 and take the majority of their income from self employment. It will pay up to 80% of the average monthly profits over the past 3 years, up to £2,500 per month.
Only those already self employed with a tax return for 2019 will be able to apply.
The money will be available by the beginning of June and the scheme is available for 3 months.
As an extra bonus, those who missed the filing deadline in January have been given an extra 4 weeks from today to file their return.
Already announced is the deferral of income tax payments due at the end of July until January 2021. Self-employed individuals with premises can also obtain a £10,000 grant if they are eligible for Small Business Rate Relief.