The Newest Government Updates: Income Protection

May 14, 2020

As households and communities continue to feel the sting of Covid related financial struggles, the government has announced additional measures to help support workers through the crisis. The Self Employed Income Support Scheme is now open for applications, providing 80% of average monthly income for the months of March, April, and May. Also, the Government furlough scheme is now being extended through October, guaranteeing those who are employed but not working 80% of their wages.

Gov Furlough Scheme Extended

On Tuesday, 12th May, the chancellor announced that the government furlough scheme will be extended through October 2020.

This means that workers placed on the furlough scheme will continue to receive 80% of their usual wage while not working.

From the beginning of August, furloughed workers will be able to return to work part time, with their employers contributing towards the 80% of usual wages that the government is guaranteeing.

More specific details will be available by the end of May. We will update this post with developments.

Self Employed Assistance Applications Now Open

The self employment support scheme opened for applications on Wednesday, the 13th of May.

Self-employed individuals and those in business owning partnerships can now apply for 80% reimbursement of profits lost by the Covid-19 crisis. The cap for remuneration is £7,500, covering March, April, and May 2020. These funds should be available within six days of filing a claim.

To be eligible, the business must have traded in the 2019-2020 tax year and submitted tax returns. Those claiming must receive at least 50% of their income from self-employment. Profits should not have exceeded £50,000 a year.

We will update with further developments, but for full details as they currently stand, visit the Government website here.

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