The Self-Employment Income Support Scheme (SEISS) will open for applications from 13 May 2020, it has been confirmed.
Under the scheme, self-employed individuals who are currently trading and have submitted a Self Assessment tax return for the 2018/19 tax year are eligible to receive up to 80 per cent of their profits as a taxable grant, up to a maximum £2,500 a month.
Here is what you need to know before you apply.
Am I eligible?
You are eligible for a grant if you are self-employed, have filed a tax return for the 2018/19 tax year, have been adversely affected by the coronavirus, and meet the following criteria:

• earn at least half of your income through self-employment
• have trading profits of no more than £50,000 per year
• traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year

If you’re unsure, click this link and check your eligibly for SEISS.
How is my grant calculated?
Your grant will be calculated using the information provided in your 2018/19 tax return, as well as your 16/17 and 17/18 returns if applicable.
If eligible, you will receive 80 per cent of your average monthly trading profits in a three-month lump sum, up to a maximum £7,500. The grant will be paid in June.
How do I apply?
The online claims form will open to applications from 13 May 2020. To apply, have your Unique Taxpayer Reference (UTR) and National Insurance Number to hand, as well as your Government Gateway ID and password.
The Government will also contact you to inform you of your eligibility, so make sure your details are up-to-date in your Government Gateway account.
Do you need support accessing grant funding and corporate finance? For help and advice, please get in touch with our expert team today.