Chancellor Rishi Sunak has outlined exactly what support will be on offer to the self-employed as they lose thousands in the coronavirus crisis.
People who work for themselves have been crippled by the Covid-19 pandemic and have been crying out to the government for a support package.
Speaking at press conference, Mr Sunak said that the government will pay self-employed people a taxable grant worth 80% of their average monthly profits of the last three years, up to £2,500 a month - reports Wales Online.
However, the scheme will not be in place until early June.
This will be open to people across the UK for three months, but it can be extended if possible.
He said the scheme is:
- Open to anyone with trading profits of maximum of £50,000
- Available to anyone who makes majority of income from self employment
- Only open to people with tax return in 2019
It will accessible from early June, but Mr Sunak said official are working to get it into place sooner.
He also said that anyone who missed the January filing deadline for tax return gets another four weeks to do so, so that they can benefit from this scheme too.
Money Saving Expert’s Martin Lewis criticised the government for the way they have rolled out the scheme.
He said: "June is late. I think they are expecting people to claim universal credit, and use tax savings to get them through until the June payout.”
The scheme's unveiling comes after Mr Sunak set out plans for 80% wage subsidies for PAYE employees last week.
