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The Government's Self-Employment Income Support Scheme will be extended and will pay out another single grant covering three months, the Chancellor has announced.

He also said this will be the final grant from the self-employment scheme.

Those eligible for the Self-Employment Income Support Scheme (SEISS) will be able to claim the additional grant in August, which will be worth up to 70% of their average monthly net profits, though it's capped at £6,570 overall.

The money will again be paid out in a single instalment covering June, July and August.

Your Net profit is your total income minus your total expenses, if you claimed a large tax rebate, you will have lower net profits, than someone on a similar income who received a lower tax rebate.

You can use our first calculator to estimate your grants based on your net profits.

You can use our second calculator to estimate your second grant based on the amount of your first grant.

Calculators

Annual net profit
£

Your predicted first payment: £0
Your predicted second payment: £0

First payment
£

Your predicted second payment: £0

SEISS – the Government grant to self-employed individuals whose businesses have been adversely affected by coronavirus – opened for applications on Wednesday 13 May.

It initially covered three months (March, April and May) and the grants were worth up to 80% of profits, capped at £2,500 per month, or £7,500 in total.

If you're eligible for the scheme you can still apply for this first grant, but the Government's now said that you'll need to do so by Monday 13 July.

Here's what you need to know about the first grant

Applications for the second and final grant will open in August.

It'll be worth 70% of average monthly trading profits, again paid out in a single instalment covering three months' worth of average profits (June, July and August), though this time it'll be capped at £2,190 per month, or £6,570 in total.

The eligibility criteria are the same for both grants, and you don't need to have claimed the first grant to receive the second grant.

Here's what you need to know about the second and final grant

Full information on eligibility criteria for the scheme can be found in this guide Coronavirus Self-Employed & Small Limited Company Help, but in brief:

Further guidance on the second grant will be published on Friday 12 June.

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