LONDON (Reuters) – British finance minister Rishi Sunak announced a system of grants to support self-employed people who are losing income because of the coronavirus.
Here’s how the grants will work.
HOW MUCH DO YOU GET?
Self-employed people will be eligible to taxable grants of 80% of their average monthly profits over the last three years, up to 2,500 pounds ($3,000) per month.
WHO IS ELIGIBLE?
Anyone who gets the majority of their income from self-employment with trading profits of up to 50,000 pounds is eligible. A treasury official said up to 3.8 million workers will be covered. Sunak said that 95% of people who are majority self-employed will benefit from the scheme.
WHEN WILL THE MONEY BE AVAILABLE?
The government expects the scheme to be working by the middle of June and the grants to cover the months of March, April and May.
HOW DO YOU APPLY?
The scheme is not yet open for applications. Britain’s tax authority will determine who is eligible and contact them to invite them to apply.