This evening the Chancellor confirmed the news we had all been hoping for, the Self Employed Income Support Scheme has been extended until 31 August. The application process for the second, and final, grant payment will open in August and we understand that the eligibility criteria will remain the same as for the first grant claim.
The key difference is that the maximum grant payable under the second phase of the SEISS is 70% of your average monthly profits, as opposed to 80% under the first phase, and subject to the overall maximum of £2,190 per month, £6,570 in total.
As before this scheme is only open to the self employed who trade as a sole trader or as a partner in a partnership. Unfortunately, limited company directors do not qualify and can only claim under the Coronavirus Job Retention Scheme in respect of their salary (and not dividends), should they be able to successfully meet the furlough requirements.