{"id":3565,"date":"2020-05-15T15:22:06","date_gmt":"2020-05-15T15:22:06","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=3565"},"modified":"2020-05-15T15:22:08","modified_gmt":"2020-05-15T15:22:08","slug":"self-employment-income-support-scheme-receives-440000-applications-on-day-one","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/self-employment-income-support-scheme-receives-440000-applications-on-day-one\/","title":{"rendered":"Self-Employment Income Support Scheme receives 440,000 applications on day one"},"content":{"rendered":"<p>The landmark <a href=\"https:\/\/www.gov.uk\/guidance\/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme\">Self-Employment Income Support Scheme (SEISS)<\/a> recorded more than 440,000 applications on its first day, official figures have revealed.<!--more--><\/p>\n<p>According to the Treasury, the total cost of claims in the first 24 hours came in at \u00a31.3 billion, or around \u00a33,100 per claim.<!--more--><\/p>\n<p>Commenting on the success of the scheme so far, the Chancellor Rishi Sunak said he was pleased to see the \u201cworld-leading support scheme\u201d helping so many people already.<\/p>\n<p>He added: \u201cThis money will ensure the self-employed can get through these challenging times.\u201d<\/p>\n<p>But experts suggest this is just a tenth of the total funding available, with self-employed workers expected to claim over \u00a310 billion throughout the course of the pandemic.<\/p>\n<p>Under the scheme, which opened \u201cweeks ahead of schedule\u201d on Wednesday, applicants whose self-employed business has been adversely affected by Covid-19 can apply to claim 80 per cent of their average monthly trading profits for the last three months, up to a maximum \u00a32,500 per month.<\/p>\n<p>To qualify, your self-employed business must be actively trading (or would be if it were not for the Coronavirus); earn less than \u00a350,000 a year, calculated using the tax years 2018\/19, 2017\/18 and 2016\/17 (where applicable); and must have submitted a tax return for the 2018\/19 tax year.<\/p>\n<p>This means that self-employed businesses with just one year of trading records do not apply for the scheme.<\/p>\n<p>But Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said the scheme represents a lifeline for those who qualify.<\/p>\n<p>\u201cI would encourage all those who think they are eligible to use the online checker if they\u2019ve not done so yet, and to apply on the date allocated,\u201d he said.<\/p>\n<p><strong>For support accessing corporate finance and grant funding, please get in touch with our expert team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The landmark Self-Employment Income Support Scheme (SEISS) recorded more than 440,000 applications on its first day, official figures have revealed.<\/p>\n","protected":false},"author":2,"featured_media":3567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,31,79,87,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3565"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3565"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3565\/revisions"}],"predecessor-version":[{"id":3566,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3565\/revisions\/3566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/3567"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}