SEISS 5th grant duration

Stroudy60

I’m sure Rishi Sunak said yesterday that as well as extending the furlough scheme until end September, help for the self-employed would be extended to the same date.. and that a 5th SEISS grant would be available covering the period May-September (5 months)
Forgetting for now the turnover qualification - as far as I’m aware the figure paid (as previously) will be based on an average of 3 month’s profits
I read that as saying that the total amount paid will be 3 month’s worth? But to cover a 5 month period
Unless I’ve missed something surely the self employed are only being helped until the end of July and not September as are furloughed employees?

Jeremy535897

From budget statement:
2.16 SEISS fifth grant – The government announces that there will be a fifth and final SEISS grant covering May to September. The value of the grant will be determined by a turnover test, to ensure that support is targeted at those who need it the most as the economy reopens. People whose turnover has fallen by 30% or more will continue to receive the full grant worth 80% of three months’ average trading profits, capped at £7,500. People whose turnover has fallen by less than 30% will receive a 30% grant, capped at £2,850. The final grant can be claimed from late July. Further details will be published in due course.

Stroudy60

So my reading is correct? We will receive 3 months money to cover a 5 month period
Not therefore being treated the same as a furloughed employee

Grumpy_chap

Some self-employed will continue to receive the SEISS grant calculated at 80%.
As I understand it, furlough grants (to the employer) will reduce as they need the employer to pay 10% or 20% towards the 80% that the employee receives towards the end of the scheme.

Jeremy535897

There are many ways that furlough differs from SEISS. There is no ceiling on pay eligible for furlough, although there is a £2,500 monthly cap. There is no 50% test for furlough. Be grateful for what you have received and will continue to receive.