We finally have the first details of the governments plan to support self employed worked through the COVID 19 crisis.
The Government has passed an act that will see financial support offered to self employed workers to receive the lower of 80% of their net monthly earnings or £2,500 pcm, (the cap).
Only those whose self employed income (profit) is under £50,000 will be eligible. They will use self assessment records of the last three years to verify this and average out the net monthly income figures to arrive at a figure you will be eligible to receive.
HMRC will contact you if your are eligible and take you through the application. However they do not estimate to have this in place until June - and so in the meantime you may still want to look to Universal Credit, business interruption loans or mortgage holidays. We will be in touch as soon as more detailed guidance is published.