The third set of grants from SEISS must be claimed for by January 29 and they will be capped at £7,500 in total.
Martin explained eligibility has largely remained unchanged, with those earning profits over £50,000, who haven t done a 2019/19 tax return, who are new starters or have 50 percent of their income not come from self-employment not qualifying.
However, Martin went on to explain a key rule for claims which has recently been updated: Here s what s crucial. What s really important to understand is that when you apply for this you need to make a declaration that you have a reasonable belief that you will have a significant trading profit reduction due to Covid.
These allowances are based on age and relationship status and are as follows:
single and under 25 - £342.72 per month
single and 25 or over - £409.89
in a couple and both are under 25 - £488.59 (for both)
in a couple and either are 25 or over - £594.04 (for both)
Universal Credit can be impacted by SEISS grants (Image: GETTY)
Regardless of what s actually awarded, all claimants could see their payments reduced if they receive certain income.
Generally, if a person is employed, their Universal Credit will reduce by 63p for every £1 earned.
The self-employed could also see their Universal Credit income reduce if they receive support from SEISS.
As we head into 2021, we re fast approaching a full year where contractors and freelancers have effectively been left out in the cold.
The self-employed have been hit hard by the pandemic with recent research from the Association of Independent Professionals and the Self-Employed (IPSE) showing government support is not having much of an effect on the sector s fortunes.
They found the number of solo self-employed workers in the UK has fallen by five percent compared to last year.
Additionally, around 591,000 people became self-employed between 2019 and late 2020 and given the rules around SEISS, none of them would have been able to benefit from the support.