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<p>The Government has announced unprecedented support for business and workers to
protect them against the current economic emergency including almost £300 billion
of guarantees – equivalent to 15% of UK GDP.</p><p> </p><p>Help for self-employed
workers in sectors like the creative industry has been provided through the Self-Employment
Income Support Scheme (SEISS). SEISS provides grants to those who are self-employed,
or members of partnerships, worth 80% of their trading profits/partnership trading
profits, up to a maximum of £2,500 per month. The value of the grant is based on a
3-year average of trading/partnership trading profits, from the tax years 2016-17
to 2018-19. SEISS is available to those who generate majority of their income from
self -employment and who earn less than £50k. Some 95% of people who are mainly self-employed
could benefit from SEISS. The scheme went live on 13 May.</p><p> </p><p>In addition,
to support those on low incomes at this time, the Government has announced a package
of temporary welfare measures, including:</p><ul><li>A £20 per week increase to the
Universal Credit (UC) standard allowance and Working Tax Credit basic element.</li><li>An
increase in the Local Housing Allowance rates for UC and Housing Benefit claimants.</li></ul><ul><li>A
relaxation of UC minimum income floor for all self-employed UC claimants affected
by the economic impacts of COVID-19.</li><li>A 3-month mortgage holiday for homeowners</li></ul><p>
</p><p>Details of the range of support for individuals affected by COVID-19 is available
at: <a href="https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19"
target="_blank">https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19</a>.</p>
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