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<p>Throughout the crisis, the Government’s priority has been to protect lives and
livelihoods. This is why it has introduced a comprehensive package of support that
self-employed individuals can benefit from.</p><p> </p><p>Applications are open for
eligible individuals to claim the third grant under the Self Employment Income Support
Scheme. The third taxable grant is worth 80% of average monthly trading profits, paid
out in a single instalment covering 3 months’ worth of profits, and capped at £7,500
in total. There will also be a fourth grant covering February 2021 to April 2021.
The Government will set out further details, including the level of the fourth grant,
in due course.</p><p> </p><p>Those ineligible for the SEISS may still be eligible
for other elements of the support available. The Universal Credit standard allowance
has been temporarily increased for 2020-21 and the Minimum Income Floor relaxed for
the duration of the crisis, so that where self-employed claimants' earnings have fallen
significantly, their Universal Credit award will have increased to reflect their lower
earnings. In addition to this, they may also have access to other elements of the
package, including Bounce Back loans, tax deferrals, rental support, mortgage holidays,
self-isolation support payments and other business support grants.</p>
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