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<p>The Self-Employment Income Support Scheme Grant Extension helps self-employed individuals
who are actively trading but are experiencing reduced demand due to COVID-19, and
is not a direct income replacement. It is a top-up, not intended to replace all lost
profits. The SEISS Grant Extension covers three months' worth of average trading profits
at 20%, meaning self-employed individuals affected for shorter periods will still
be entitled to the full three months' worth of the grant. This strikes the right balance
between ensuring support is granted to those who need it, while protecting value for
the taxpayer.</p><p> </p><p>Those who require further support may still be eligible
for other elements of the unprecedented financial support available. The Government
has temporarily increased the Universal Credit standard allowance for 2020-21 and
relaxed the Minimum Income Floor for the duration of the crisis so that where self-employed
claimants' earnings have significantly reduced, their Universal Credit award will
have increased. In addition to this, the self-employed have access to other elements
of the financial support package, including Bounce Back loans, tax deferrals, rental
support, mortgage holidays, and other business support grants.</p>
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