SEISS grant 5: Will the fifth grant be decreased? How much can I get? | Personal Finance | Finance

Like many, self-employed people have struggled to keep afloat during the coronavirus crisis as the unprecedented economic downturn caused by lockdown restrictions has remained pervasive throughout the crisis. Three grants have been issued so far, with the fourth due to be announced at the Budget on March 3.

Rishi Sunak will outline his economic roadmap out of the coronavirus crisis with his delivery of the annual Budget this week.

The Chancellor is expected to outline how long economic measures are expected to continue, including flagship schemes such as the SEISS grant and the furlough scheme.

The SEISS grant has already helped millions of workers throughout the coronavirus pandemic in the UK, with billions given to those who have seen their profits slashed over the past year.

The scheme is already known to be continuing into the spring, with the fourth grant designed to see freelance workers through to April.

“So over a month after the grant period starts, there won’t be news on exactly how much money you can get and who is going to get it.”

SEISS is worth 80 percent of average monthly trading profits.

It is paid out in a single instalment covering three months’ worth of profits and capped at £7,500 in total.

The scheme is for those who are continuing to trade but who face restrictions that impact their profit-making, or those who are unable to trade at all.

To make a claim for the fourth grant you must have suffered a significant reduction to your profits during the coronavirus pandemic.

In order to be eligible for the grant, you must also have been eligible for the previous three grants – even if you did not apply for them.

Applicants must be able to prove they plan to continue trading.

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