SEISS grants currently cover the following periods
|Name||Claim period||Claim deadline||Grant size|
|Fourth grant||Feb 2021-April 2021||TBA||TBA|
|Third grant||Nov 2020-Jan 2021||29 Jan 2021||Up to £7,500|
|Second grant||14 July – Oct 2020||19 Oct 2020||Up to £6,570|
|First grant||March – July 2020||13 July 2020||Up to £7,500|
SEISS Grant Extension from 1 November 2020
The extension provides for two additional taxable grants payable for the three months from 1 November 2020 to 29 January 2021 and 1 February 2021 to 30 April 2021. These are known as the ‘third grant’ and ‘fourth grant’.
- Only those eligible for the first and second grants will be eligible for this third grant.
- HMRC expect applicants to make an honest assessment about whether they reasonably believe their business will have a significant reduction in profits for the accounting period.
- To make a claim for the third grant, businesses must have had a new or continuing impact from Coronavirus between 1 November 2020 and 29 January 2021.
- The grant payable is the lower of:
- 80% of average monthly trading profits, covering a three month period, calculated as for the first grant.
- The grant is available to self-employed individuals with trading profits up to £50,000 per year whose trading profits are at least equal to their non-trading income.
- Applications for the third grant may be made from 30 November 2020.
- The claim deadline is 29 January 2021.
- The grant is subject to Income Tax and National Insurance.
- The fourth grant will cover the period February to April 2021.
- The government will review the level of the fourth grant and provide details in due course.
Note: Company directors are employees for PAYE purposes and not self-employed