The Government has announced that the Self-Employment Income Support Scheme (SEISS) will be extended for a further three months, and those eligible will beable to claim a second and final grant in August.

The grant will be worth 70% of average monthly net profit, so claimants will get less money than in the first round of SEISS, which was worth 80%, and capped at £7,500.

The grant will be paid out in a single instalment covering three months’ worth of profits and capped at £6,570 in total.

Individuals can continue to apply for the first SEISS grant until July 13. The money is typically paid into a specified bank account within six working days of completing a claim.

Applications for the second SEISS grant will open in August. The eligibility criteria are the same for both grants.

Individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: you may only have been adversely affected by COVID-19 in this later phase.

Further guidance on the second grant will be published on Friday, June 12.