Self-employed support from Government welcomed in Coventry

The self-employed people will be able to claim grants worth 80% of their average monthly profits – up to £2,500 a month.

Business leaders in Coventry and Warwickshire have welcomed the Government’s latest round of economic support in the wake of the Coronavirus outbreak – designed to help those in self-employment.

Chancellor Rishi Sunak told the self-employed that they had not been forgotten and that the new measures will give them similar safeguards as employees within businesses.

The self-employed people will be able to claim grants worth 80% of their average monthly profits – up to £2,500 a month.

The Chancellor said the support for those affected by coronavirus would be in place for at least three months and amounted to “one of the most generous packages in the world”.

Unveiling the measures at a Downing Street press conference, the Chancellor said the scheme was open to anyone with trading profits of up to £50,000.

But the income support scheme will only be available to those who make the majority of their income from self-employment and who filed a tax return for 2019.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said the latest round of support announced was part of a wider package designed to ease the economic damage the outbreak was likely to cause and to help individuals and companies.

She said: “Over the past ten days the Government has made a series of announcements designed to support businesses and their employees through this unprecedented period in our history.

“As a Chamber, we have been working hard to help our members understand those measures, how to access the support and, also, identify gaps in the help on offer.

“We recognised very early as a network that the self-employed needed to be included in the Government’s support packages and we are very pleased that the Chancellor’s latest round has made provision for this hugely productive and important section of the economy.

“The Chancellor testified to the difficulties of establishing this system – especially as they are still working through the furloughing scheme for employees within companies.

“That means that this new support won’t be available until June which, of course, is not perfect but we do have to recognise the challenges that are being faced in creating these systems from scratch in a short space of time.

“There are other forms of support available in the short term for businesses and, as ever, we’d advise them to speak to their Chamber of Commerce in order to understand what will work best for them.”

For support from the Coventry and Warwickshire Chamber of Commerce, contact 024 7665 4321.