Rishi Sunak c wiki commons

The UK government has unveiled long-awaited plans to help support self-employed people amid the coronavirus crisis.

Chancellor Rishi Sunak said those facing financial difficulties will be able to apply for a grant to have 80% of their monthly wages covered by the government, capped at £2,500 per month.

This will be calculated using average monthly profits over the last three financial years, and will last an initial three months.

The money will arrive as a lump sum at the start of June, but will be back-dated.

To qualify, their annual trading profits must have been less than £50,000 in the 2018-2019 tax year or an average of £50,000 across the three tax years up to and including 2018-2019.

More than half of the person’s income will have to come from self-employment, and to avoid fraud, the person will already have to be self-employed.

The chancellor said 95% of self-employed people would be covered.

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