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.