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The third taxable grant is worth 80 percent of the person’s average monthly trading profits, and is paid out in a single instalment covering three months’ worth of profits – capped at £7,500 in total.
The third grant is intended to cover eligible businesses which have encountered a new or continuing impact from coronavirus between November 1, 2020 and January 29, 2021, which the person “reasonably” believes would have a significant reduction in their profits.
Another support scheme, the furlough scheme – formally the Coronavirus Job Retention Scheme – was extended by Chancellor of the Exchequer Rishi Sunak towards the end of last year until April 30, 2021.
However, there has not been any announcement regarding the details of the fourth SEISS grant, with the third grant covering the recent three months until January 29 this year.
READ MORE: Furlough warning: Staff may end up de-skilled & face ‘digital deplacement’
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