LONDON, March 26 (Reuters) - British finance minister Rishi Sunak announced a system of grants to support self-employed people who are losing income because of the coronavirus.
Here’s how the grants will work.
Self-employed people will be eligible to taxable grants of 80% of their average monthly profits over the last three years, up to 2,500 pounds per month.
Anyone who gets the majority of their income from self-employment with trading profits of up to 50,000 pounds is eligible. Sunak said that 95% of people who are majority self-employed will benefit from the scheme.
The grants will be paid in June and cover the months of March, April and May. (Reporting by William James; editing by Stephen Addison)