The government has put into place a number of schemes in order to give assistance to those adversely affected by the COVID-19 pandemic. Most notably are the furlough and self-employed schemes, rolled out by the Treasury to support large sections of Britain’s workforce. Firstly, the Coronavirus Job Retention Scheme (CJRS) provides a grant of 80 percent of workers’ wages up to £2,500 a month.
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This allows workers to take a period of leave while still retaining a percentage of their pay, and job security.
The scheme was recently rolled out and has been taken up by over 140,000 British firms.
Secondly, the Coronavirus Self-Employment Income Support Scheme (SEISS) offers a similar level of assistance.
It provides a taxable grant worth 80 percent of trading profits up to a maximum of £2,500 a month for three months.
The scheme is yet to be started, but Martin confirmed this would be in place by mid May.
Payments are expected to be issued to the self-employed by June, with HMRC contacting those who are eligible.
And the financial journalist also highlighted how some Britons could be entitled to receive funds for both schemes.
Speaking on his weekly Martin Lewis Money Show, the financial journalist said both funds could be applied for.
Martin was responding to a question from a freelance worker whose main income was through self-employment.
However, the worker also had a small income from PAYE employment, and asked whether he could be eligible for both schemes after being furloughed.
Martin responded: “I can’t see any reason why not.
“They are both independent schemes and I don’t believe there is a rule which says you can’t be eligible for both, so yes.
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“For self-employment, over 50 percent of your earnings on average have to come from self employment.
“So if you were 60 percent self-employed, 40 percent employed and furloughed on the employment, and you qualify with profits less than £50,000 – you would be eligible for both schemes.
“And why not? You make income both ways, so you need both of those forms of support coming in.”
Martin has used his weekly show to provide coronavirus updates to people across the country.
A recent survey by the British Chamber of Commerce revealed more than 70 percent of private firms have furloughed staff in response to the coronavirus lockdown.
A response to a weekly COVID-19 poll also showed approximately 30 percent of firms have sent home between 75 to 100 percent of their workforce.
Those who are self-employed have been encouraged to apply for Universal Credit to provide them with financial support until the scheme begins.
No money provided by the government from either of these schemes needs to be paid back.
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