UK parents have a matter of days left to check whether they could be eligible for a government funded grant for up to £14,000, according to Martin Lewis.
The Money Saving Expert founder highlighted the second Self-Employment Income Support Scheme grant, which has a deadline for applications on Monday 19 October.
The grant offers a non-repayable, taxable grant, worth up to £6,570, made up of three months’ worth of average trading profits.
‘Don’t assume you don’t qualify’
Writing in his weekly Money Saving Expert newsletter, Lewis told readers, “Don’t assume you don’t qualify.”
Originally, new parents who didn’t submit a 2018/19 tax return, or posted trading profits that were less than 50 per cent of their income, weren’t eligible to claim the grant. This changed in August, however, meaning that more people can now apply for the money.
Lewis added, “HM Revenue & Customs should've contacted those who are eligible, but many may be put off applying, as you need to declare an adverse impact due to Covid-19 since 14 July.
“Yet don't panic, as that could just be, say, a reduction in trade, staff illness or extra PPE costs."
How is it worked out
HM Revenue & Customs has said how much money the grant pays out is calculated using your 2016/17 and 2017/18 tax return, if you were pregnant, gave birth, were caring for a child under the age of one, or had adopted a child who had been with you for less than a year.
Parents will also need to have been self employed in 2017/18 and submitted a tax return for the year before 23 April 2020.
How do I check my eligibility?
To check whether you are eligible for the second Self-Employment Income Support Scheme grant you can visit the government grant guidance website.
The page offers full guidance and guidelines on who can claim the grants, and information on how to apply.
Two more grants to come
There will be two more grants available to claim for a loss of work.
One will be available to cover the three months from November to January, and a second will be available to cover February through to April.
However, the next one is only worth 20 per cent of average monthly profits, up to a total of £1,875, compared to 70 per cent this time around.