Can't wait for the Self-employed Support Scheme | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 26/03/2020

Those who are self-employed have been offered a lifeline by the Chancellor in the form of the Self-employed Support Scheme. However, this new scheme won’t pay out until June which could be too long for some self-employed and the scheme may not be available to those who have recently become self-employed. Here are your options if you need to access cash sooner:

Apply for universal credit

You can receive a monthly payment of least £251 for a single person under 25 up to £498 in total for a couple where at least one of you is over 25. You can receive extra money for up to two children only. Find out what you are entitled to under universal credit.
You may also be eligible for help with housing costs. Universal credit applications can take up to five weeks to process, but you can claim for an advance payment and you will usually get a decision on the same day. This advance is a loan, without interest and you will then pay it back over 12-months.
If you already receive working tax credit and decide to apply for universal credit, you will not be able to go back to this once you have made a universal credit claim (unless you get the severe disability premium). You may find that this is less generous than what you had originally claimed under the working tax credit scheme.

Apply to the Coronavirus Business Interruption Loan Scheme

If you have a turnover of at least £100,000 or have wage costs of £12,500 or greater, you can apply for a business interruption loan. Loans are available up to £5m over six years with a 12-month interest holiday. Find out if the CIBLS will help your business.

You can also access overdrafts, asset finance and invoice finance through this scheme.

Make sure you get your £10,000 Small Business Grant

This £10,000 grant is available to those who rent or own a rateable property and receive small business rate relief (SBRR) or rural rate relief (RRR) in England. The scheme operates across the UK but is managed slightly differently in each country of the UK.

Read more about the grants available to small businesses impacted by Coronavirus.

Use your personal credit or savings

As a last resort you may decide to use your personal savings or to borrow using your own personal credit. This could include 0% credit cards or taking out a remortgage or additional lending against your own home.

Consider financial advice

Find a qualified, independent and regulated financial adviser in your area to help you make the right decisions about your financial future. A free service, quickly connect to over 27,000 experts with the help of Unbiased.co.uk. 

Related Business Guides
guides icon
How does being self-employed impact your finances?

What you need to know about how being self-employed can impact your finances.

Read More
guides icon
A simple guide to asset finance

Confused about asset finance? Our easy to understand guide outlines the basics.

Confused about asset finance? Our easy to understand guide outlines the basics.

Read More
guides icon
Chancellor reveals a Self-employed Income Support Scheme

26th March 2020

This evening Chancellor Rishi Sunak announced the Government’s Self-employed Income Support Scheme to help those who are self-employed during the Covid-19 crisis

This evening Chancellor Rishi Sunak announced the Government’s Self-employed Income Support Scheme to help those who are self-employed during the Covid-19 crisis

Read More

Search Guides

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy