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Homepage / Business / Martin Lewis issues urgent warning - hours left to apply for 'substantial amount of money'
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Business

Martin Lewis issues urgent warning – hours left to apply for ‘substantial amount of money’

Delivering his urgent message on The Emma Barnett Show on BBC Radio 5Live, he explained today is the final day a person can apply for this second grant.

“The second SEISS grant – the Self-Employment Income Support Grant – closes for applications today,” he began.

“Now this is a big one. It means a very substantial amount of money – nearly £7,000 available to people. £6,570 available for the self-employed who are eligible.”

While the cut-off to apply via telephone was at 4pm today, it is possible to apply online until midnight tonight.

The second grant – worth 70 percent of the person’s average monthly trading profits – is made as a single instalment covering three months’ worth of profits.

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It is capped at £6,570 in total.

Martin went on to explain that not everybody who is self-employed is eligible for this grant.

“You have to have trading profits less than £50,000 a year,” he explained.

“It’s done in the average of profits over the run-up in three years to April 2019.

“If you didn’t do a self-employment return or over 50 percent of your income wasn’t from self-employment, you will fall foul of it.

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“There are many people excluded very unhappy about that.”

Martin then turned to explain that people who are eligible should have been contacted by HMRC, however those who are unsure whether they qualify or not can check online.

“If you are eligible, HMRC should have contacted you about your eligibility, but if you’re not sure, there’s an eligibility calculator on its website,” he said.

The financial journalist and campaigner went on to remind people that there may be a whole host of reasons which mean they can get the support.

“Now, the big message from me, that we need to get out there and we need to get out there quickly, is many people are wrongly scared of applying for this money when they need this money.

“The thing that is wrongly scaring people is that you must declare your business has been adversely affected by Covid since July 14.

With the deadline closing today, Martin encouraged self-employed people to check to see whether they can apply.

“The big clarion call for me today,” he continued, “if you’re self-employed, if you know somebody who is self-employed, and you are eligible for this money, then ask yourself, ‘Has my business been affected?’

“And if it has, then this money, is yours. That’s what society is trying to do to support business. Go and claim it.”

The Emma Barnett Show airs weekdays on BBC Radio 5Live from 10am.

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