Chancellor Rishi Sunak says self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the government.
Speaking from Downing Street this afternoon, Mr Sunak said: “You have not been forgotten. We will not leave you behind.”
Self-employed people will be able to get a taxable grant of 80% of their average monthly profits for the past three years up to a limit of £2,500 per month. This will last for at least three months.
The scheme will only be open to those who are already self-employed and have a self-assessment tax return for 2019 and will be calculated using average monthly profits over last three financial years.
It will apply to those with trading profits up to £50,000 a year, he adds.
He says 95% of those who are majority self-employed will benefit.
He says he hopes people will be able to “access” the scheme “no later than June”.
