3/26, 6:31 PM (Source: TeleTrader)
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Sunak: UK govt to support self-employed by June

United Kingdom Chancellor of the Exchequer Rishi Sunak unveiled on Thursday the UK government's relief package aimed to support self-employed citizens, as well as small businesses that cannot access Bank of England loans as they don't have an investment income grading.

The chancellor said the scheme will provide an action plan offering the small businesses up to £5 million interest-free loans, as well as available cash of up to £25,000.

As for self-employed, Sunak underlined that there will be a grant of 80% taxable three-years average profit of up to £2,500 a month. The money will be available for at least three months but could be extended for as long as necessary, adding that the access to the funds should be expected at the beginning of June at the latest.

Breaking the News / BJ