If you are eligible you will receive a taxable grant which will be 80% of the average profits from the tax years (where applicable):
- 2016 to 2017
- 2017 to 2018
- 2018 to 2019
HMRC will add together the total trading profit for the 3 tax years and divide by 3 (where applicable) to calculate an average monthly amount. The grant will be capped at a maximum of £2,500 per month for 3 months. The scheme may be extended if needed.
Once the grant is available and you have successfully applied, the grant will be paid directly into your bank account, in one instalment.