What locked down Welsh businesses will receive in funding - with some firms fearing it won t last
Welsh Government has revealed further details of the £200m package of support for non-essential retail, hospitality, leisure and tourism businesses
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Currently the Government has not outlined how much the fourth SEISS grant will be worth.
In addition, the Government has not announced when applications for the fourth grant will open, or if the eligibility criteria may change.
The Government has paid out billions in grants to eligible self-employed people over the course of the pandemic.
SEISS deadline: Many businesses have had to close during the third national lockdown in England (Image: GETTY)
However swathes of self-employed individuals have not been included in the SEISS eligibility criteria, meaning some have had to rely on loans to get through the crisis.
The Government’s SEISS web page currently states further details of the fourth SEISS grant will be set out “in due course”, leaving many unsure about what support may be available while lockdown continues.
| UPDATED: 07:06, Mon, Feb 1, 2021
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The SEISS grant has already been extended three times after it was originally introduced in April 2020 in response to the ongoing coronavirus pandemic. The fourth grant has already been announced and will cover the period from February until April 2021. But while self-employed business owners and workers were hoping for more details on the upcoming grant in the near future, the Treasury and Chancellor Rishi Sunak have failed to deliver.
The unemployment rate also dropped over the quarter by 0.5 percentage points to hit 3.2% for September to November.
And the claimant count for benefits in December was 58,400, down 1.3% from November s revised figure, and 9.1% below a peak in May.
Ulster Bank chief economist Richard Ramsey said it was premature to talk of a recovery. The Chancellor recently stated that the economy is going to get worse before it gets better. Similarly, the labour market will deteriorate before a sustainable recovery takes hold. Unprecedented employment support measures such as the Job Retention Scheme (JRS) and the Self-Employment Income Support Scheme (SEISS) largely inoculated the UK and NI economies against a severe labour market shock.
More than one million self-employed workers are missing out on Covid financial support from the Government because they have another source of income, resulting in many facing serious hardship , an influential think tank has warned.
The Government introduced the Self-Employment Income Support Scheme (SEISS) to help workers stay afloat during the coronavirus crisis.
But the Institute for Fiscal Studies said the way in which the scheme has been set up means 1.5million workers are currently excluded from claiming support.
Some 1.3million people who get less than 50 per cent of their income from self-employment and 225,000 who have profits in excess of £50,000 are not eligible.