The Chancellor’s announcement on 29 May told us the SEISS would be extended, and now we know that businesses will able to claim a second tranche of money from 17 August. Once HMRC has checked the application the funds will be paid into the taxpayer's bank account within six working days.
A new HMRC Direction setting out the rules for the extended SEISS makes it clear that claims for the second grant must be submitted by 19 October 2020.
The amount of this second and final SEISS grant will be calculated at 70% of the taxpayer’s annual average profits, capped at £6,570 for three months. The other conditions to qualify for the second grant remain the same as for the first SEISS grant, applications for which closed on 13 July.
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