March 26, 2020 / 5:42 PM / 2 days ago

FACTBOX-How do Britain's grants for the self-employed work?

LONDON, March 26 (Reuters) - British finance minister Rishi Sunak announced a system of grants to support self-employed people who are losing income because of the coronavirus.

Here’s how the grants will work.

HOW MUCH DO YOU GET?

Self-employed people will be eligible to taxable grants of 80% of their average monthly profits over the last three years, up to 2,500 pounds per month.

WHO IS ELIGIBLE?

Anyone who gets the majority of their income from self-employment with trading profits of up to 50,000 pounds is eligible. Sunak said that 95% of people who are majority self-employed will benefit from the scheme.

WHEN WILL THE MONEY BE AVAILABLE?

The grants will be paid in June and cover the months of March, April and May. (Reporting by William James; editing by Stephen Addison)

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