Chancellor Rishi Sunak said the support package for self-employed people would cover 80% of average earnings over the past three years.
Mr Sunak said the scheme will be available “no later” than the beginning of June.
He said that it is open to anyone with trading profits of up to £50,000 and will be only available to those who make the majority of their income from self-employment so only the “genuinely self-employed” benefit.
“And to minimise fraud only those who are already in self-employment who have a tax return for 2019 will be able to apply,” he said.
“95% of people who are majority self-employed will benefit from this scheme.
“HMRC are working on this urgently and expect people to be able to access this scheme no later from the beginning of June.”
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