There has been a number of schemes and support packages announced by the government this past week in order to stabilise the UK economy as a result of the current coronavirus crisis.

Following the job retention scheme, the government faced increased pressure to support those who are self-employed.

Last week the Government unveiled its self-employed income support scheme which detailed several financial packages to support the self-employed who have felt the instant effect of the coronavirus pandemic.

The Cash Grant will be made available in June for self-employed people for at least three months. In the meantime, self-employed individuals are advised to apply to universal credit. This scheme covers 95 per cent of people who receive most of their income from self-employment.

READ MORE: Back, don't block

To qualify, profits should be under £50,000 as registered on the 2018-2019 tax return filled in January. Those who missed the deadline now have four weeks to get this done and still qualify. Only those who are already self-employed will be eligible.

Cleaners, plumbers, electricians, musicians, hairdressers and many other self-employed people who are eligible for the new scheme will be able to apply directly to HMRC for the taxable grant, using a simple online form, with the cash being paid directly into people’s bank account.

The income support scheme, which is being designed by HMRC from scratch, will cover the three months to May. Grants will be paid in a single lump sum instalment covering all three months and will start to be paid at the beginning of June.

There is no need for individuals to contact HMRC now, as they will use existing information to check potential eligibility and invite applications once the scheme is operational.

This is a much-welcomed financial lifeline for those who were not covered by the Government's previous financial support measures. It will now be crucial that all this financial support is handed out to those who need it as quickly as possible during this uncertain environment.

I urge all businesses to visit our Coronavirus Information Hub where all of the latest financial support and guidance available to businesses can be found,