THE Federation of Small Businesses has welcomed Chancellor Rishi Sunak's pledge of financial support for the self employed impacted by the coronavirus crisis.

The organisation's Greater Manchester spokesman Robert Downes said the package would give much-needed help to vast numbers of guaranteeing 80 per cent of income to those affected, with earnings of up to £50,000.

He said: "This is a time of national emergency, and it is very welcome the Government has listened to FSB and responded with a multi-billion-pound package to support the most financially vulnerable entrepreneurs, and to do so through the self-assessment system.

“This follows help in the Budget and emergency Budget that was aimed squarely at small businesses, but the self-employed remained a glaring gap.

"They needed more help, and especially those with least resources to prepare for this storm. We have heard despairing stories from hard-working hairdressers, bakers, childcare providers, freelancers, drivers and many others, seeing the businesses they’ve spent years building dry up in a matter of days. It is many of those strivers who today’s package will support.

“The self-employed community underpins the UK economy. They are the individual risk-takers who don’t expect the same benefits as employees. In this moment of a collective national effort to overcome a global pandemic, today’s package is a significant, multi-billion-pound improvement on what was proposed last Friday.

“Many tax-paying self-employed who will be helped by today’s measures will be relieved. Although the deal is not perfect, the government has moved a long way today.”

The measures include:

• Income support scheme, taxable grant worth 80 per cent of past 3 years wages average, up to £2,500 a month, for three months but extendable

• For trading profits of up to £50k, only those already with tax return for 2019

• Four week extension to those who missed January tax return deadline

• Can receive welfare/Universal Credit of up to £1,800 a month subject to family size etc.