The service will use open banking data to support the five million freelancers and self-employed in the UK who are currently not eligible to receive income support from the Government. According to Forbes, ‘Covid Credit’ intends to allow these individuals to generate a self-certification of income loss, which can then be sent to HM Revenue & Customs.
This could help the self-employed to prove they are furloughed workers and claim income relief, which they are entitled to as full-time workers in addition to providing the government with a possible route to supporting these individuals.
Until 24th of March 2020, a total of 300 self-employed workers have registered for ‘Covid Credit’ according to Campbell.
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