This time, however, the Government will provide money covering 40 percent average monthly trading profits, capped at £3,750 in total.
The third grant will cover the period from November 1, 2020 until January 31, 2021, while the fourth grant will last from February 1, 2021 to April 30, 2021.
The amount for the fourth grant is still be confirmed.
Chris Bowles at business advisors Old Mill related to the news of a third grant, telling Forbes: “While the government could have gone further, this latest intervention is welcome in that it secures a lifeline for many self-employed business owners who have been left to fend for themselves to a large extent and were becoming increasingly nervous about the impact of another enforced lockdown.
“Hopefully this measure, when combined with careful planning and the financial support measures previously announced, will buy businesses the time needed to see them through the difficult months ahead.”