As has just been announced self employed are being covered up to 2500 a month on a net income of under 50k a year. So I was almost correct on my figures.
The unfortunate thing was it’s not being paid until June that was a bit of a blow. I thought it would be sooner than that.

"Self-Employed Income Support Scheme" will pay 80% of average profits over the past three years, up to £2,500 per month, for at least three months, IF your annual profit is not more than £50,000 AND the majority of your income is from self-employment.

If you've made more than that or this has topped up other income, it appears the attitude is 'tough'. If you don't have at least one year's tax return, it appears the attitude is 'tough'. If you haven't yet done a 2018/19 return, which was due in Jan this year, you've got about a month to make one.

There will be a "simple online form" where you apply to HMRC for this. They will then pay the grant straight into your bank account. The grant is taxable.

It might just be applicable to England & Wales, rather than the whole of the UK - certain announcements have been different in Scotland in particular.

"Self-Employed Income Support Scheme" will pay 80% of average profits over the past three years, up to £2,500 per month, for at least three months, IF your annual profit is not more than £50,000 AND the majority of your income is from self-employment.

If you've made more than that or this has topped up other income, it appears the attitude is 'tough'. If you don't have at least one year's tax return, it appears the attitude is 'tough'. If you haven't yet done a 2018/19 return, which was due in Jan this year, you've got about a month to make one.

There will be a "simple online form" where you apply to HMRC for this. They will then pay the grant straight into your bank account. The grant is taxable.

It might just be applicable to England & Wales, rather than the whole of the UK - certain announcements have been different in Scotland in particular.

Just seen it. Really pleased and happy. May be singing to NHS on my balcony at 8pm. 

Ah, in June, people who qualify will get three months' of money, i.e. it will be effectively backdated. But that's still waiting until June.

They're also noodling about changing the taxes that self-employed people pay, i.e. increasing them to match what people on PAYE pay, in future. This should include allowing self-employed people to qualify for all the benefits that PAYE gets you, but that bit hasn't been mentioned.

"Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational."

gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals

I suspect the June date for payments is an indication that it's going to be some weeks before it is.

I have a feeling that we won't be able to apply till June..

As Ian said, HMRC will contact those eligible and we will be able to fill in a form then (I assume with bank details on and suchlike). It's plastered all over the .gov website and they're sending out emails too - I've had two already .

EDIT: I've now had three

Will we have to pay this back at some point? Some people say we do  Loans etc you have to pay back ... didn't think the same applied with grants.

For those who were good, I suspect you can't go back and amend what you submitted in January.

I am one of those fools