This has yet to be given the green light by the UK Gov, join our waitlist to be the first to know.
In 48 hours a team from the Fintech community got together and built a working proof of concept. It allows a sole trader in the UK to self-certify that they have lost income and prove their previous 12 months of income by connecting to their bank account.
This is possible due to the unique capabilities in the UK banking system called "open banking". Recent transaction history provides proof that income has been affected recently and by the crisis. Whilst the proof of concept is not publicly available, it works, and by creating something that works the hope is to demonstrate that this service could help the 5 million self employed through the COVID-19 crisis.
We urge the UK Government to collaborate with us, the Fintech community, to help solve the rapidly evolving problem facing the UK self employed community.
We are here and we are able. This service is ready to go live, but we are waiting on input and support from the UK Government before we do so. Sole traders could use Covid Credit’s proof of concept to generate a self-certification of income loss to send to HMRC.
Universal Credit is a monthly payment to help with your living costs. You may be able to get it if you’re on a low income or out of work.
You can apply for Employment and Support Allowance (ESA) if you have a disability or health condition that affects how much you can work.
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If you don’t have enough to live on, you might be able to get help from your local council or an interest-free loan from the government.
A cash crisis could be caused by anything from delayed benefits to job loss that leaves you severely short of money that you need for essentials like food. If you find yourself in this situation help is available.