Speaking in the House of Commons, Rishi Sunak said the value of the grants totalled £6bn so far.
He said money should be in people’s bank accounts within six working days of making a claim.
The Self-Employment Income Support Scheme (SEISS) launched last Wednesday. It offers taxable grants worth 80% of people’s average monthly profits, up to a maximum of £2,500.
The grant is paid out in a single instalment covering three months and capped at £7,500 altogether.
People who apply for the grant can carry on working as normal.
Are you eligible?
You can apply for a grant if your business has been adversely affected by coronavirus and you filed a self assessment tax return for 2018/19.
You must earn at least half of your income through self-employment and have trading profits of no more than £50,000 a year.
If you’re not eligible based on your 2018/2019 tax return, HMRC will look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.
You should have been contacted by HMRC if you’re eligible for the scheme.
If you haven’t heard from HMRC, you can find out if you’re eligible using this online tool.