The effects of coronavirus are taking their toll as millions of Britons could be out of a job if companies continue to be forced to drastically cut down costs.

The Treasury has set up a Job Retention Scheme to incentivise employers to keep as many employees on the payroll as possible but that’s not going to be an option for the hardest-hit businesses.

It is also not available to any of Britain's five million self-employed workers if they lose their livelihood due to the pandemic. The Government is supporting them via a grant scheme to cover some of the profits lost. Unfortunately, not all freelancers and contractors will be eligible.

However, if you have lost your job or your income you are still entitled to some support.

Universal credit

If you’ve found yourself out of work, or if you're self-employed and your business has been badly affected, you can apply for Universal Credit. This is a payment made by the Government to help with your living costs.

The standard payments are up to £342.72 a month if you're single and under 25 or up to £409.89 if you are over this age. Those in a couple both under 25 would usually get £488.59 while those over 25 will receive £594.04 for both individuals.

You may be eligible for more if you have children, have a health condition or disability and/or need help paying your rent.

The first step towards receiving Universal Credit is to check if you are eligible. You may be excluded if you have personal savings of £16,000 or more, although if you have money invested in your own business this will not count. The full criteria can be found at gov.uk/universal-credit.