Bounce back business loans

[pc1966]

As long as you were trading on 1st March you should be eligible. I did read somewhere about 2020s projected turnover rather than 2019s being used for new firms...

That would be great

Our new attempt at world domination started July (I think) 2019 but so far most of our time has been sitting waiting for planning permission and just after we got that in Feb 2020 - bang COVID-19! Not even hired any minions yet

 

[Gavin John Hyde]

Well I have applied most basic of applications, name , email company name and account details,enter turnover for 2019 tick the box and wait.
Santander have a few thousand applications to work through so who knows how long it takes?
did read in the small print they dont credit check you like a normal loan as by definition the loans are designed for companies experiencing a downturn due to the virus. its like a self declaration thing.

 

[Leesparkykent]

I applied monday as soon as it was made live. Took the 50k and just going to graft with it over the next year and hand it back just before 1st payment is due. It went in the bank yesterday.

 

[Gavin John Hyde]

I applied monday as soon as it was made live. Took the 50k and just going to graft with it over the next year and hand it back just before 1st payment is due. It went in the bank yesterday.

I like your thinking Lee, 50k free cash is not to be turned down, as long as you can repay it you would be foolish not to take it and make it work for you. I know a scrap dealer who has applied and will make good use of it

 

[littlespark]

It was presented on the Martin Lewis programme last night, and I’m sorely tempted just to have a bit of cash in the bank since I’m not getting the SE scheme money.

Will wait and see what UC off next week first though

 

[Leesparkykent]

It was presented on the Martin Lewis programme last night, and I’m sorely tempted just to have a bit of cash in the bank since I’m not getting the SE scheme money.

Will wait and see what UC off next week first though

does your Mrs work?

 

[davesparks]

It was presented on the Martin Lewis programme last night, and I’m sorely tempted just to have a bit of cash in the bank since I’m not getting the SE scheme money.

Will wait and see what UC off next week first though

When filling in the income and expenses for UC make sure you include all allowable expenses, so everything that is allowable on your tax return.

 

[Gavin John Hyde]

Have applied for the bounce back loan, dont need the cash as such now, but would rather have it in my account just in case I need it should work stop completely or suppliers get tight with credit.
Filled it in yesterday afternoon online, had email late last night to digitally sign the documents, had email this morning saying all approved.
should have money during the week.
A very quick and smooth process.

 

[littlespark]

does your Mrs work?

Yes. Part time and furloughed.
we are partners in my business as it gave a higher tax threshold when I started out. (On advice from my accountant)
She got tax rebates last 2 years which make my business ineligible for the income support from hmrc.

 

[pc1966]

My colleague applied for us today to Santander and within a couple of hours we were approved! Surprise was not enough, I had to resort to astonishment. However, the catch (beyond them realising our nefarious plans, etc, soon) was the clause:

"You may not use your loan to finance the purchase or hire of fixed assets, other than to replace existing assets with equivalent assets"

So for folk looking for a replacement van that is fine, but if you want some sharks with attached lasers and don't already have any in your volcanic lair, you are out of luck. Damn!