If you took a BBL are you repaying it?

[TheDude]

People just took it just because they could or through some fear of missing out, then?

So many people on here with double standards and no scruples.

What do you expect - this is a contractor forum


I know several contractors who furious they had to dip into their war chest during the pandemic despite justifying the last couple of decades of pathological tax 'efficiency' accumulating it for just this purpose.

[northernladuk]

WTAF are you talking about?

What double standards and why does borrowing money on the off chance you need it mean no scruples?

He's just trolling. No one is that daft.

[northernladuk]

To answer the question though: BBLs were for people who WERE affected by CV not those who thought they might be at some later date - an emergency measure. So the argument lots of people just took a free loan has some weight.

I don't agree at all. What business waits till it's in the crap before taking offers of help. We had a global pandemic going on and the world was turning to rat tulip. What business doesn't take help when it's offered that they may need in what, the next 6, 12 24 month? We had absolutely no idea what was going to happen. We wait until the money dried up, scheme wasn't available, business down the pan and then apply? That's really poor business.

It's there to help and there was an extremely strong chance business could be affected, and it was. There is no denying the evidence. We were affected, clients were letting contractors go left right and centre. You saw the posts on here. Taking them up on the offer of free loan which will be paid back to protect your livelyhood in the world worst pandemic to date is good business.

It's the business's money anyway, so what is the benefit to most? Free loan we can't spend because it's in the business?

[d000hg]

WTAF are you talking about?

What double standards and why does borrowing money on the off chance you need it mean no scruples?

You have it backwards. Who is pretending to have standards and scruples on CUK.
To answer the question though: BBLs were for people who WERE affected by CV not those who thought they might be at some later date - an emergency measure. So the argument lots of people just took a free loan has some weight.

[eek]

People just took it just because they could or through some fear of missing out, then?

So many people on here with double standards and no scruples.

WTAF are you talking about?

What double standards and why does borrowing money on the off chance you need it mean no scruples?

[ensignia]

People just took it just because they could or through some fear of missing out, then?

So many people on here with double standards and no scruples.

[ladymuck]

I took it out because payment terms extended in the early months and clients were initially unreliable with payments coming in late. Having the loan afforded a cash flow buffer.

I took the maximum I was allowed because I didn't know at the time how long that would last and whether things would get worse or settle down. Fortunately, I have experienced the latter.

[quackhandle]

Do you have a use for it - even an investment that covers the interest? Or do you consider the minimal cost is worthwhile to have the extra liquidity?

The latter, extra liquidity.

Like I have two credit cards with a very generous limit on them. Hardly use them but it gives you that cushion if things go south financially.

Better to have something and never need it than the other way round.

qh

[d000hg]

Back in the dark, uncertain lockdown days this was the only thing we were offered really, so I took it (but not the full wack).

Thankfully didn't need it; paying back monthly.

qh

Do you have a use for it - even an investment that covers the interest? Or do you consider the minimal cost is worthwhile to have the extra liquidity?

[quackhandle]

Back in the dark, uncertain lockdown days this was the only thing we were offered really, so I took it (but not the full wack).

Thankfully didn't need it; paying back monthly.

qh