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If you took a BBL are you repaying it?

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    #21
    Originally posted by d000hg View Post

    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
    He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

    I look forward to your all knowing and likely sarcastic and unhelpful reply.

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      #22
      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.
      Click here to come to the CUK Xmas do on 10 Dec! Meet your board heroes!

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        #23
        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.

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          #24
          Originally posted by ensignia View Post
          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?
          merely at clientco for the entertainment

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            #25
            Originally posted by eek View Post

            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.
            Originally posted by MaryPoppins
            I'd still not breastfeed a nazi
            Originally posted by vetran
            Urine is quite nourishing

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              #26
              Originally posted by d000hg View Post
              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?
              'CUK forum personality of 2011 - Winner - Yes really!!!!

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                #27
                Originally posted by eek View Post

                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.
                Last edited by northernladuk; 5 October 2021, 12:26.
                'CUK forum personality of 2011 - Winner - Yes really!!!!

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                  #28
                  Originally posted by ensignia View Post
                  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.
                  Last edited by TheDude; 5 October 2021, 12:29.

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                    #29
                    Originally posted by northernladuk View Post

                    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 doesn't really matter if you agree. It was specifically offered for companies affected by CV, in fact I'm pretty sure you had to state this was the case when applying for the loan. It's called BBL for a reason - it's to help you bounce back. It wasn't called the "I might need to bounce back later loan". Whether the loan is still available when you later run into problems is immaterial. It's certainly really poor business to fraudulently take a loan on the basis "I am not eligible now but I want to make sure I don't miss out on the free cash later".

                    Originally posted by MaryPoppins
                    I'd still not breastfeed a nazi
                    Originally posted by vetran
                    Urine is quite nourishing

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                      #30
                      Agree with d000hg on this one, although I'll add that they were keen for high uptake and it's probably a low bar to demonstrate impact (e.g., out of contract but not really looking, in contract but reduced time/deliverables etc.) - it wouldn't be hard to spin it. Still, d000hg is absolutely correct that it was intended for businesses that were impacted by CV19 and you had to self-certify that along with a few other things (e.g., not a "business in difficulty" at the end of CY19).

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