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£50K Interest Free Loan for 12 Months

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    Originally posted by CosmicWave View Post
    Barclays are utterly miserable at this.

    This is what I get... when i click on their Bounce back link once logged in.

    "Please try again
    We’re currently experiencing high demand for this page.

    If you continue to see this page, you might not be able to complete your application. Please try again in a few days.

    If you need urgent support, please call your usual Business Banking contact."

    And in the urgent call support page, they say please DO NOT CALL us... due to the current covid-19 situation.

    Very interesting!


    Anybody else been lucky with Barclays... did you even get to see the application page?

    Anyway, I will again try in a week or so, since I do need it. I am affected by the covid-19 situation, and pass the other two requirements as well.
    I just got as far as completing the application but then an "Error we cannot save your application" message, looking at Twitter I see Im not alone, Ill try again after my last payment arrives into the account.
    Last edited by andydd68; 5 May 2020, 08:55.

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      Originally posted by jamed View Post
      That does make sense. I do have the funds, and some more, to pay the tax charge but was wanting to delay paying it as the future is quite uncertain and I'd rather have the cash for more important personal expenses(council tax/apartment services charges/mortgages/utilities etc) if this bad job market continues for a few more months.
      My thoughts too...none of us know how bad the future is going to be post Covid.

      Comment


        So it appears the loan can be paid out as a dividend or director's loan(assumed) to support our income, which is essentially all LtdCo companies really do at the end of the day anyway.

        "Q. Can the loan be paid as a dividend if the business has retained profits but is cash poor? A. "Yes.""

        New Bounce Back Loans - help for small businesses and income support for those missing out elsewhere, eg, ltd co directors and self-employed
        Last edited by jamed; 5 May 2020, 09:21. Reason: amended

        Comment


          Where does it say directors loan there? That's not part of day to day business.
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            Originally posted by jamed View Post
            So it appears the loan can be paid out as a dividend or director's loan to support our income, which is essentially all LtdCo companies really do at the end of the day anyway.

            "Q. Can the loan be paid as a dividend if the business has retained profits but is cash poor? A. "Yes.""

            New Bounce Back Loans - help for small businesses and income support for those missing out elsewhere, eg, ltd co directors and self-employed
            Interested to understand the scenario where you have lots of retained profit but no cash in a one/two person BoS contractor company...

            The official FAQ says:

            What can I use the loan for?

            The business must confirm to the lender that the loan will only be used to provide an economic benefit to the business, for example providing working capital, and not for personal purposes.
            I personally would challenge that a dividend payment was going to provide economic benefit to the business. It's down to how you want to interpret it, I guess.
            Last edited by ladymuck; 5 May 2020, 09:20.

            Comment


              Originally posted by ladymuck View Post
              Interested to understand the scenario where you have lots of retained profit but no cash in a one/two person BoS contractor company...
              You need to go out more.... oh.. hang on...
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                Originally posted by northernladuk View Post
                Where does it say directors loan there? That's not part of day to day business.
                Well neither is dividends part of day to day business? I can only assume if you are able to pay out dividends to fund the Ltd director, then you should be able to pay out a directors loan too. The loan is probably the safer option too as it's easier to transfer back into the business than dividends when it comes time for the business to repay it.

                Comment


                  Originally posted by jamed View Post
                  Well neither is dividends part of day to day business? I can only assume if you are able to pay out dividends to fund the Ltd director, then you should be able to pay out a directors loan too. The loan is probably the safer option too as it's easier to transfer back into the business than dividends when it comes time for the business to repay it.
                  You have absolutely no clue what you are doing do you? That's the daftest thing I've read in a long time. I don't even know where to start with that rubbish.
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    Originally posted by ladymuck View Post
                    Interested to understand the scenario where you have lots of retained profit but no cash in a one/two person BoS contractor company...

                    The official FAQ says:



                    I personally would challenge that a dividend payment was going to provide economic benefit to the business. It's down to how you want to interpret it, I guess.
                    I guess if you have outstanding invoices. High risk, though. Then again, why would a contractor ltd take this loan unless the contractor were personally struggling and needed the money themselves? Other outgoings should be small and can be mitigated. Eating into tax money is a bad idea.

                    Comment


                      Originally posted by jamesbrown View Post
                      I guess if you have outstanding invoices. High risk, though. Then again, why would a contractor ltd take this loan unless the contractor were personally struggling and needed the money themselves? Other outgoings should be small and can be mitigated. Eating into tax money is a bad idea.
                      The only reason I can see for a contractor LtdCo using this loan is for personal funding(salary/dividends/directors loan). Our "companies" have hardly any cashflow requirements and anyone being furloughed now has the salary part covered anyway.

                      Unless I am missing something and contractors are using this loan in the same way SME's are?

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