Just wondering whether it would be possible to furlough yourself to get the CJRS and at the same time take out a bounce back loan? I mean, what would you put down as the purpose of the loan, assuming you had to? You couldn't exactly say R&D or anything really that involved your input because you're furloughed? Wouldn't the logic be to claim the CJRS for as long as it lasts and when the scheme ends, apply for a bounce back loan? I'm figuring here that I'm going to give my plan B a proper go, instead of playing at it like I have done over time, and need to establish how long I can survive given the varying levels of support (and my own assets). Thoughts?
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I don't know what the requirements are for the loan - I'm sure the detail will come out soon enough (if it's not out already).
I would get the loan first then furlough... -
Interesting. I guess technically I couldn't be applying for the bounce back loan if I was furloughed either. I'd also want the option of paying the loan back early just in case a contract came along (I'm tulip at investments!).Originally posted by ladymuck View PostComment
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You are running a business. You can apply for a loan and furlough your worker(s).
The minimum period of furlough is 3 weeks and requires documented consent.Comment
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Apply for a coronavirus Bounce Back Loan - GOV.UK
Doesnt seem to matter if you have or havnt furloughed staff. it goes live on Monday 4thComment
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