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Bounce back loan + CJRS

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    Bounce back loan + CJRS

    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?

    #2
    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...

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      #3
      Originally posted by ladymuck View Post
      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!).

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        #4
        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.
        https://uk.linkedin.com/in/andyhallett

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          #5
          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 4th

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