Anyone considering bouncing back ...

[d000hg]

Martin Lewis did a bit on these and they sound quite a big help to people: New 'bounce back loans' – help for small businesses and income support for those missing out elsewhere, eg, limited company directors and self-employed

Big ticket thing to me is the 2.5% interest afterwards... the CBI loans didn't seem to make it clear what happens after 12 months.

I've yet to hear how easy they are to get accepted for so that'll be interesting. MyCo doesn't really seem to have much use for a loan - no idea what I'd spend it on.

WifeCo on the other hand could certainly find it useful and at such a low interest rate, could be worth it as an affected business for guaranteeing cashflow.

50k - one could buy another BTL for that! 100% loan-backed purchase, what could go wrong!

[GhostofTarbera]

Martin Lewis did a bit on these and they sound quite a big help to people: New 'bounce back loans' – help for small businesses and income support for those missing out elsewhere, eg, limited company directors and self-employed

Big ticket thing to me is the 2.5% interest afterwards... the CBI loans didn't seem to make it clear what happens after 12 months.

I've yet to hear how easy they are to get accepted for so that'll be interesting. MyCo doesn't really seem to have much use for a loan - no idea what I'd spend it on.

WifeCo on the other hand could certainly find it useful and at such a low interest rate, could be worth it as an affected business for guaranteeing cashflow.

50k - one could buy another BTL for that! 100% loan-backed purchase, what could go wrong!

Super easy, free money pay all credit cards off


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[DimPrawn]

Not content with paying almost no tax already, you IT Contractor types now want interest free loans backed by the tax-payer. You have no shame...

[jamesbrown]

50k - one could buy another BTL for that! 100% loan-backed purchase, what could go wrong!

This message is not endorsed by the sky fairies.

[elsergiovolador]

Hard to see how that would be the case. It WOULD be a terrible shame if a significant number of contractors get done for fraud though.

Having a business that provides certain type of services will be essentially illegal in all but name and government will give unfair advantage to companies that support the party via donations who will take over the work.

Businesses should use the loans to build a legal challenge against the government.

[d000hg]

This message is not endorsed by the sky fairies.

You'll note we're in general. Are you saying (in language used by 12 year olds on Facebook) only religious people have morals and ethics?!

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[d000hg]

Super easy, free money pay all credit cards off


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I think he said they'd had it confirmed by lenders that using to loan to restructure existing debt WAS acceptable.
If you've racked up credit card debt due to loss of income, this is especially valid.

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[d000hg]

In the serious thread on the topic it suggests you can only borrow up to 25% of turnover which seems to contradict the idea this could be of use to very new companies and self employed people without accounts.

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[Shackattack]

Really that bothered about Tax Payers Money

Not content with paying almost no tax already, you IT Contractor types now want interest free loans backed by the tax-payer. You have no shame...

If you;re not a contractor why are you on here. Also it's a loan backed by the government not using government money.

If you're that bothered about tax money let's talk

Transport, subsidies and bailouts Billions
NHS, contractors paid to none tax paying companies Billions
Richard Brnason suing NHS
Right to buy cheap quality property creating untold wealth to property developers Billions
Privatization cost to public Billions
Academies Billions
Brexit Billions
DUP Bribe Billions
HS2 Billions


The Tory Party is a great party it's just that none of you are invited to it.

[jayn200]

In the serious thread on the topic it suggests you can only borrow up to 25% of turnover which seems to contradict the idea this could be of use to very new companies and self employed people without accounts.

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If you haven't completed your first year you're allowed to use estimated turnover. No guidance on how to calculate but I'm sure most would just take ytd turnover / ytd days * days in year but that might be disingenuous if you've been in contract for your entire YTD but I'm sure you could justify it to HMRC if required especially with lack of guidance.