Reply to: £50K Interest Free Loan for 12 Months

[cwah]

Extend to 10 years

Take a six month loan extension

It’s like peanuts a month anyway

Enjoy my sports car I got with it




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I contacted metrobank to extent to 10 years they plainly refused. They said it was optional for THEM to decide whether to implement it or not.

So just full of crap from Sunak again just to make him look nice.

[jamesbrown]

If tarbie were ever investigated, you'd probably see the head explosions at HMRC from orbit.

[ladymuck]

I thought it would have been spaffed on hookers and coke, with his "friends".

Well, yes, true. With the change left over

[Paralytic]

He only bought a sports car because the gee gees aren't running at the moment. He'd have spaffed it all at Cheltenham otherwise.

I thought it would have been spaffed on hookers and coke, with his "friends".

[ladymuck]

We can always trust you to bring your alternate-universe view on things

He only bought a sports car because the gee gees aren't running at the moment. He'd have spaffed it all at Cheltenham otherwise.

[Paralytic]

Extend to 10 years

Take a six month loan extension

It’s like peanuts a month anyway

Enjoy my sports car I got with it

We can always trust you to bring your alternate-universe view on things

[GhostofTarbera]

Some adjustments coming to repayment requirements



Rishi Sunak offers more help to 1.4m firms repaying Covid loans - BBC News

Out if interest, for those that took out the BBL (I didn't), what are your plans come your 12 month anniversary?

Extend to 10 years

Take a six month loan extension

It’s like peanuts a month anyway

Enjoy my sports car I got with it




Sent from my iPhone using Contractor UK Forum

[simes]

Rishi Sunak offers more help to 1.4m firms repaying Covid loans - BBC News

Out if interest, for those that took out the BBL (I didn't), what are your plans come your 12 month anniversary?

Honestly, not sure.

Not having worked since end last March, and the prospects of specifically finding work that can be paid into and through the LtdCo, does create a quandary.

Having had for the last 20 years, back to back work and contracts, I certainly did not foresee not being able to do 'something' during the year that the reforms were lifted before again entering the doom. But that, veritably be the case. I have had an email conversation with IPSE to see if points are being raised with HMRC/Govt about lending to vehicles that are being prevented from ever being able to repay the loan, and I certainly do want to repay, and they have assured me that yes, that has been raised. But, of course, hopes are low for anything positive.

Working and being paid personally, and thence forever loaning back to the LtdCo is one option, but that creates long term accounting headaches with little short term resolution. Otherwise, I just hold out for an Outside role. Or more realistically, I take whatever I can get for now and, either drop it as soon as an Outside gig comes along or, do it in tandem. Really dunno.

And I don't want to hear, 'check the terms of your employment with your brolly, or FTC thing', I will need to take chances to quickly get back on track, from whichever day that begins.

It's a ride, to be sure.

[d000hg]

We took one out for our B&M business on the basis, why wouldn't you. Looks like we shan't need it so I guess we'll repay it in the autumn before we get charged, unless they extend the interest free period.

mi fone did this on tappy tawk

[TestMangler]

Some adjustments coming to repayment requirements



Rishi Sunak offers more help to 1.4m firms repaying Covid loans - BBC News

Out if interest, for those that took out the BBL (I didn't), what are your plans come your 12 month anniversary?

He also announced the same thing a few months ago and called it something slightly different.

[ladymuck]

Some adjustments coming to repayment requirements



Rishi Sunak offers more help to 1.4m firms repaying Covid loans - BBC News

Out if interest, for those that took out the BBL (I didn't), what are your plans come your 12 month anniversary?

I had literally looked at when I was due to start repayments yesterday (June, 13 months after I took it out). I've already budgeted in the repayments so I plan to start as per the original agreement. I don't want a 10 year debt hanging over me, I want to get rid of it (and not do a moonlight flit with the cash).

I will look at the new terms to see what flexibility they offer (e.g. can I extend the duration and so reduce payments at a later date, how does the payment holiday thing work, etc.) so should I need more help, I know what my options are.

I've not tapped into all the money borrowed either, as I was fortunate enough in the end to keep working; I've got about 80% of it left in savings and I took less than half the upper limit. It's been very reassuring to have the capital there as a buffer, I must say.

[Paralytic]

Some adjustments coming to repayment requirements

Small firms are to get more time to repay state-backed loans taken out to help survive the coronavirus lockdown.
The changes include giving companies an option to extend the length of the loan from six to ten years under a "pay-as-you-grow" initiative.

Rishi Sunak offers more help to 1.4m firms repaying Covid loans - BBC News

Out if interest, for those that took out the BBL (I didn't), what are your plans come your 12 month anniversary?

[hugebrain]

If they are that dogged about investigating then the only issue I can see is that they would likely say that me looking for 500/day consultant work and not looking for £100/day grunt work is "not looking for work"

Come on, things aren’t that bad. 500 a day for a consultant!?

You can look for whatever work you like.

[ladymuck]

"carrying on business on 1 March 2020"
"impacted by coronavirus"


Effectively does this restrict the loan to those Ltds which:
a. had a contract on 1 March 2020 and
b. that contract subsequently ended?

It means that you had to be a viable business as of 1 March 2020 - not one already in distress. You don't have to have had a contract cancelled/end, just need to have been adversely impacted by events related to CV-19. So that could mean a reduction in working hours or a reduction in fees, changes in client or supplier payment terms, staffing issues, increased costs to the company, etc etc

[bingocaller88]

carrying on business on 1 March 2020

"carrying on business on 1 March 2020"
"impacted by coronavirus"


Effectively does this restrict the loan to those Ltds which:
a. had a contract on 1 March 2020 and
b. that contract subsequently ended?