I filled in the "acceptance" form that was emailed to me yesterday, Tuesday (05/05), and not had anything yet. To be fair only 24 hours have elapsed.....
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Bounce back loan
- Thread starter OMGVape
- Start date
Good article on the Martin Lewis site regarding a lot of questions i have seen being asked on this thread.
I cant add the link apparently as i haven't made enough posts. Just google money saving expert.. bounce back loans.
If another member can add the link, i'm sure that will help other members.
I cant add the link apparently as i haven't made enough posts. Just google money saving expert.. bounce back loans.
If another member can add the link, i'm sure that will help other members.
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Barclays system clearly in meltdown. Understandable that they will be inundated with applications and can only process xxxx amount per day. Just prefer that they are honest on their website rather than BS messages on the error page. I am not in any rush for extra funding but some will see this as their last lifeline and will be left in limbo and very frustrated. I will take a look at it again next week to see if it is any different.
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I don’t know though because a lot of businesses will have multiple bank accounts, or will receive a lot of their turnover in cash.
The only way turnover can be checked is tax returns (either self assessment or corporations tax). Companies house filings don’t have to specify turnover either so that option’s out.
I found where I’d read about retrospective checks and the Financial Times say that HMRC will retrospectively check applications. Now, whether this is true or just a scare tactic to try and encourage honesty in applications, who knows, but it’s still left wide open because you’re allowed to ‘estimate’ your turnover.
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Might be something along those lines, or perhaps to keep an eye on what its spent on. Also far easier to verify its an active company that they're dealing with.
Most likely though its to try and funnel demand a bit. They would be dealing with 10 times the number of applications if it was open to all, and businesses would put in multiple applications, one with each bank to see what sticks. They're struggling to cope with volumes as it is.
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Be a bit hard.
They can verify what is paid into the bank account. That isn't the same as turnover.
I get most of my payments by paypal, have the option of paying a major chunk of purchases from paypal balance - so what the bank sees is total paid less fees and less purchases. May be £5k paid into the bank in a month out of £15k.
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I have seen they (Barclays) supposedly processed 18,000 loans in the first day. I think the average seemed to be around £27k so a lot of lending totaling £500m. Wonder how big a pot these banks can draw from? This will stack up quite quickly and doubt we have ever seen borrowing of this scale spread across so many in a short time period. Will be interesting to see how many Billions the final figure gets to across all lenders with 100% guarantee.
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you can expect that rule to be relaxed ina week or 2, though they will probably require you to open an account.
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I was just about to ask exactly the same question. I had 3 clients apply on Monday and none have heard anything yet whatsoever.
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Know a few people and everyone in the same boat as you, smell trouble, even on twitter they are not giving definitive replies just the standard will take - as long as required. Don't think they have even started paying out.
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So what would be fair ways of assessing Ltd turnover seeing as there is little guidance - do folk think that March 19 - Feb 20 is fair game, or would you feel compelled to use what was going to go on your 2019 corporation tax return due in the next couple of weeks for year ending Sept 2019 (which was first year of trading and a little slow starting)?
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I saw one clients application with HSBC and it asked for the 2019 calendar year t/o.
Not sure if all lenders are asking for exactly the same...
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Thanks; sounds like that might be a standard of sorts. That's better than my tax year end and not quite as good as the year immediately preceding March - happy medium I guess.
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Where are you reading that? The reason I asked the question is that to date I've not seen any clear indication of how it is supposed to be calculated. None of the info in the FAQs gives any indication (though the effective date for not being "a business in difficulty" is 31st Dec 2019). All of the mentions of turnover I've seen on the BBLS on the British Business Bank website do not qualify a period.
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NatWest update
Applied to ApplyMonday 9:04
Application form received and returned Monday 17:35
Loan Documents received , signed and returned Today at 10:55
Lots of unhappy customers with Natwest it seems , I wonder how long the funds will take to reach my account ?
Ah the usual 'everyone wanting their money on day 1' scenario?
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I've not seen anywhere that specifies that it's april 2018 to april 2019. All the applications just say 'what was your 2019 turnover'. Your 2019 turnover means 1st January 2019 to 31st December 2019, otherwise they would be asking for your 2018/19 turnover.
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B
Beyond
I was replying to somebody that said they didnt have 2019 figures yet, but if they used there 2018 to 2019 then they must of done a tax return and have some 2019 figures to input
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