Bounce back loan

[Fulfil]

Anyone been successful with Natwest yet? Ie any funds received?

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.....

 

[Lynica]

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.

 

[Beyond]

Santander send a txt to me at 12.03am to say my funds will be in my bank with in 24 hours

 

[preciousbags]

Anyone applied through Yorkshire Clydesdale bank. I applied 4th May at 10am. Received text hour later saying application received and that they are extremely busy with applicants. Heard nothing since.

Anyone received funds from them yet?

 

[Mark T Jones]

I

I think the best suggestion i read on these forums to fix the medium loan issue was for the business to put up security on these loans of 20% to HMG 80% - I really think that could work?

My response would be to bring back PGs for the 20% - despite some objections it would ultimately benefit all parties.

 

[ADW]

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.

 

[Dave Boatman]

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.

Applied successfully on Monday, had a text yesterday morning saying money would be in bank that day. Further text 9pm last night apologising and saying they would try to get funds to me today

 

[Howard_Roark]

I assume that the reason most banks are only offering to existing clients is so that they can verify the stated turnover (and possibly if/when “difficulties” started).

 

[anonuk]

I assume that the reason most banks are only offering to existing clients is so that they can verify the stated turnover (and possibly if/when “difficulties” started).

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.

 

[Gordon - Commercial Finance]

I assume that the reason most banks are only offering to existing clients is so that they can verify the stated turnover (and possibly if/when “difficulties” started).

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.

 

[Mr D]

I assume that the reason most banks are only offering to existing clients is so that they can verify the stated turnover (and possibly if/when “difficulties” started).

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.

 

[ADW]

Applied successfully on Monday, had a text yesterday morning saying money would be in bank that day. Further text 9pm last night apologising and saying they would try to get funds to me today

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.

 

[JamieM]

Applied successfully on Monday, had a text yesterday morning saying money would be in bank that day. Further text 9pm last night apologising and saying they would try to get funds to me today

I applied on Monday and received funds from Barclays this morning.

 

[Mark T Jones]

I assume that the reason most banks are only offering to existing clients is so that they can verify the stated turnover (and possibly if/when “difficulties” started).

you can expect that rule to be relaxed ina week or 2, though they will probably require you to open an account.

 

[Dave Boatman]

I applied on Monday and received funds from Barclays this morning.

Mine literally just arrived

 

[Mancunian]

Good to see that many of you have already received this funding.

Has anyone had anything from HSBC after submitting the application?

Mine was submitted on Monday morning, but not had anything to confirm receipt, nevermind anything more substantial.

 

[kevin.doran]

Good to see that many of you have already received this funding.

Has anyone had anything from HSBC after submitting the application?

Mine was submitted on Monday morning, but not had anything to confirm receipt, nevermind anything more substantial.

I was just about to ask exactly the same question. I had 3 clients apply on Monday and none have heard anything yet whatsoever.

 

[Mancunian]

I was just about to ask exactly the same question. I had 3 clients apply on Monday and none have heard anything yet whatsoever.

I'm glad I'm not the only one!

As and when I hear anything I will update this thread.

 

[QueenBee20]

NatWest update

Applied to Apply Monday 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 ?

 

[gpietersz]

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.

It is offset by reductions in other lending: mortgage lending is grinding to a halt, and a lot of businesses will take bounce back loans instead of other loans.

 

[dev99]

Anyone applied through Yorkshire Clydesdale bank. I applied 4th May at 10am. Received text hour later saying application received and that they are extremely busy with applicants. Heard nothing since.

Anyone received funds from them yet?

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.

 

[jimbof]

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)?

 

[kevin.doran]

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)?

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...

 

[QueenBee20]

On the Natwest application they also asked for turnover for 2019 calendar year

 

[jimbof]

I saw one clients application with HSBC and it asked for the 2019 calendar year t/o.

On the Natwest application they also asked for turnover for 2019 calendar year

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.

 

[JamieM]

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.

It's not a standard of sorts. It's the terms of the Bounce Back Loan Scheme.

 

[jimbof]

It's not a standard of sorts. It's the terms of the Bounce Back Loan Scheme.

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.

 

[Mancunian]

It's not a standard of sorts. It's the terms of the Bounce Back Loan Scheme.

Certainly not a 'hard and fast' term. Companies can estimate. Many haven't been trading long enough.

 

[Mr D]

NatWest update

Applied to Apply Monday 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?

 

[Mr D]

Certainly not a 'hard and fast' term. Companies can estimate. Many haven't been trading long enough.

Its also too early in the year - they ask for figures for 2019, a bunch of businesses will not yet have had accounts done for 2019.

 

[Beyond]

Its also too early in the year - they ask for figures for 2019, a bunch of businesses will not yet have had accounts done for 2019.

its april 2018 to april 2019

 

[Newchodge]

2 criteria are 'not a company in difficulty at 31 December 2019' and 'trading in March 2020' so a company that commenced trading in January 2020 would qualify?

 

[Mancunian]

2 criteria are 'not a company in difficulty at 31 December 2019' and 'trading in March 2020' so a company that commenced trading in January 2020 would qualify?

Yes.

 

[anonuk]

2 criteria are 'not a company in difficulty at 31 December 2019' and 'trading in March 2020' so a company that commenced trading in January 2020 would qualify?

The 'not a company in difficulty at 31 December 2019' has been removed as a criteria now. You can now apply if you were a 'company in difficulty at 31 December 2019' as long as you were still trading in March 2020.

 

[anonuk]

its april 2018 to april 2019

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.

 

[Opinion87]

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.

I've made two successful applications today, about two hours ago.

 

[Beyond]

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.

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

 

[ADW]

I've made two successful applications today, about two hours ago.

So it is you that has put the system into meltdown!?!

 

[Mr D]

its april 2018 to april 2019

And for those businesses who don't do accounting by April to April?

 

[Mr D]

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

I've done a tax return on my personal income.

I've not yet had accounts done for Sept 2018 to Aug 2019, got till August for that.