Punchy Dan:
C63Andy:
Punchy Dan:
C63Andy:
We got a bounce back loan. At the moment nearly all of our work has disappeared, the work we were going to do to keep ticking over was undercut massively by Marime and Starts. We’re ok financially, own our trucks and equipment, but this step back I have had, giving me time to actually evaluate what I want out of life… I’m selling up and going into a different business altogether.
On the subject of the loan, we may use some of it, we may not. Whichever way we use it we can pay back after 12 months for nowt, or take that flippin’ 2.5%…Which I doubt we’ll ever see again in our lifetimes!That is a bad situation please forgive my flippant thread title .
To be fair Dan, with the rate they’re offering AFTER paying naff all for 12 months, it’s the nearest to a handout we’ll ever get from a bank!
It is a bad situation for the haulage side. Luckily my wife and I run another seperate business unconnected with transport, that has taken a big hit but is still ticking over. We could’ve stayed in the industry, but I’m sick of staring at the things in the yard, and I think I was ready to pack up anyway, this situation just made my decision for me.
I see there are repayable bounce back loans but also separately this money the councils are handing out to supposedly cover rates and it doesn’t appear means tested other than being calculated from income tax paid in the previous yr .
I think you mixed up the various things a bit
Business rates - £10k cash hand out but…only if you’re on small business rates relief which will usually be small office/workshop max. Council contact and pay the money to businesses that qualify automatically if they need it or not. What takes the ■■■■ is these businesses were paying bugger all rates to start with and the council’s handing out money to businesses who’ve paid they least in.
CBILS loans - Original bank loan scheme but with usual guarantees better with a bounceback unless you need a big amount.
Self-employed furlough - same as furlough but based on previous year’s pay declared on tax returns with the same sort of percentage and max limits.
Bounceback loans - Newer loan scheme, for any business, 25% turnover to max of £50k as loan. Don’t have to start paying back for a year and low cost rate when you do. They also cannot come after your main home or main car if business still goes ■■■■ and you can’t repay. This one seems the best if like many you don’t qualify for anything else, don’t really actually need anything right now but no-one can see the future.
Only thing with bounceback is although they can’t go after house and car for bounceback if you do end up going under not sure how plausible it would be to do that in a way that paid every creditor off except the bounceback unless you were very careful as they’re still going to come after you.