Bounce back loan for self employed

gasman786

Hi, im looking into this Bounce Back Loan scheme and trying to find any info if Self Employed sole traders will be able to apply? 

Ive been trading for about 5 years now, fo self assesments every year. I use a standard current account and not a business bank account. Will i be able to apply for the new Bounce Back Loan?

Grumpy_chap

The full details come out tomorrow, 4th May.  But I just did a search and Starling Bank website says "Sole traders, entrepreneurs and small businesses can apply."  No-one will know until tomorrow what the full rules are.  I understand, from last week's programme, that Martin Lewis will explain as well in his weekly TV show on Thursday, so that might be worth waiting for.

Jeremy535897

I doubt that is a definitive answer. The original guidance for the small business grant required company details, and it got changed. More guidance is promised today. See:
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

mcooke999

I thought this scheme covered sole traders / self employed?

Grumpy_chap

BBC News today says "Sole traders and limited companies affected by the coronavirus lockdown may apply." 
You may need a business bank account?  I think I read that somewhere yesterday.
As always, with these things, if you can wait until next week, the rules and process will be a lot clearer and websites probably more stable.

ELLYP

Deleted my post by mistake, but have just taken another look and you don't need a company registration number after all if you are a sole trader.  I've just applied through Santander, it's a very simple form and when finished a message popped up saying that they were expecting a high number of applications and I should get a decision by email today, or they may need to contact me to make more checks.

mwa1979

I'm self employed and just applied through Barclays. Went straight through and apparently funds will be with me within one working day. Although now I'm wondering if it will affect my eligibility for the SEISS later this month!

Jeremy535897

mwa1979 said:

I'm self employed and just applied through Barclays. Went straight through and apparently funds will be with me within one working day. Although now I'm wondering if it will affect my eligibility for the SEISS later this month!

Why would borrowing money to help your business affect SEISS? Did you have a business bank account with Barclays?

mwa1979

I'm hoping it won't! I was just wondering if SEISS would be affected by receiving other forms of loans or government help, if it won't- great!

Yes, have had a business account with Barclays for 15+ years.

mwa1979

But yes, thinking about it one is for income and one is for business expenses so they shouldn't affect each other

Skylite

I moved from Natwest to Starling in September, but looks like Starling are not eligible to offer it! Natwest say you need to be their business customer to apply for it  - so that's that then........ always loop holes when you need it the most.