Bounce back loans

Grumpy_chap

It is reported in the news that Barclays website is overwhelmed - maybe just give them the benefit of the doubt and a few days if you can.

MarkJones4

Is your business bank one of the lenders on the scheme? If they are then you stand a much better chance. Apply via your business bank's website, if they need clarity on anything they'll contact you. Limit is 25% of t/o so check statements before applying as they'll turn you down flat if you ask for over 25%. Good luck

Hardly_Quim

DaveHarris said:

I run a small Ltd Company and bank with Barclays. I am also a member of a partnership, which also banks with Barclays. I tried several times to apply for the Bounce Back Loan for the Ltd Company, both yesterday and today (it doesn't have much money in its bank account), and each time got an "we're experiencing huge volumes, try again in a few days" type error message. After a few more failed attempts today, I tried again, but this time on behalf of the partnership (which has a lot more in the account), and I got straight through to the application page immediately. Same result over 5 application attempts for both accounts. I'm not usually a fan of conspiracy theories, but it feels a bit like Barclays is pre-vetting applications based on the size of the bank balance. I'd be interested to know if anyone else has experienced this issue.

A friend of mine has had exactly the same situation... 

Pdavey5555

Hardly quim, I also have my business account with Lloyd’s and had an e-mail yesterday saying I was accepted, is this what you got? Did they contact you for any other information? 

NatalieAGC

MarkJones4 said:

Is your business bank one of the lenders on the scheme? If they are then you stand a much better chance. Apply via your business bank's website, if they need clarity on anything they'll contact you. Limit is 25% of t/o so check statements before applying as they'll turn you down flat if you ask for over 25%. Good luck

They are also going off projected annual turnover so hard to refuse if many declare a projected amount. However with no business bank account most lenders will request previous tax returns of sole traders 

stulaunch

Just out of interest. What does the application ask with regards to confirming that your business has been adversely impacted by coronavirus?

ELLYP

stulaunch said:

Just out of interest. What does the application ask with regards to confirming that your business has been adversely impacted by coronavirus?

It didn’t ask for a reason, you just had to check a box to state it has.

riduzuan89

Hi guys,
My question is do i need to provide proof of turnover in order to apply for bounce back loan? 

Many thanks 

riduzuan89

Pdavey5555 said:

I have made a application and it’s says it’s accepted and checks will made so can only just wait And see

Hi Mate, 

Did you have to provide proof of your turnover? 

Thanks 

Grumpy_chap

riduzuan89 said:

Hi guys,
My question is do i need to provide proof of turnover in order to apply for bounce back loan? 

Many thanks 

I have not applied, but others have said that there is no check on turnover but the bank check against past accounts for existing business.  Apparently, for new business, it is possible to apply based on predicted turnover.

Either way, it is a loan and will need repaying.

There may also be a retrospective audit on honestly of application.  Especially, I would hope for those that default.