Bounce back loan

spencerrothchild

How do you prove your estimated income for the year if you have only just started?

my wife’s business does qualify because she stated just before March 1st 2020

how do we prove her estimated projected earnings for the year?

Willing2Learn

I have to ask.  What exactly is a bounce back loan?  I have no knowledge of this product... 

newdriver101

Just released Covid help for SMEs. Govt-backed 6-year loan - no interest for the first 12 months.  Then 2.5%

Vickyvegas

I have tried to apply for a Bounce Back loan, I am a sole trader, using a HSBC personal account for my self employed business. Answered the questions, without any prompting for a copy of last filed tax return immediately refused, says not eligible. I have read all the eligibility information and I think I should be?

Vickyvegas

I have tried to apply for a Bounce Back loan, I am a sole trader, using a HSBC personal account for my self employed business. Answered the questions, without any prompting for a copy of last filed tax return immediately refused, says not eligible. I have read all the eligibility information and I think I should be?

spencerrothchild

Vickyvegas said:

I have tried to apply for a Bounce Back loan, I am a sole trader, using a HSBC personal account for my self employed business. Answered the questions, without any prompting for a copy of last filed tax return immediately refused, says not eligible. I have read all the eligibility information and I think I should be?

There is some confusion over needing a business bank account 

the official line is no you don’t but it appears every one who applies without one gets rejected for this reason

spencerrothchild

Can anybody clarify is it essential to have had a business bank account?

mcpitman

Eligibility

You can apply for a loan if your business:

• is based in the UK
• was established before 1 March 2020
• has been adversely impacted by the coronavirus

xlnc99

what does established before march 2020. Could that mean 10 years ago? Is there some sort of limit for time frame

spencerrothchild

mcpitman said:

Eligibility

You can apply for a loan if your business:

• is based in the UK
• was established before 1 March 2020
• has been adversely impacted by the coronavirus

That’s all very well but most people are getting turned down even if they qualify 

macman

Not all the BBL providers require a business account. Santander, to name but one. But they will then require a copy of your last return, in order to prove your annual turnover. Loan is capped at 25% of that, min £2K.