HSBC Bounce back loan

MariaFrances4

Lee1901 said:

I applied for a feeder account on 16 May and after numerous calls I finally had one opened on the 17 July. When I applied for the feeder account I had already indicated how much I intended to borrow. That amount came already printed on the actually loan application I did on the 17th July when the feeder account was opened and sent back. There was also a part at the bottom where I had to echosign as the company director. Going back to when they were processing my feeder account I had done a signature specimen and sent it off and they also phoned during that period for me to upload the bank details of the account the Direct Debit for loan repayment was going to come from and I did. 

Now my big question is , is it weeks again before I hear from them? The section where I signed on screen is it the echo signature everyone is talking about?. How do I know when and if they deposit the money into my account as I have no access to online banking?Do they send an email? I tried ringing to find out all this from a chap who was very rude.

I have phoned them every other day since May & was advised by one of their members of staff to go down the complaint route as that should hopefully get it sorted......I’m still waiting! 

fullyrevised

I applied for my BBL on 5th June. Unfortunately, I made a typo on my email address. Went through the usual calling up, and them emailing some mystical "team", to no avail. Last week I reached out to my MP, he was fantastic. I can't be sure that it was his correspondence with HSBC that fixed it for me, but this morning I've had a call from HSBC getting things moving. Finally got my "echosign" email through so just waiting for the last checks and money to arrive. So I'm not there yet, but I feel a lot closer now.

Probably worth noting that my MP forwarded my concerns to the "Head of Political Engagement, Europe, HSBC". Like I say, not sure that this was what got things moving, but I thought I would add to this thread just in case it helps someone else.

debthelp1

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

bazzyb

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

Jeremy535897

bazzyb said:

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

It depends. If you are a sole trader and you don't have a business bank account, they need to check that you have a business to ensure you are eligible. The way most banks do this is to ask for your 2018/19 tax return. Some banks specifically say they won't advance BBLs to people without a business bank account who were not trading before 6 April 2019.

MariaFrances4

fullyrevised said:

I applied for my BBL on 5th June. Unfortunately, I made a typo on my email address. Went through the usual calling up, and them emailing some mystical "team", to no avail. Last week I reached out to my MP, he was fantastic. I can't be sure that it was his correspondence with HSBC that fixed it for me, but this morning I've had a call from HSBC getting things moving. Finally got my "echosign" email through so just waiting for the last checks and money to arrive. So I'm not there yet, but I feel a lot closer now.

Probably worth noting that my MP forwarded my concerns to the "Head of Political Engagement, Europe, HSBC". Like I say, not sure that this was what got things moving, but I thought I would add to this thread just in case it helps someone else.

This is very similar to myself. One letter in my bank name was typed incorrectly by mistake so I’ve now been waiting since the beginning of May to get it sorted. Ringing every other day, making an official complaint, writing emails, still not sorted. 

Do you have advice on what I can do next? 

Cheers

bazzyb

Jeremy535897 said:

bazzyb said:

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

It depends. If you are a sole trader and you don't have a business bank account, they need to check that you have a business to ensure you are eligible. The way most banks do this is to ask for your 2018/19 tax return. Some banks specifically say they won't advance BBLs to people without a business bank account who were not trading before 6 April 2019.

Agree, the banks will want to establish it is a legitimate business and will have various processes to verify this - however it appears that his accountant had suggested he wouldn’t be eligible for the scheme at all, which isn’t correct. 

debthelp1

Jeremy535897 said:

bazzyb said:

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

It depends. If you are a sole trader and you don't have a business bank account, they need to check that you have a business to ensure you are eligible. The way most banks do this is to ask for your 2018/19 tax return. Some banks specifically say they won't advance BBLs to people without a business bank account who were not trading before 6 April 2019.

I’m a Ltd company with a newly opened HSBC bank account who has only been trading since May 2019 but yet to file a return for 19/20. Should be done this week but I applied for the loan two weeks ago today 

Jeremy535897

bazzyb said:

Jeremy535897 said:

bazzyb said:

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

It depends. If you are a sole trader and you don't have a business bank account, they need to check that you have a business to ensure you are eligible. The way most banks do this is to ask for your 2018/19 tax return. Some banks specifically say they won't advance BBLs to people without a business bank account who were not trading before 6 April 2019.

Agree, the banks will want to establish it is a legitimate business and will have various processes to verify this - however it appears that his accountant had suggested he wouldn’t be eligible for the scheme at all, which isn’t correct. 

Unfortunately it is worse than that. See for example NatWest:

"If you hold a personal current account and operate a business, you'll need to open a feeder account* to enable a Bounce Back Loan application to be funded. This account will purely be used to facilitate your loan and will be free of any transaction charges.

To open the feeder account, apply for a Bounce Back Loan. You’ll be guided to open a loan servicing account. We'll prioritise your application for this account. Once open, you then need to apply for a Bounce Back Loan.

To help us process your request as quickly as possible, record in business description comments that your application is for BBLS Feeder.

*You can only open a feeder account if your business was established before 6 April 2019. If your business was established after this date then you are required to open a business current account before you can apply."

Technically, the accountant may not be correct. In reality, he may well be.

bazzyb

debthelp1 said:

Jeremy535897 said:

bazzyb said:

debthelp1 said:

Accountant informs me that as I wasn’t trading in 2018/19 I won’t be eligible for the bounce back loan, is this correct as the info on here doesn’t seem to suggest that 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2

You need to have been trading on or before 1st March 2020 to be eligible. 

It depends. If you are a sole trader and you don't have a business bank account, they need to check that you have a business to ensure you are eligible. The way most banks do this is to ask for your 2018/19 tax return. Some banks specifically say they won't advance BBLs to people without a business bank account who were not trading before 6 April 2019.

I’m a Ltd company with a newly opened HSBC bank account who has only been trading since May 2019 but yet to file a return for 19/20. Should be done this week but I applied for the loan two weeks ago today 

I believe (but stand to be corrected) that HSBC only ask for tax returns for sole traders. That’s what it suggests on their website at least anyway.