Bounce back loan, multiple businesses

[Deleted User]

I have a number of businesses, they are in my ownership and partnerships. 
Are we entitled to just one bounce back loan for all businesses, or one for each business? 
Have read a lot and I cannot understand the guidance. Maybe it's just the stress. thank you 

Jeremy535897

You are not entitled to any loans. You can apply for a loan for each business. It may be that banks would regard two sole trades operated by one person as only eligible for one loan. Where the owners are different, there should be no such issue.

[Deleted User]

Sorry should have used the word eligible to apply perhaps. Businesses are some Ltd, some partnerships with others, and some sole, so a mixed bag. Some across different bank accounts. That's good to know thanks. 

Grumpy_chap

If the businesses (or some of them) are deemed to be part of a group, then I think only one loan is permitted across the group

[Deleted User]

That was my issue I think, can someone define the 'group' aspect for me please. Can someone who owns 10 businesses in various formats, be considered a group? I don't have the knowledge and my google efforts have been exhausted. Thanks :-)

Jeremy535897

Grumpy_chap said:

If the businesses (or some of them) are deemed to be part of a group, then I think only one loan is permitted across the group

Yes, good point, that is correct for groups of companies. See FAQs for the loans:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/

[Deleted User]

Ok thanks, so for example:
business 1 is owned by A and B - it gets a loan?
business 2 is owned by just A - can it get a loan? 
business 1 loan cannot be used for business 2 because it has at least one different owner involved. 

Jeremy535897

The banks can turn anyone down, if they don't meet the eligibility criteria. I would hope that if businesses 1 and 2 meet the eligibility criteria, each should be able to get a loan, for use in their own business, not the other business, but I don't know if anyone has tried this.

[Deleted User]

I'm thinking of trying, but I thought I would just check. I really don't want to get in trouble later on down the line. Thanks 

Jeremy535897

I don't see why you should get in trouble, if different owners apply for different businesses, and use the loan in the business it is borrowed by.

sharpe106

As long as you use it for its intended purpose I doubt you would get into trouble even if you are not meant to claim it for each business, its to help protect companies.