Bounce Back Loan - expected Turnover or Actual Turnover?

AmmarHaider

Hi All,
I am new here and this is my first question.
My company has been incorporated since Jan 2019 but only started trading in Feb 2020. I would like to apply for Covid Bounce Back Loan but there is a question about the annual turnover. Do I need to put down my forecasted turnover for next 12 months or the turnover for under a month while i was trading? I am confused. I don't want to lie on my application and would really appreciate if someone with proper knowledge about this can help me out. It's a limited company and i am the sole director. 

Thank you in advance

Grumpy_chap

I understand it is 2019 turnover, except for new businesses which can use forecast turnover.

lumencreative

Grumpy_chap said:

I understand it is 2019 turnover, except for new businesses which can use forecast turnover.

So would you consider the op to be a ‘new business’ for this purpose, or an existing business? 

I have a similar issue. I own a Ltd company that was set up in 2018 but didn’t actually start doing anything properly until mid 2019 (at which time I actually changed the company name with companies house). So unsure whether to use estimated figures or actual turnover (which would only be 6 months worth of sales). 

Grumpy_chap

@lumencreative - my comment was a response to the query from @AmmarHaider.
With regard to the OP, I think the position is a new business (but I am not qualified to actually say).  OP had a business that was closed, then worked for someone else PAYE, then started a new business.  That is how I see it.
In your case, it looks like you need to use 2019 turnover IMO, but I am unsure whether you can double that if it was only for 6 months of business.  What does your accountant say?
Ultimately the bounce back loan is a loan, not a grant, so it will help with cash-flow but, as long as it is repaid the benefit from the Government (amount given) is quite low.  The problems will come if people start defaulting.