Bounce Back Loan

Tony1786

I have applied and recieved the Bounce Back Loan, but I have filled my turnover figure wrong. Is there option to amend or cancel within 14 days of signing. Then re apply with correct figures.

MinuteNoodles

Contact the lender. It's a business to business loan so normal consumer laws don't apply.

mhossan

Tony1786 said:

I have applied and recieved the Bounce Back Loan, but I have filled my turnover figure wrong. Is there option to amend or cancel within 14 days of signing. Then re apply with correct figures.

Hi Tony did you re-apply? if you did what is the result? i did the same thing with starling they are sending an apllication to reapply, but they will debit the loan amount first. thanks

michaelmcghie

I'm in a similar situation; my fault really but I stated a lower than correct turnover figure when I applied with Santander.
Do people agree the bank should be okay about amending turnover and loan amount?  In my case I haven't been paid any loan yet as the bank want sight of my self-assessment return (as I only have a personal account).
Santander say yes but are really dragging their feet...

srussell68

What is the criteria, other than proving address and you are self employed , who pays tax to hmrc needed for bounce back loans.?
why are banks being difficult to agree loaning these out ?

Flooksy

Hi I applied and received a Bounce Back Loan from Lloyds but way under what I could have borrowed based on my Turnover. With little chance of making money over the next few months could I increase my loan amount ?. Thanks 

jonesMUFCforever

Flooksy said:

Hi I applied and received a Bounce Back Loan from Lloyds but way under what I could have borrowed based on my Turnover. With little chance of making money over the next few months could I increase my loan amount ?. Thanks 

No,

Maybe,

Yes

Take your pick but the only people who can answer you are Lloyds.

Grumpy_chap

srussell68 said:

What is the criteria, other than proving address and you are self employed , who pays tax to hmrc needed for bounce back loans.?
why are banks being difficult to agree loaning these out ?

I am not sure that I understand the question.
There is no tax to be paid on the BBL as it is a loan and has to be repaid, so is not income.  (In the same way, if you took a car loan, the loan is not income.)
If you use the loan to fund your personal drawings then the tax will be the same as if you used any other funds from the business to fund your personal drawings.