Have some questions regarding BBL, help needed please.

ssdkck

Hi all, my partner works in the construction industry (cis electrician)  so im assuming he is classed as a sole trader. 
1. Will he be able to apply for a BBL
2. Can he apply to any of the 11 participating banks even though he doesn't have a business or personal account with any of them. He has a personal account with halifax and nationwide.
3. You can only borrow up to 25% of gross income, for example £40,000 income and can borrow up to £10,000. 
Thanks 

Grumpy_chap

ssdkck said:

Hi all, my partner works in the construction industry (cis electrician)  so im assuming he is classed as a sole trader. 
1. Will he be able to apply for a BBL
Is your partner registered as self-employed with HMRC and completes the self-employment pages of tax return?  If so, that meets the sole-trader self-employed requirement and the business should be eligible for BBLS.
2. Can he apply to any of the 11 participating banks even though he doesn't have a business or personal account with any of them. He has a personal account with halifax and nationwide.
This could be a problem and is proving so for many judging by threads on here.  It is incorrect to operate a business account through personal bank account and against the T's&C's.  The business can apply for BBLS with any of the 11 banks offering the loans, but best to get a business bank account first.  Be sure to only apply for one BBLS at a time as multiple applications invalidate all applications.  It may be difficult to demonstrate to the bank that the business was trading before 1st March if the business bank was not established before that.
3. You can only borrow up to 25% of gross income, for example £40,000 income and can borrow up to £10,000. 
That is correct, based on "gross income" as turnover.
Thanks 

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

gt94sss2

ssdkck said:

2. Can he apply to any of the 11 participating banks even though he doesn't have a business or personal account with any of them. He has a personal account with halifax and nationwide.

No, as not all the banks are allowing non customers to apply.
Have a look at the table in the link below for options
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/#where
Many people are trying HSBC as they are one of the few to allow non customers to apply but it's not a quick process or guaranteed to be accepted by them