I've been told there is now a deadline for BBL applications - is this true?

claireroy

I was told the deadline for BBL acceptance is 3 November 2020. Is this correct? 
Secondly, must my company be incorporated before March 2020? I've been told this is a pre-requisite for BBL approval, however I have a friend who has just set up his company and has applied for the loan. Will he be rejected because his company was incorporated in April 2020? 

alewin

Wow, do you actually have a company or are just waiting for your friend's outcome.

The company must have been setup before 1 March 2020, you cannot setup a company in April and apply for the loan. That is just open to massive fraud.

dunstonh

Secondly, must my company be incorporated before March 2020?

Your company needed to be trading (not just set up) prior to the commencement date.    So, if it wasnt incorporated, it certainly wasnt trading.

however I have a friend who has just set up his company and has applied for the loan. Will he be rejected because his company was incorporated in April 2020? 

Yes, he will be rejected.   And he may be referred to their internal compliance team to look at potential fraud.

Grumpy_chap

And there was always a deadline for applications.

macman

You don't need to be a limited company: BBL is equally open to small traders. You simply need to have been trading by 1/3/20.

Grumpy_chap

But the company formed in April cannot have been trading before 1st March.  If the OP transferred from sole trader to Ltd Co, they will need to evidence that continuity.

macman

Precisely. They need to be trading by 1/3, regardless of the structure of the business, which is what I was trying to explain to the OP. Date of incorporation is not in itself the relevant factor.
If the OP can satisfy that condition, then why they are concerned about a deadline of 3/11/20 entirely escapes me: that date is 11 weeks away!

Grumpy_chap

The date in November is the last date to apply for BBLS.

mobilejo

dunstonh said:

however I have a friend who has just set up his company and has applied for the loan. Will he be rejected because his company was incorporated in April 2020? 

Yes, he will be rejected.   And he may be referred to their internal compliance team to look at potential fraud.

Where is the fraud? Unless the friend lies on the application about the date of incorporation (which would be ridiculous as anyone can see a company's inc. date), there is no fraud. Just a fool not knowing the criteria for eligibility. Nothing criminal about that.

Grumpy_chap

On the application, the applicant needs to make a declaration that the business was trading before 1st March.  

holly1991

The closing date for BBL applications has always been November ever since it was announced