Bounce Back Loan Application and Divorce

IrishGypsy

Hi everyone,

This could be a weird/fringe question, but I've just been offered the opportunity to apply for a small business bounce back loan (homeschooling two kids during lockdown instead of creating digital products to sell), but I'm currently going through a divorce (less than amicable) and the time window to reply to the bank for the BBL is exceptionally small. My solicitor (as great as he is) uses someone who specialises in financial matters (and will do for the financial arrangements discussion with my STBXW's solicitors), but they have yet to be briefed on my case as we're still finalizing the Parenting Agreement first.

Can anyone see any blindsides to applying for the BBL now with the finances (and the exchanging of the Form E) still to be negotiated over? I'd be declaring a projected turnover (revenue, not profit) and it's a liability (a loan). But I wouldn't be in the least bit surprised if there's a negative to applying for the loan when getting divorced.

TIA, IG.

Savvy_Sue

I don't know but to me it's a liability so should reduce your total assets?

caprikid1

Surely its neutral in terms of assets - £15 Loan Plus £15K Cash ?