Bounce back loans

P1BP27

I have a struggling business and have a bounce back loan. Can this be used to pay for cost of living for things like rent and food?

Jeremy535897

Is your business a limited company or a sole trade?

P1BP27

I am a the only director , but yes I am a sole trader

Jeremy535897

If you are a director of your own company, you are employed by that company. You are not self employed. There is no issue in taking a salary from your limited company that is similar in amount to what you were paid as salary last year, which you can use to pay for cost of living expenses.

noitsnotme

P1BP27 said:

I am a the only director , but yes I am a sole trader

You can’t be a director of a sole trader business.  You’re either a director of a limited company or you are a self employed sole trader.