Coronavirus bounce back loan & UC capital

seatbeltnoob

NedS said:

seatbeltnoob said:

Update NedS seems to be correct, UC disregarded it for 12 months. I presume after 12 months they're going to want to see evidence that it is essential for the running of the business.

I would assume after 12 months is shouldn't be an issue. Why would any business take out a loan at cost to the business only to leave the cash sat in the bank earning nothing? You are just losing money. So I assume, anyone taking out a Bounce Back loan probably needed the cash to keep the company afloat (otherwise why take it?) and that the money would have long been spent. If that's not the case, and you're still sat on the money after 12 months, I'd be asking why you took it in the first place.

I took the money out, I didn't need it. I was doing delivery work to pay for stock and developers on an ecommerce business I'm launching. Main business is in events and I'm not expecting it to come back the way it was for a long time.

It's interest free, no repayment for 12 months. Why not take it? I only took it because deadline to apply for a BBL was 31st March. So I didn't want to miss the deadline.

Now that I have it in my hands, I may speed up my business launch or just keep it as a reserve as just in case.

Loads of uncertainties in business, you don't know when you're going to need cash. If I still have the money at the end of the 12 month period and no need for it. I can just pay off the BBL in full, before any interest hits.