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Anyone tried for a bounce back loan?

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    Anyone tried for a bounce back loan?

    My current contract is soon ending, and not being renewed again this time, and for once the market seems pretty morbibund.

    After checking my war chest, well war match box to be more precise, and finding it rattles ominously, I'm wondering about applying for a bounce back loan.

    Anyone else tried this? Do you have to prove you are really bouncing back, and not a dead cat for the time being? Or is being granted it a formality?

    Any ideas, as to what to say or not say when applying?
    Work in the public sector? Read the IR35 FAQ here

    #2
    Are you planning to repay it?

    Comment


      #3
      If only we had a massive thread where multiple people people have applied and recieved them already.

      You don't put much effort in to finding answers do you?

      MF is your man for anything to do with bounce.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Many people have reported doing so successfully in other threads here. I think it’s a formality. If you need the money, go ahead, because the terms are good. I don’t think there’s any policing, as such, but you obviously shouldn’t be using it to sink into bitcoin or BTL etc., rather keeping your company going (which includes staff, shareholders etc.).

        Comment


          #5
          It’s a loan.

          Comment


            #6
            Originally posted by AtW View Post
            Are you planning to repay it?

            Comment


              #7
              Originally posted by AtW View Post
              Are you planning to repay it?
              Why would OH repay a loan to his limited liability company. Have you learned nothing?

              Comment


                #8
                Originally posted by Old Greg View Post
                Why would OH repay a loan to his limited liability company. Have you learned nothing?
                Let's just wait when government retrospectively declares that companies in fact have unlimited liability (except donors').

                Comment


                  #9
                  Borrowing up to a 1/4 of your turn over seems a bit insane for 1-2 person company.

                  Especially as if you take it out as income you will pay personal tax on it, in some form or other.
                  Also if warchest is finished maybe time to accept a PAYE job, if possible.

                  Government seems to think increasing debt is the answer

                  Only reason I would see someone taking the loan was to skill up with certs. Knowing you will find a gig afterwards.

                  Comment


                    #10
                    Originally posted by mallisarealperson View Post
                    Only reason I would see someone taking the loan was to skill up with certs. Knowing you will find a gig afterwards.
                    But they aren't claimable through the company..
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment

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