Self-employed & Coronavirus

[blueinsa]

That's quick mate?

I applied to RBS Monday for £15k and got the 'acceptance requested' form sent twice for some reason, then the 'you have accepted' form twice, having already signed for it, which also included the attached final agreement PDF.

Is there anything else incumbent upon me, or do I just wait until they pay the money directly into my business account?

It will give me some breathing space and, as a Ltd company, if I do still have to fold, at least I won't be personally on the hook for it.

You need do nothing more mate and funds will be in your account within 3 working days.

 

[gaz76]

Its crazy all the mainstream banks are taking so long with the bounceback loans, more customers I guess,
I applied to starling,who I have a business account with at 3pm yesterday and the cash hit my account just after 4pm.
Six year terms no interest for the first twelve months then 2.5% is that what the other banks are doing as well?

 

[blueinsa]

Its crazy all the mainstream banks are taking so long with the bounceback loans, more customers I guess,
I applied to starling,who I have a business account with at 3pm yesterday and the cash hit my account just after 4pm.
Six year terms no interest for the first twelve months then 2.5% is that what the other banks are doing as well?

Exact same terms mate but dont forget, Barclays etc will be getting a hell of a lot more applications than Starling will and 3 working days is hardly a disaster.

 

[tolmie's hairdoo]

I suppose I get stressed on debt.

I agree it is a wise move for you. We are living on fresh air at the moment. "Sure tastes good"

Hey mate, I am totally the same, my business has never taken a loan before and I don't even own a credit card.

I am risk averse, but I also know not to look a gift horse in the mouth on this one.

The reason the banks have starting handing this money out like sweeties is because the government decided to act as 100 per cent guarantor.

I didn't qualify for anything before bounce back and could only watch as the self employed and furloughed were rightly helped.

For the next ten months or so, I will also now have the money to pay myself a salary and bills.

After that, who knows and, frankly, who cares?

I've had my eyes opened to plenty during this pandemic.

Save for a pension? Tough, you can't get your hands on it for another 20 years.

Invest in your business? Tough, you knew the risks.

Save for your kids education, a rainy day? Tough, no Universal Credit or grants for you.

You can't look too far ahead in this situation, I'm affording myself of the government rolling this out and I will have a full year to decide if I want to or can carry on as a Ltd company.

It seems I would have been no worse off being a self-employed sole trader like I was when I first started out.

I could always revert back to that status and continue working for myself as best I can, without feeling too guilty that the banks will get their cash from the government.

 

[tolmie's hairdoo]

You need do nothing more mate and funds will be in your account within 3 working days.

So glad you got sorted mate, thanks.

 

[asahartford1]

Hey mate, I am totally the same, my business has never taken a loan before and I don't even own a credit card.

I am risk averse, but I also know not to look a gift horse in the mouth on this one.

The reason the banks have starting handing this money out like sweeties is because the government decided to act as 100 per cent guarantor.

I didn't qualify for anything before bounce back and could only watch as the self employed and furloughed were rightly helped.

For the next ten months or so, I will also now have the money to pay myself a salary and bills.

After that, who knows and, frankly, who cares?

I've had my eyes opened to plenty during this pandemic.

Save for a pension? Tough, you can't get your hands on it for another 20 years.

Invest in your business? Tough, you knew the risks.

Save for your kids education, a rainy day? Tough, no Universal Credit or grants for you.

You can't look too far ahead in this situation, I'm affording myself of the government rolling this out and I will have a full year to decide if I want to or can carry on as a Ltd company.

It seems I would have been no worse off being a self-employed sole trader like I was when I first started out.

I could always revert back to that status and continue working for myself as best I can, without feeling too guilty that the banks will get their cash from the government.

Cheers. I suppose at the moment everyone thinks they are in the worst position. Only when comparing and assessing others can you find a perspective of ones own situation.

Without kids and two properties both paid for , we are probably in a reasonable position. Everyone will need to re-assess , 5 year plans can be tossed away as you said and new short term goals replace it. The first decision is when to try and get back out there, test the water. A bit scary in itself, not just the virus, but the reaction by customers. Actually this has helped thinking it through.
Happy Aguero day,

 

[Tuearts right boot]

Cheers. I suppose at the moment everyone thinks they are in the worst position. Only when comparing and assessing others can you find a perspective of ones own situation.

Without kids and two properties both paid for , we are probably in a reasonable position. Everyone will need to re-assess , 5 year plans can be tossed away as you said and new short term goals replace it. The first decision is when to try and get back out there, test the water. A bit scary in itself, not just the virus, but the reaction by customers. Actually this has helped thinking it through.
Happy Aguero day,

Quite agree....Had a board meeting earlier today with my other 50% partner ( the wife over breakfast...) and to be frank I could get used to this. So much so that I decided to cut back, slow down, ease off. 10, 20 years ago I'd have taken on the world for the 3rd time but now I dont give a shit, this virus malarky has changed my perception, for the better. Going to cull my customers, late or bad payers, small and somewhat borderline profitable ones, all going. Less work but probably more cost effective. Its something I've done before but it feels different now. I'll call it semi retirement and fuck about 3 days a week.

 

[tolmie's hairdoo]

You need do nothing more mate and funds will be in your account within 3 working days.

Did they also set this up as a stand-alone separate business account, pal?

I've gone online this morning and can see I now have another RBS LTD account detailed as a loan but with zero funds in as yet?

I just thought the money would be paid directly into my existing business account?

Do you have to run this as a separate entity or can I transfer funds from the loan account directly into my regular business account, just so I can show the paper trail?

 

[blueparrot]

Did they also set this up as a stand-alone separate business account, pal?

I've gone online this morning and can see I now have another RBS LTD account detailed as a loan but with zero funds in as yet?

I just thought the money would be paid directly into my existing business account?

Do you have to run this as a separate entity or can I transfer funds from the loan account directly into my regular business account, just so I can show the paper trail?

Went straight into our normal business account for us.

 

[Tuearts right boot]

Still having problems getting past the first page for Barclays. All our details come up but.....there was an error...anyone else.