Covid loans

[glasshouse]

Is there a new one out?

 

[Cowabunga]

Have the old schemes ended?

 

[glasshouse]

Have the old schemes ended?

Dunno

 

[jamesy]

I think I saw something about grants of 10% of the original grants available. I didn’t read the details though

 

[Cowabunga]

I think I saw something about grants of 10% of the original grants available. I didn’t read the details though

Grants and loans are totally different.

 

[jamesy]

Grants and loans are totally different.

I should really read the title closer!

 

[Campbell]

The second phase of the self employed Grant scheme, began on the 17th. Based on averaging your accounting profits.

 

[TripleSix]

There is another grant for self employed people just out

 

[glasshouse]

What about thebusiness interruption scheme?

 

[Cowabunga]

Yes the second tranche of the self-employed grant is available to claim from 21st August to 19th October 2020. It is based on 70% of the monthly profit for three months, averaged over 12 months for the year before last [I think]. Maximum payment is just over £6500.
It is taxable of course.

 

[icanshootwell]

There is another grant for self employed people just out

These were the grants offered by the council for mainly business,s that slipped through the net. If you are limited co for example.

 

[Still Farming]

Possibly the grants talked about are for businesses that were new start up's and that didn't qualify for other assistance.

 

[egbert]

the 'LOANS' are not free money.
They will have to be paid back, and one i looked at is a 5 year job, with the first year payment free.
That means you pay everything in the other 4 years, and it's going out to a lot of folk who haven't looked at what that will mean.
Stand by for tears before bed time on a large scale.

 

[DaveGrohl]

the 'LOANS' are not free money.
They will have to be paid back, and one i looked at is a 5 year job, with the first year payment free.
That means you pay everything in the other 4 years, and it's going out to a lot of folk who haven't looked at what that will mean.
Stand by for tears before bed time on a large scale.

And there are a lot of people who do understand what a loan is and took one out. No tears.

 

[neilo]

the 'LOANS' are not free money.
They will have to be paid back, and one i looked at is a 5 year job, with the first year payment free.
That means you pay everything in the other 4 years, and it's going out to a lot of folk who haven't looked at what that will mean.
Stand by for tears before bed time on a large scale.

That’s the Bounce Back Loan, which is the subject of a long thread here already. Yes, it has to be paid back, but the interest rate is 2.5%, which is very cheap short term finance. If you paid it back in full after 12 months, it is essentially free money for a year. If you pay off existing finance with it, you can reduce the cost of that significantly.
If you pee it up the wall, you might struggle to pay it back of course.

 

[icanshootwell]

the 'LOANS' are not free money.
They will have to be paid back, and one i looked at is a 5 year job, with the first year payment free.
That means you pay everything in the other 4 years, and it's going out to a lot of folk who haven't looked at what that will mean.
Stand by for tears before bed time on a large scale.

It was still cheap finance, cheaper than an overdraft, in my case anyway. I,m sure some have miss spent it like kids in a sweet shop, maybe that,s why breeding ewes are a silly price.

 

[teslacoils]

And there are a lot of people who do understand what a loan is and took one out. No tears.

I suspect a fair few have no intention of paying it back and put it into a ltd company and have already stripped it out to another one.

 

[egbert]

And there are a lot of people who do understand what a loan is and took one out. No tears.

That’s the Bounce Back Loan, which is the subject of a long thread here already. Yes, it has to be paid back, but the interest rate is 2.5%, which is very cheap short term finance. If you paid it back in full after 12 months, it is essentially free money for a year. If you pay off existing finance with it, you can reduce the cost of that significantly.
If you pee it up the wall, you might struggle to pay it back of course.

It was still cheap finance, cheaper than an overdraft, in my case anyway. I,m sure some have miss spent it like kids in a sweet shop, maybe that,s why breeding ewes are a silly price.

Yup fellas.
You lot- and I -are all clued up, and understand the deal.
(it's only a love of the smell of cow poop and sheeps feet, or a fondness for using diesel and grease as skin cream, which stops us from retiring to St Tropez )
I fully intend to utilise one for a specific job in a minute should the need arise.

However, someone within the workings of my bank lately told me how many hundreds of thousands of such loans his firm alone has been green lighted to hand out....and being in the trade, they can see very well how a large % of the recipients do not know how to manage such affairs and at the very least will be wanting a time extension before 5 years is up.
This will immediately then be outside of the treasury guarantee.....and it is at that point that the tears are likely to flow.

 

[roscoe erf]

Is there a new one out?

why would you want a loan i'm pretty sure a dose is free

 

[glasshouse]

the 'LOANS' are not free money.
They will have to be paid back, and one i looked at is a 5 year job, with the first year payment free.
That means you pay everything in the other 4 years, and it's going out to a lot of folk who haven't looked at what that will mean.
Stand by for tears before bed time on a large scale.

Has nobody ever had a loan before?