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Cheshire


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Morning all. News is starting to filter through following the lastest announcement yesterday about the revised/new CBILS loans with the 100% guarantee.

£50k or 25% of turnover, whichever is the lower.

Due to be released Monday 4 May (thank goodness they move the Bank holiday!)

Cannot take out one of these if already got the other.

Bit more - see the 2 links. More to follow, as per usual.

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

 

https://www.icaew.com/insights/viewpoints-on-the-news/2020/apr-2020/government-launches-new-small-business-microloan-scheme

 

 



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 Joanne 

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Rachel19


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Thanks again Joanne. Hopefully it will be easier for clients to get approved for these new loans than the old ones. I'd be interested to see what the two page application form asks for.

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Cheshire


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Pleasure Rahcel.

Yes the application is the interesting one. Its too early to tap up my ex banking colleagues. Question also around personal guarantees. Not sure if its just the press playing fast and loose as its even more overkill in this scenario than it was before. Although, I do think its asking for a pile of fraud to occur.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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Cheshire wrote:

Cannot take out one of these if already got the other. 

Thanks for the info as always Joanne

If your CBILS loan is 50k or less you can ask your lender to transfer it to the bounce back loan, as long as you do it before 4th November.

 



-- Edited by Leger on Tuesday 28th of April 2020 03:09:44 PM

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John 

 

 

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Cheshire


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Absolutely John. I am wondering on what basis the Banks will decline this (will have to wait and see what edicts they get from on high)

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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Will they have a choice to decline a transfer?  It's on the Gov Uk site and seems to be a right rather than a request, but the devil will be in the detail as always.



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John 

 

 

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johnhemming


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I cannot see that the banks would wish to decline it as it would reduce the bank's risk further.

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Cheshire


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Do you think it might depend on lots of other aspects?

(A couple of ponderings, not least Im thinking of the ones where they now have Directors guarantees and their houses as security behind the guarantee)

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
johnhemming


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I don't know whether the undertaking in difficulty rule also applies to CBILS, but beyond the statutory rules it is in the bank's interest to have all the loan guaranteed by taxpayers.

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