J
Jimoz
Well-known member
I've got a business account paying 1%. Is it worth the hassle for a monkey though? Plus I can't see that rate staying at 1% with base rate where it is
End of the day it's a loan so it's not like it's free money it's to be paid back. Fair enough if you've overheads to cover and you need the short term injection to get you by but at the end of the day come 12 months time can you afford to start paying it back. If you're thinking of using it to buy a digger you may as well just get finance. There will no doubt be plenty take advantage of it who may not need it and that will just shaft the country more going forward.
I do believe it’s 25% of turnover up to a max of 50k, I think you can give an estimate turnover but obvs the bank knows what’s gone through your account so they’ll know! No real point in me trying as my turnover has been low last 12months as I have been concentrating on new yard/getting married/building a new house - all the expensive things in one year
I hear you. But it's happening, so best get with the program! You (UK taxpayer PLC) gonna get shafted either way, might as well take the free lube.The worrying thing about this is the free money idea. At the end of the day it's borrowed off the government who are generating it by increasing national debt. Now i agree it will be invaluable to some businesses to allow them to survive, but those just looking at it for personal gain and who don't necessarily need it are gonna shaft the country long term going forward. A lot of people shouting about handouts want to think about tightening their belt a bit first.
I see your angle on it and yeah take whatever money you can if it's gonna be to pay back through higher tax as that will affect everybody. But the loan idea isnt to pay back in tax its monthly repayments, so other than interest rate and deferred start its no different to any other loan already out there, just that it will devalue the pound. I'll try and stick with my minimal borrowing plan thanks.I hear you. But it's happening, so best get with the program! You (UK taxpayer PLC) gonna get shafted either way, might as well take the free lube.
I wonder how long it’s available for? I’e when will they pull the plug on the scheme? Might be handy to have and it it’s not needed just pay it backits all self cert, you will get the full 50 if you apply.
There is also a payment holiday as well as no interest for the first 12 months.
You can also have multiple bites as each ltd co can apply in its own right as well as an individual sole trader. There are no checks above identity for fraud its all self cert.
No penalties for paying back early either.
Cant see free money for a year happening again so fill yer boots.
I'd go on the gov website and have a look first it's no freebie. And it's not entirely government supported only for the first 12 months by the looks of it.I wonder how long it’s available for? I’e when will they pull the plug on the scheme? Might be handy to have and it it’s not needed just pay it back
The worrying thing about this is the free money idea. At the end of the day it's borrowed off the government who are generating it by increasing national debt. Now i agree it will be invaluable to some businesses to allow them to survive, but those just looking at it for personal gain and who don't necessarily need it are gonna shaft the country long term going forward. A lot of people shouting about handouts want to think about tightening their belt a bit first.
I'd go on the gov website and have a look first it's no freebie. And it's not entirely government supported only for the first 12 months by the looks of it.
I wouldn't expect it to either. But look at it this way needed or not every business takes the grant and spends it on whatever. In 12 months time when things are tight only a small percentage can afford the repayments. Where is the economy gonna end up then.cant really expect the taxpayer to cover the 2.5% interest for the whole 6 year term.
I wouldn't expect it to either. But look at it this way needed or not every business takes the grant and spends it on whatever. In 12 months time when things are tight only a small percentage can afford the repayments. Where is the economy gonna end up then.
I see what you're saying and I'm not arguing against it merely trying to point out it needs to be done in a controlled manner. It could be argued that pumping money into the economy now could just be prolonging the agony. I just think as a business if you don't need the money it may stand you in better stead later on when the s**t hits the fan.most small businesses would take the winding up of their business pretty seriously I think and are going into this eyes open. That being said from a gov point of view its a a win win, these loans are being spent into other business in the end. So more cash sloshing around the economy is got to be good.
I try to look at it in a positive light.
It could be argued that if you NEED the money now, the its more likely that you will struggle to repay, as opposed to a business who doesn’t need it but can make it work, and get the money out in the economy.I see what you're saying and I'm not arguing against it merely trying to point out it needs to be done in a controlled manner. It could be argued that pumping money into the economy now could just be prolonging the agony. I just think as a business if you don't need the money it may stand you in better stead later on when the s**t hits the fan.