Business interruption Loans

RE: Business interruption Loans

grumpyoldman — Tue, 12 May 2020 19:28:48 GMT

Its cheap money so better to get it whether you need it or not and buy Astra Zeneca or Bayer shares and leave it in a H&L account. We originally furloughed 10 ,mostly part timers and juniors but we are only missing 4 now, and they are back soon. ,although we have 6/30 on maternity leave which tends to distort things somewhat. Still life happens and we are where we are, at least if they are going home procreating they are not taking drugs getting drunk or hanging themselves well not at the moment anyway. Lots of people worried about holidays or lack of them. I must confess I do agree with the feeling of muddled bungling and misinformation from the state. Massive civil liberties intrusion combined with lack of respect for peoples intelligence and common sense. Deaths per capita in Sweden still seem to be much lower?.

RE: Business interruption Loans

Bob Russell — Tue, 12 May 2020 16:31:51 GMT

We were safe in the hands of RBS at that time. No changes in the terms of any of our borrowing (½ over base at that stage), just an occasional set of accounts.

About 4 years ago that changed. Nothing was good enough for them. Overdraft was reassessed every three months and rate hiked massively. All despite our financial position being perfectly secure. They were hounding us to get rid of as many small to medium sized businesses.

Cost us a packet to move to Lloyds but we had no choice really as it was impossible to run any business that way. Accountants were totally mystified why the change. Turned out the EU had told them to selloff/get rid of businesses, all related to the government support during the 2008 banking bail out.

RE: Business interruption Loans

Peter Faulkner — Tue, 12 May 2020 15:25:11 GMT

[quote userid="6550" url="~/001/nonclinical/veterinary-practice-management/f/misc-discussions/29089/business-interruption-loans/222489"]there was little reading required!![/quote]

I read every paragraph next to all those tick boxes. I half expected one of them to say I must hand over my first first born.

I've never forgiven the banks (one in particular) for 2007 / 2008. Even our current bank's rap sheet reads like a file from the FBI film, 'The Untouchables.' Fines of nearly $6bn since year 2000. A CEO who when summoned before a parliamentary select committee, picked his nose throughout the whole session, even after he was politely asked to stop. These people have only thinly veiled contempt for us and yet we fund their celebrity salaries, life styles and gold plated pensions. They can borrow at 0.1% and we must pay 9 or 10%. If ever there was a need to cut out the middle man. It's enough to turn a Guinea Pig carnivorous.

RE: Business interruption Loans

Bob Russell — Tue, 12 May 2020 10:52:26 GMT

My accountant told me my turnover and said borrow as much as you can so there was little reading required!!

RE: Business interruption Loans

Peter Faulkner — Tue, 12 May 2020 07:56:54 GMT

Oh well, I've applied for a bouncing bomb loan... took me 30 minutes, but I am a slow reader.

Is Niall still president of the RCVS? I know there were some elections recently.

RE: Business interruption Loans

Bob Russell — Mon, 11 May 2020 14:08:47 GMT

Did not progress very far because the bounce back loans came into being. It was Lloyds that pointed me down that route and suggested I get back to them if I needed more than the £50K!!!

CBILS can be converted to bounce back loans. I think there is a box to tick to do that on the application form.

RE: Business interruption Loans

Peter Faulkner — Mon, 11 May 2020 13:01:52 GMT

[quote userid="6550" url="~/001/nonclinical/veterinary-practice-management/f/misc-discussions/29089/business-interruption-loans/222452"]Applied for a bounce back loan on Thursday.[/quote]

Thanks for your reply Bob.

Prior to this, did you apply for a CBIL from Lloyds?

RE: Business interruption Loans

Bob Russell — Mon, 11 May 2020 11:42:36 GMT

Applied for a bounce back loan on Thursday. Expected pages of questions but actually took less than five minutes (including preparation time - finding account details etc) and had acceptance confirmed immediately. Not checked if the money has come into the account but I have never been through an easier application.

Most vets seem to be running at about 60% of normal turnover as I understand it so will take a hit.

We are looking to get a shop canopy fitted to give some protection for people waiting outside. May look at some form of radiant heating for the winter. Similar to that used to keep smokers warm!

This was Lloyds Bank. Thankfully we got shot of RBS a few years ago!