Paying off Finance with bounce back loan?

[IronMike]

Just pop the cheque in the post mate. Looks like I might need the money to pay back my BBL 😆🤦🏼‍♂️💩

[Johnsond]

20 hours ago, Mark J said:

Yup. Always read the small print.

True Mark but in reality many people have had zero choice but to borrow to try and save businesses. I think talking to individuals within the industry the Arb/tree/forestry game has got through this reasonably if not very well, many others have been utterly destroyed  by the adoption of lockdown and it’s subsequent effects  as the only way to tackle this. 

[openspaceman]

1 hour ago, Johnsond said:

I think talking to individuals within the industry the Arb/tree/forestry game has got through this reasonably if not very well

 

I agree, it is surprising considering the trade is a bit of a luxury service industry, but can think of many reasons for this not least of which is that people have a bit of money which may normally have been spent on travel etc.

1 hour ago, Johnsond said:

many others have been utterly destroyed  by the adoption of lockdown and it’s subsequent effects  as the only way to tackle this. 

This comes back to the way we as a wealthy society fail to provide for the parts of society heavily affected by changes. Just as we didn't plan an orderly retreat from mining, steelmaking, shipbuilding etc. and let those parts of the country, once the core earners,  become relatively poorer than the elite finance professions centred on London.

 

Instead we have created a situation where labour is is made inflexible by H&SE requirements for expensive certification.

 

No we will never have a great reset, it's not human nature, but I'd hope for a bit more compassion as well as resilience and of course looking at those activities that are causing problems to the environment.

[kevinjohnsonmbe]

11 minutes ago, openspaceman said:

I agree, it is surprising considering the trade is a bit of a luxury service industry, but can think of many reasons for this not least of which is that people have a bit of money which may normally have been spent on travel etc.

This!

 

Its been busier than ever!  Maybe especially noticeable in Cornwall with the dominance of holiday let’s and the (very) generous support to the tourism sector. 
 

Notably, discussing the latest round of grants with a holiday business, apparently, “...it’s a bit embarrassing...” how much money is being thrown at them  

 

it is traditionally the ‘closed season’ from Jan - Easter but the latest lockdown means another tranche of 10s of thousands of pounds. 
 

That money is going on getting works done - good for me. 
 

When combined with previous lockdown grants and the exceptionally busy staycation market between lockdowns many in holiday business have done better than normal for a fraction of the effort. 
 

Then there’s the grants to 2nd home owners that register as a letting business, eligible for rates relief and also got 10k per house. 
 

The figures for that a truly shocking in Cornwall. 
 

Maybe it’s my limited circle of contacts but I can’t think of anyone that has found them self worse off as a consequence of Covid - on the contrary, it’s sickening to hear them harp on about how well they’ve done out of it. 

[Johnsond]

1 hour ago, kevinjohnsonmbe said:

This!

 

Its been busier than ever!  Maybe especially noticeable in Cornwall with the dominance of holiday let’s and the (very) generous support to the tourism sector. 
 

Notably, discussing the latest round of grants with a holiday business, apparently, “...it’s a bit embarrassing...” how much money is being thrown at them  

 

it is traditionally the ‘closed season’ from Jan - Easter but the latest lockdown means another tranche of 10s of thousands of pounds. 
 

That money is going on getting works done - good for me. 
 

When combined with previous lockdown grants and the exceptionally busy staycation market between lockdowns many in holiday business have done better than normal for a fraction of the effort. 
 

Then there’s the grants to 2nd home owners that register as a letting business, eligible for rates relief and also got 10k per house. 
 

The figures for that a truly shocking in Cornwall. 
 

Maybe it’s my limited circle of contacts but I can’t think of anyone that has found them self worse off as a consequence of Covid - on the contrary, it’s sickening to hear them harp on about how well they’ve done out of it. 

If only 🤷‍♂️
I know one guy who’s house is gone and several others whom are on rock  bottom. Hmrc are showing zero interest in the past years events. But the facts you quote is what I’m hearing from this sector ie we’ve been flat out. Me personally I’ve had zero in the way of grants etc. Like a lot of self employed i fit outdide most of the eligibility parameters, not through dodgy dividend schemes etc I might add. 

[Rob D]

Have looked up the info on the BBL we got and it says 2.5% which seems pretty good to me.

 

Pretty hard to say or judge who should have had this £ or not. Should we [as in chainsawbars!] have got it? I dunno - we are busier than ever but the supply shortages/longer production times/difficulty shipping have meant we've had to make larger orders/pay more up front/wait longer for them to arrive... is that good enough a reason 🤷‍♂️

 

If that money has been plugged directly into businesses I can't see it as a bad thing even it some of it does get spent on non essentials or luxuries. For the most part if you own a small business you'll be like myself and it will have gone into improving that business. That in turn will have gone into other peoples businesses.

[Paddy1000111]

1 hour ago, Johnsond said:

Like a lot of self employed i fit outdide most of the eligibility parameters, not through dodgy dividend schemes etc I might add. 

I fit outside the original furlough scheme, not because of "dodgy dividend schemes" (which aren't dodgy) but because I did my PAYE on an annual basis as my work was on/off depending on seasons, aircraft schedules etc so I didn't have a true monthly income. Annual PAYE made more sense because of variable income but it also eased accountancy costs due to less paperwork. 

 

My mum on the other hand is retired but is also an acupuncturist as her retirement pay is quite low. Because of her pension etc she wasn't able to claim anything from the SEISS scheme and she was forced not to work by the government which I find completely out of order. 

 

I also have a friend who is a carpenter, work carried on "almost" as normal for him but he was also able to claim a silly amount of cash from the SEISS scheme as the only requirement is that "Your business has been negatively impacted by coronavirus" which every business in the UK has been in some way. 

 

I just get annoyed with the completely unfair requirements of the schemes. I paid my taxes, I filed everything on time through a qualified chartered accountant etc so there's no "dodgy dealings" but because I do annual PAYE I don't get support although I can prove I am a late 5 figure sum out of pocket? 

[Rob D]

Someone told me this the other day 'Track and Trace system cost £22 billion. 'Yeh right' I said no way they could have done that... but it seems true. Please tell me it isn't!

 

From a brief look there are 300,000 registered nurses in the UK - so take that number and multiply by let's say £35k for the year = £10.5 billion.

 

So this is TWICE as much as the entire registered UK nurse payroll for the entire year?! That's insane isn't it!

 

Feel free to dispute the above figures as would like to be proved wrong.

 

Spending watchdog urges government to ‘stop throwing money’ at NHS Test and Trace - CityAM : CityAM

WWW.CITYAM.COM

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The UK’s spending watchdog has urged ministers to “stop throwing money” at NHS Test and Trace, after the...

 

 

[Steve Bullman]

1 hour ago, Rob D said:

 

If that money has been plugged directly into businesses I can't see it as a bad thing even it some of it does get spent on non essentials or luxuries. For the most part if you own a small business you'll be like myself and it will have gone into improving that business. That in turn will have gone into other peoples businesses.

I took the loan on advice form my accountant, like he said you'll never find cheaper money. 

 

I think the problem is that everyone would have taken it, including those whose businesses were in trouble pre-covid. And there theres the other businesses form some industries, who lets face it don't have a hope of getting through this. A LOT of those loans will never be paid back.

 

One of my accountants clients has 5 different limited companies which were all entitled to the maximum loan amount. He literally had £250,000 in his account within 24 hours.

[Paddy1000111]

24 minutes ago, Rob D said:

Someone told me this the other day 'Track and Trace system cost £22 billion. 'Yeh right' I said no way they could have done that... but it seems true. Please tell me it isn't!

 

From a brief look there are 300,000 registered nurses in the UK - so take that number and multiply by let's say £35k for the year = £10.5 billion.

 

So this is TWICE as much as the entire registered UK nurse payroll for the entire year?! That's insane isn't it!

 

Feel free to dispute the above figures as would like to be proved wrong.

 

Spending watchdog urges government to ‘stop throwing money’ at NHS Test and Trace - CityAM : CityAM

WWW.CITYAM.COM

---

The UK’s spending watchdog has urged ministers to “stop throwing money” at NHS Test and Trace, after the...

 

 

Good luck finding nurses paid 35k... Most will be band 4/5 iirc which is more like 21-30k (minimum 4 to maximum 5). We could have paid the workers more, maybe even incentivised corona wards. Paid for more beds and basic kit and actually made it worthwhile for nurses to do it. Lets be honest, if you're a nurse working on a normal ward dealing with meds and patient care why the hell would you want to go and work on a covid ICU dealing with resus and dying elderly people all day. 

 

I don't want to turn this into an argument about covid but take a look at covid deaths by age on ONS.gov: 

Deaths registered weekly in England and Wales, provisional - Office for National Statistics

WWW.ONS.GOV.UK

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Provisional counts of the number of deaths registered in England and Wales, by age, sex and region, in the latest...

 

 

Most of the people filling up NHS ICU wards with covid are extremely elderly, with lots of underlying conditions that all need extended care/therapy. The NHS running out of space is extremely worrying. I don't want to be "that guy" but we really need to lock up the elderly (75+) and not allow people to bubble up with them and visit them. My worry is the NHS is going to be overwhelmed with elderly bed blockers that mean someone who's say 35 can't get the help they need. Most people in the UK are already on a tight budget, take a family who has two kids, both parents work to pay for the mortgage and the unbelievable amount of bills. Suddenly the 35 year old husband gets covid as he has to be out working and takes badly to it but is unable to get the care he needs because the ICU wards are underfunded, they don't have enough beds, they don't have enough staff and they don't have enough equipment and he dies. That's 2 kids growing up without their dad and a wife who's left alone looking after the family and trying to pay all the bills by herself. All that because someone thought they need to regularly see their parents/grandparents. Don't try and tell me it's not the elderly that are the issue, if it effected everyone the same we wouldn't be just vaccinating the over 70's.