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Has anyone else been refused BBL because of administrative error at TIDE and how long did it take to be resolved?

I joined TIDE 26 Jul 2017 but loan refused yesterday on basis company formed after March 2020. App response this morning completely unacceptable.

I’m absolutely furious and concerned that this tranch of money will have run out before my appeal dealt with.
Arghhhhhh

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    Jun '20
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    Jun '20
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Who knows! I have 2 companies with TIDE different email accounts. I’m furios

I am unclear WHY someone can say this. The whole point of BBL is you SELF CERTIFY. A business could have traded in, say, 2019 and only formed its company and opened a bank account in 2020 (before deadline of 20th March) And maybe the turnover of the business did not go through Tide or any bank. The WHOLE POINT of BBL is the bank does not have to do anything. All the liability is on the borrower to pay back the loan and, if they fail, Gov steps in. There is NOTHING really for the lender to do (absent clear fraud).

Just out of interest, does this mean they have started giving out bbl again?

Is it in the same sector? Is it dormant? Has it traded before? Was it set up before 3/20 ?

The account With TIDE was set up day after company incorporation in July 2017 and all income paid in

Refer them to this https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/ 16 these answers are from the Treasury – scroll to the bottom of this page

Q. Is there a date restriction on limited companies? I switched from sole trader to limited company on 9 March. I’m basically stuck in the middle of everything. A. “If you can verify that you were a sole trader before 1 March and show that your business is essentially the same as the one being carried out then, you will be able to apply.”

Cooper are all of your Ltd companies in the same sector ?

Other than ? that I’m sure it is just a mistake, sure it’ll get sorted.

Hi all,

@Cooper747 I’m really sorry to hear about your experience.

I have reached out to the team so they can look into it and get to the bottom of what happened - they’ll be in touch asap to further assist you with this.

@Jtreacher you can find here 19 more information about the scheme and a breakdown of all the eligibility criteria

Thank you,
Valentine

closed Jun 25, '20