Source Of Funds

[weemac]

Let's Wind-up Betangel's Flash.

[Derek27]

It might be okay if the primary income from your business is from gambling and Covid-19 has stopped you from betting in shops.

Am I eligible? (updated 09 November 2020)
The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020[1]. Borrowers are required to declare, amongst other things, that:

• The business is engaged in trading or commercial activity in the UK at the date of the application, was carrying on business on 1 March 2020 and has been adversely affected by coronavirus (COVID-19).

• The business (and any wider group of which it is part, defined by having a holding company at the top of their structure) is not already in the process of applying for or has not already received a Bounce Back Loan Scheme facility.

• The business (and any wider group of which it is part, defined by having a holding company at the top of their structure) has not yet obtained a loan through either the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, or the Covid Corporate Financing Facility, unless that loan will be refinanced in full by the Bounce Back Loan Scheme facility.

• That the business is a company or limited liability partnership incorporated or established in the UK, or tax resident in the UK.

• The business is not a bank, building society, insurance company, public sector organisation, state-funded primary or secondary school, or an individual other than a sole trader or a partner acting on behalf of a partnership.

• Whether or not the business was, on 31 December 2019, a “business in difficulty” and does not breach State aid restrictions under the Temporary Framework; and if it was a “business in difficulty” then it must confirm it does not breach de minimis State aid restrictions and will not be used to support export-related activities.

• At the time of submitting their loan application, the business is neither in bankruptcy, liquidation or similar.

• More than 50% of the income of the business (together with that of any member of any group of which it is a part) is derived from its trading activity. This confirmation is not required if the borrower is a charity or a further education college.

• They will use the loan only to provide economic benefit to the business, and not for personal purposes. They have understood the costs associated with repayment of the loan and that they are able and intend to complete timely repayments in future.

[LWBF]

i hope your business goes under. your not supposed to use bounce back loans for gambling.
i hope you loose your livelyhood and have to pay the loan back with interest. MORON!!

rude?
have you thought of a safe double up bet, then you keep your bank and got the loan payed back

Exactly. Thanks. Going by the bad grammar and unhinged nature of the post, they don’t do a lot of thinking.

[LWBF]

It might be okay if the primary income from your business is from gambling and Covid-19 has stopped you from betting in shops.

Am I eligible? (updated 09 November 2020)
The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020[1]. Borrowers are required to declare, amongst other things, that:

• The business is engaged in trading or commercial activity in the UK at the date of the application, was carrying on business on 1 March 2020 and has been adversely affected by coronavirus (COVID-19).

• The business (and any wider group of which it is part, defined by having a holding company at the top of their structure) is not already in the process of applying for or has not already received a Bounce Back Loan Scheme facility.

• The business (and any wider group of which it is part, defined by having a holding company at the top of their structure) has not yet obtained a loan through either the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, or the Covid Corporate Financing Facility, unless that loan will be refinanced in full by the Bounce Back Loan Scheme facility.

• That the business is a company or limited liability partnership incorporated or established in the UK, or tax resident in the UK.

• The business is not a bank, building society, insurance company, public sector organisation, state-funded primary or secondary school, or an individual other than a sole trader or a partner acting on behalf of a partnership.

• Whether or not the business was, on 31 December 2019, a “business in difficulty” and does not breach State aid restrictions under the Temporary Framework; and if it was a “business in difficulty” then it must confirm it does not breach de minimis State aid restrictions and will not be used to support export-related activities.

• At the time of submitting their loan application, the business is neither in bankruptcy, liquidation or similar.

• More than 50% of the income of the business (together with that of any member of any group of which it is a part) is derived from its trading activity. This confirmation is not required if the borrower is a charity or a further education college.

• They will use the loan only to provide economic benefit to the business, and not for personal purposes. They have understood the costs associated with repayment of the loan and that they are able and intend to complete timely repayments in future.

Thanks for the response Derek.

Well, when I applied for the loan, at the beginning of the lockdowns etc, my business was operating at full capacity.

Over the last few months, things have slowed, due to economic restrictions. Hence me using some of the funds for a relatively safe bet (I’m not a frequent better/gambler).

There are a lot of grey areas in the loan agreement and Betfair’s terms.

[LWBF]

Technically they are just ensuring you are not money laundering illegal money and it is legitimately earned and belongs to you

Having said that I'm not sure how they would view a business bounce back loan intended to help your business being used to gamble with, they are lots of talk around affordability checks in the air at the moment and they 'may' see the use of your businesses load as a red flag at this moment in time

Yes, it was my understanding that source of funds was to check for money laundering/someone else using your account/fraud.

None of that applies to me.

I originally received the loan many months ago.

My application and reasoning was legitimate.

Over the last few months my business has taken a big hit due to lockdowns/economic restrictions.

Hence me using funds to generate income in other ways.

RE affordability, there were no checks prior to me creating my account, or placing any bets.

The request for source of funds only came after it looked like my bet was going to win...

Over the span of a few weeks I placed bets in one market.

At no point over those several weeks were any checks made by Betfair.

Only a couple of weeks after I placed the bets.

So their “affordability” argument doesn’t really stand up.

[LWBF]

Can I just ask have you done a KYC with Betfair in the past? Read a few things recently with accounts being suspended due to high deposits.

No KYC checks at all.

Either when I created my account or placed any bets.

Only weeks after I placed the bet and it looked like my bet might win.

Very strange...

[LWBF]

i hope your business goes under. your not supposed to use bounce back loans for gambling.
i hope you loose your livelyhood and have to pay the loan back with interest. MORON!!

The only moron here is you.

Spelling ability of a 5 year old and clearly mentally unstable and a shitty person.

The reason I am using some of the funds to make a bet is because my business has taken a hit over the last few months due to COVID lockdowns etc.

When I applied for the loan several months ago my business was fully operational.

So now I am using some of the funds to generate income in other ways.

I am not a frequent better, I only placed some fairly safe bets in a market I am knowledgable in.

[LWBF]

i hope your business goes under. your not supposed to use bounce back loans for gambling.
i hope you loose your livelyhood and have to pay the loan back with interest. MORON!!

ooo!! diplomacy as ever -

but he is correct, firm but fair.

Not really, completely unhinged, with no prior knowledge of context.

[to75ne]

i hope your business goes under. your not supposed to use bounce back loans for gambling.
i hope you loose your livelyhood and have to pay the loan back with interest. MORON!!

The only moron here is you.

Spelling ability of a 5 year old and clearly mentally unstable and a shitty person.

The reason I am using some of the funds to make a bet is because my business has taken a hit over the last few months due to COVID lockdowns etc.

When I applied for the loan several months ago my business was fully operational.

So now I am using some of the funds to generate income in other ways.

I am not a frequent better, I only placed some fairly safe bets in a market I am knowledgable in.

memphis real point is (my opinion) that it is reprehensible to gamble money that as been loaned to you for a specific reason that excludes gambling any of it no matter how knowledgeable you maybe, or how safe you judge your bets to be, that loan as not been granted for gambling on exchange markets or even trading them.

[LWBF]

What an appalling first post

I'd be ashamed to advertise that

Thanks for the valuable input...

I actually obtained the loan to help my business about 7 months ago.

Since then COVID has severely obstructed my business (the reason the loans were created in the first place) and things have ground to a halt.

Hence me using the funds to generate income in other ways.

[wearthefoxhat]

Reminds me of how Fred Smith - Fed-Ex got turned down for a loan, had $5k left and took it to the Blackjack table, won $27k and saved the company. Later on raised $11million in loans and the company went public 2 years later. Last year the company made $69.7 billion in revenue.

https://www.foxbusiness.com/money/fred- ... ng-formula

[LWBF]

Technically they are just ensuring you are not money laundering illegal money and it is legitimately earned and belongs to you

Having said that I'm not sure how they would view a business bounce back loan intended to help your business being used to gamble with, they are lots of talk around affordability checks in the air at the moment and they 'may' see the use of your businesses load as a red flag at this moment in time

Would they still have to pay out winnings?

As there were no checks when I placed the bets or when I created my account.

[LWBF]

Reminds me of how Fred Smith - Fed-Ex got turned down for a loan, had $5k left and took it to the Blackjack table, won $27k and saved the company. Later on raised $11million in loans and the company went public 2 years later. Last year the company made $69.7 billion in revenue.

https://www.foxbusiness.com/money/fred- ... ng-formula

[LWBF]

i hope your business goes under. your not supposed to use bounce back loans for gambling.
i hope you loose your livelyhood and have to pay the loan back with interest. MORON!!

The only moron here is you.

Spelling ability of a 5 year old and clearly mentally unstable and a shitty person.

The reason I am using some of the funds to make a bet is because my business has taken a hit over the last few months due to COVID lockdowns etc.

When I applied for the loan several months ago my business was fully operational.

So now I am using some of the funds to generate income in other ways.

I am not a frequent better, I only placed some fairly safe bets in a market I am knowledgable in.

memphis real point is (my opinion) that it is reprehensible to gamble money that as been loaned to you for a specific reason that excludes gambling any of it no matter how knowledgeable you maybe, or how safe you judge your bets to be, that loan as not been granted for gambling on exchange markets or even trading them.

I do not think it is “reprehensible”.

I received the loan legitimately.

Since then (many months later), my circumstances have changed.

I used some of the loan to try and generate income - I didn’t blow it on something material.

I fully intend to pay all of the loan back (with interest) and I will.

My question is/was - can they deny me winnings of a best placed with this money?

There were no source of funds checks prior to placing any bets or when I opened my account.

There is nothing in Betfair’s terms that suggest this isn’t a legitimate source of funds.

[MemphisFlash]

let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!