Claiming universal credit + topped up bounce back loan

[Craigbadger]

As a sole trader am I required to tell Universal Credit if I get a bounce back loan top up? I did get 1 last year which is long gone thinking things would be well and truly back to normal by winter but we know that didnt happen and im still working at maybe 20% capacity. I know I have to declare SEISS as its regarded as profit but I suspect the loan is different as I will be repaying so its not profit. I just wanted to check.

I'm 99% sure they asked nothing about debt or anything when applying and only cared about personal savings being under 16k. I'm hopefully only on UC till July-August  at the latest but would rather not end up in trouble with UC. As far as I can see this is me trying to get trading again which it is, I have business bills to pay and actually most of the loan is spoken for but it means I havnt got to magic up money from somewhere else 

[unclebulgaria67]

What you are talking about is the loan available from Local Council Authorities which was to cover business costs and was not replacement of income ?  If so, UC would not need this information, as it relates to business capital and is therefore not something for benefits to consider.

 

SEISS is income replacement which is totally different and declareable as income.

[Craigbadger]

1 hour ago, unclebulgaria67 said:

What you are talking about is the loan available from Local Council Authorities which was to cover business costs and was not replacement of income ?  If so, UC would not need this information, as it relates to business capital and is therefore not something for benefits to consider.

 

SEISS is income replacement which is totally different and declareable as income.

 

There you go then just as I thought. Maybe it did sound like a stupid question to you but no harm in asking I presume.

[honeybee13]

There are no stupid questions if you don't know the answer. It's always worth asking.

 

HB