What fees will I pay for a loan under CBILS?
Borrowers will not have to pay a guarantee fee. Lenders will pay a fee to access the scheme. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, allowing smaller businesses to benefit from no upfront cost.
British Business Bank has indicated that following earlier discussions with the banking industry, some lenders indicated that they would not charge arrangement fees or early repayment charges to SMEs borrowing under the scheme. Each business should check the terms of the loans being made to ensure this is the case and what the interest rate and prepayment fees will be following the period in which the Government makes payment of these amounts.
Related FAQs
The recommendation is every 3 years, however it is recommended that MHFAs receive regular ongoing training and support.
The Coronavirus pandemic will have impacted businesses in many different ways, but some of the most likely impacts that could have a legal implication are as follows:
- Services were not performed in accordance with contract during the period of disruption. This could be a reduction in volume of services performed, a suspension of services, or performance in a way that does not comply with contractual KPIs
- Late delivery or non-delivery of goods because of factory closures, or disruption in the supply chain
- Changes being agreed between parties to contracts to deal with the consequences of the Covid-19 outbreak
IR35 is an anti-tax avoidance regime which is intended to tackle (in HMRC’s view) the long standing issue of individual contractors providing their services or labour via an intermediary – which is usually a personal service company (referred to as a PSC). We’ll talk about PSCs here, but there are other types of intermediaries that are caught.
HMRC’s view is that this arrangement is often considered to be disguised employment and therefore a tax-avoidance arrangement.
So IR35 is essentially a test of employment status – and if, once you apply the test, the contractor should be an employee, they should then be taxed as an employee.
On Wednesday 8 July 2020 as part of a summer ‘mini-budget’, Rishi Sunak delivered the Government’s response to the threat to millions of jobs due to the existing furlough arrangements being wound down from August 2020 until it planned to close at the end of October 2020. In a wide-ranging speech to Parliament, the Chancellor announced a number of schemes to look to protect jobs beyond October 2020, in particular in certain sectors and for those aged 18-24. As the Government releases further information over the coming days and weeks, we will add to these FAQs.
- Delays in preparing and submitting applications to comply with pre-commencement conditions. In this respect there can be lengthy timescales gathering evidence to support applications to comply with pre-commencement conditions, ecology, contamination and archaeology are examples of matters which can require significant periods of survey work
- Following on from the above the ability to get required experts on the site necessary to undertake the required survey work
- Delays in the determination of applications to comply with pre-commencement conditions. In this respect whilst there are deemed discharge provisions/procedures concerning certain matters, the provisions cannot be used to discharge all types of conditions
- The ability to get people on site to undertake material operations
In the circumstances, it is advisable to start considering the implementation of the planning permission early and the earlier the better. Under current legislation whilst it is possible to vary conditions, albeit potentially leading to wider issues, it is not possible to extend the life of a planning permission meaning that lawful implementation is essential to avoid the loss of that permission.
If a planning permission is lost, amongst other things it may not be granted again or may not be granted on similar terms. In the circumstances, it is advisable to seek advice given the specific facts of the case to minimise the risk of a planning permission not being lawfully implemented and expiring.