Disputing a Will #SolicitorChat with The Law Society
15th April, 2021
How can you ensure wishes are followed and should you consider legal action if you feel a loved one’s wishes are not? Michael Brierley discussed this and more live on…
CBILS has been put in place to make loans available to eligible businesses across the UK who are experiencing lost or deferred revenues caused by the Coronavirus crisis leading to disruptions to their cashflow.
CBILS is now available through participating lenders and will initially run for six months.
The Government is periodically publishing updates here.
The key criteria are that your business:
Sole traders and freelancers are eligible as long as business activity is operated through a business account.
Any other Government aid received in response to the Coronavirus crisis should not impact your eligibility for CBILS.
The Government says if the Accredited Lender can offer finance on normal commercial terms without the need to make use of CBILS, they will do so.
NB: The Government has now said that any previous de minimis state aid received in the past will not impact your eligibility for CBILS and does not need to be taken into account by the Accredited Lender.
CBILS will be available through an Accredited Lender. You can find a list of the Accredited Lenders here.
Mundays Tip: Banks will be prioritising their existing customers so your first port of call should be your current Bank/Relationship Adviser.
If you already have existing lending facilities in place with the Accredited Lender then this should help to streamline the process.
The key loan terms are:
The Government will cover the first 12 months of interest and any lender-levied payments although fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment. The borrower remains liable for 100% of the debt and for repayments of the capital in the usual way during the term of the loan.
If an Accredited Lender approves your business for CBILS the Government will guarantee the Accredited Lender 80% of the loan.
NB: The CBILS guarantee is to the Accredited Lender and not the borrower so you will still be liable for 100% of the debt.
Mundays Tip: If you already have lending facilities in place with the Accredited Lender and they already have security, you should ask whether this will be sufficient security to cover the 20%.
NB:A Primary Residential Property cannot be taken as security under CBILS. An Accredited Lender cannot take a personal guarantee to cover the 20%.
This will depend on the Accredited Lender but CBILS includes:
The Accredited Lender will risk assess applicants in line with their usual lending process so you should contact them in the first instance for details of how to apply.
You must show in your borrowing proposal that were it not for the Coronavirus crisis, your business would be considered viable by the Accredited Lender, and for which the Accredited Lender believes the provision of finance will enable your business to trade out of any short-to-medium term difficulty.
Mundays Tip: We suggest that you do the following as soon as possible as the Accredited Lender will likely request these as part of their application process:
Should you need someone to help you produce any of the items above we can provide the name of a recommended provider where appropriate.
The EFG Scheme is temporarily suspended so you should discuss your eligibility under CBILS with an Accredited Lender instead.
If you have a query about your existing EFG facility then you should discuss this with your Bank.
If you have any queries please call Howard White on 01932 590 696 or Ben Martin on 01932 590 655 in the first instance and they will be able to direct your query.
Mundays Tip: You should call HMRC’s Coronavirus Helpline on 0800 015 9959 if you cannot pay tax due to Coronavirus.
The contents of this article are intended as guidance for readers. It can be no substitute for specific advice. Consequently we cannot accept responsibility for this information, errors or matters affected by subsequent changes in the law, or the content of any website referred to in this article. © Mundays LLP.
How can you ensure wishes are followed and should you consider legal action if you feel a loved one’s wishes are not? Michael Brierley discussed this and more live on…
Mona Gholami and Phillip Vallon discussed what impact the ruling have for other ‘gig-economy’ businesses?
Judith Fitton and Alice Barrett provide an insight as to ways you can protect and future proof the assets you may have built up previously.
Lucy Densham Brown and Phillip Vallon provide insight to the decision made by the Supreme Court last week in relation to the National Minimum Wage Regulation