For at least 3 months (who knows beyond that!), we are, of course still subject to the EU State Aid regime. A revised "reference rate" has just been issued for all Member States-effectively this means that a loan by a public body to a business (and we are seeing a number of innovative schemes where this is relevant) has to be at no less than this rate to be regarded as not being unlawful aid. For the UK, that rate is now 1.09% plus 100 basis points, ie 2.09%. In practice the risk and security granted will need to be considered to fully advise.
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