Is that for furlough or the loan scheme? The loan scheme does seem a bit of a shambles as its being left to the banks to asses if companies are eligible and it will come as no surprise they are trying to divert people on to loans they will make money from.
Starting to see some of our clients furloughing people and IMO the scheme is not being used as intended if what I'm seeing is common. Looks like smaller companies are doing their best to keep going with everyone working from home. Its the bigger companies that seem to be making use of furlough however I'm seeing companies whose work hasn't been impacted furloughing the majority of their non-fee earners while piling the work of those they've furloughed onto others. For me companies that can afford to pay tens of millions in dividends to the owners annually shouldn't really be using this as an excuse to save money, at the expense of their lowest paid workers, while increasing the workload for those who remain employed.
Also seems employment law has gone out of the window. Seeing lots of clients making changes to pay and conditions with no consultation. Obviously we're in exceptional circumstances but doesn't the law still apply? I have a suspicion many of these changes will remain in place long after things get back to normal.
Its both- you're right about loans, its totally up to the banks what interest rate will apply. Nat West will use base rate and take a look at your accounts to generate an interest rate based on what you can afford, and they come across as pretty reasonable, but they are saying that other banks are already being a lot more cutthroat and trying to make a lot of money- there are some cowboys out there operating in an unregulated way. The government are saying its totally up to the banks, so you have to choose very carefully. Added to that they have dropped "wrongful trading" as a weapon to go after directors of failed companies, so we are going to see a pretty lethal combination of directors/ owners taking more risk, potentially taking financing from the wrong people with extortionate rates, having a "gung ho" high risk crack at staying afloat, and coming to a terrible demise.
Contract law still applies- for example if you want to furlough someone you must get their agreement if that is not stated in their contact, and anyone doing the things you refer to are facing a lot of legal problems-
employment law still stands and is enforceable. The main thing to be careful of is that if you furlough people you must have them stating it in an out of office message, and they cannot even look at a single email- it will be audited and the govt will claim back any money against people who didn't have an out of office stating it and/or who did as much as look at a single work email.