Eyewatering Fraud - The Bounce Back Loan Scheme: An Update

The Caithness Business Index has posted the following article:

Eyewatering Fraud - The Bounce Back Loan Scheme: An Update

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Counter-fraud activity for the Bounce Back Loan scheme was implemented too slowly to be effective and government's activity to limit taxpayers' exposure to fraudulent loans is inadequate, according to a report from the National Audit Office (NAO). The Department for Business, Energy and Industrial Strategy (the Department) launched the Bounce Back Loans scheme (the scheme) on 4 May 2020, offering Bounce Back Loans of up to £50,000, or a maximum of 25% of annual turnover, to support businesses during the COVID-19 pandemic. [Read Full Article]