Oct 7, 2020

Bounce back loans: Taxpayers may lose £26bn on unpaid loans

Up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid, a report by the government's spending watchdog says. The BBC reported last week that the government was warned back in May that the scheme was at "Very high risk of fraud" from "Organised crime". "The bounce back loan scheme got money into the hands of small businesses quickly, and will have stopped some from going under." After opening a business bank account they then apply for a Bounce Back Loan through the same bank. The state-owned British Business Bank, which supervises the bounce back loan scheme, twice raised concerns, firstly in May. The BBB expects it will pay out £1.07bn in interest payments to the high street lenders that provided the cash.

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