£1bn of fraudulent Covid scheme loans for businesses blocked

£1bn of fraudulent Covid scheme loans for businesses blocked

Banks have prevented more than £1bn worth of fraudulent business loans being paid out from one of the government’s emergency Covid schemes. In a letter to the public accounts committee, the British Business Bank, which administers the government-backed loan programme, said 20 lenders had blocked a total 26,933 fraudulent applications to the bounce-back loan scheme…