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Madison Legal > Posts tagged "HMRC"

HMRC Bounce Back Loan investigation

HMRC Bounce Back Loan investigation

Introduced by the government in April 2020, the Bounce Back Loan Scheme (BBLS) provided rapid access to finance for small businesses affected by the coronavirus pandemic. Through the scheme, SMEs could borrow between £2,000 and 25% of their turnover, up to a maximum of £50,000. While businesses took advantage of the BBLS, it wasn’t without controversy. In June 2021, it was revealed that basic fraud checks were disregarded in the rush to ensure vulnerable businesses were protected at the start of the pandemic. As a result, the scheme was open to fraud, defaults, and error. Nearly half of the loans taken...

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