The banks are now checking applications that have been made in an effort to spot Bounce Back Loan fraud.
These checks are aimed at businesses who have falsified turnover in order to apply for more than they were entitled to.
Remember you were able to apply for 25% of your 2019 earnings, capped at £50K.
If you were incorporated from 2019, you could estimate your turnover but you still may be asked how you got to that figure.
These checks are also to catch businesses who took the Bounce Back Loan and then used it personally or sent it to another business as that violates the terms of the loan.
The loan had to be used for the economic benefit of the company that took it.
If you have concerns about your Bounce Back Loan it’s critical that you get advice as early as possible, the sooner you seek the help the more options you have available.
We are here to offer free, impartial, and non judgemental advice.
Don’t have another sleepless night.
All the best.