£1bn of fraudulent Covid scheme loans for businesses blocked
by Kalyeena Makortoff Banking correspondent from on (#5A0B3)
Twenty lenders have rejected total of 26,933 applications for bounce-back loans since May
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 (BBLS) between May and October.
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