Under Mr Sunak's scheme, firms could borrow up to £50,000 interest-free for 12 months, with the loan guaranteed by the Government. The watchdog added that the Government knew the risks as it launched the scheme, but had to weigh them against the consequences of not getting money to businesses quickly. In its report, the NAO also said that around £17billion may never be repaid due to fraudulent activity as well as legitimate borrowers defaulting, citing official estimates. Other measures did not begin until September 2020 as Ministers focussed on getting the loans out to support businesses that were struggling during the pandemic, the watchdog said. The National Audit Office said that by the time the Government implemented any anti-fraud measures in June 2020 – a month after the scheme was launched – more than £28billion had already been paid out. Last December furious MPs had claimed fraudsters were able to steal nearly £5billion from Chancellor Rishi Sunak's Covid Bounce Back Loan scheme because the Government's anti-fraud measures were 'too little too late'.Ī damning report by the spending watchdog has found that controls to ensure companies were not applying for more than one bounce back loan were 'inadequate' and put in place 'too slowly'. Police eventually traced Maxwell and arrested him, but not before he was ruthlessly compared to Bert from Sesame Street and Beaker from the Muppets online. Police published Maxwell's mugshot onto their Facebook page after he led them on a high speed chase in 2017.īut the site was quickly taken over by wannabe comedians having a laugh at his unkempt curly haircut and bleary-eyed appearance. Under Mr Sunak's scheme, firms could borrow up to £50,000 interest-free for 12 months, with the loan guaranteed by the Government
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