express.co.uk 26 Jan, 2021 11:15 am

Bounce Back Loan alert: Self-employed facing 'mind-boggling' levels of fraud - what to do

BOUNCE Back Loan income can help smaller businesses manage throughout the pandemic but, as is with the case with many Government support schemes, payments have been hampered by fraudulent activity. New analysis on this paints a dire picture for SMEs and warnings have been issued.

The Bounce Back Loan Scheme (BBLS) was introduced by the Government in early 2020 to support small and medium-sized businesses.The scheme is open to applicants until March 31 2021 and to be eligible a business: Must be based in the UK Was established before March 1 2020 Must have been adversely impacted by coronavirus READ MORE: Martin Lewis predicts 'substantial changes' - SEISS grant 4 date news Bounce Back Loan fraud problems have emerged Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE We will use your email address only for sending you newsletters.The Bounce Back Loan Scheme could be utilised by those unable to benefit from SEISS READ MORE Self Assessment tax return: Taxpayers urged to appeal penalties "Legitimate funds may be frozen when the bank’s decision is misplaced.Fraser continued: “However, action is now being taken on to recoup the fraudulent loans.

“Whilst recovering fraudulent loans is to be applauded, any business who received a genuine loan must seek immediate professional advice if their accounts are frozen or they receive any approach from any government agencies.READ MORE Am I due a Cold Weather Payment?

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