£1bn of fraudulent Covid scheme loans for businesses blocked

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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 for the bounce-back loan scheme (BBLS) between May and October.

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