If you are being investigated for BBLS or any other wrongdoing in relation to a Bounce Back Loan (BBLS) you should get legal help immediately.
Regarded as the savior of small businesses, the Bounce Back Loan Scheme (BBLS) was intended to help businesses adversely impacted by the coronavirus avoid insolvency.
Huge sums of money have been paid out through the scheme, but there are major concerns that the self-certification process and light touch checks to determine eligibility have led to major exploitation of the system.
Some estimates are that 1% of all Bounce Back Loan applications are fraudulent, meaning something in the region of £400,000,000 of taxpayers’ money could have been obtained illegally. Other estimates put the figure as high as £23bn.
The National Crime Agency, police, and other agencies are focusing their full attention on all allegations of fraud and wrongdoing, investigating cases across the country with increasing speed and determination.
If you are unsure about your position with your Bounce Back Loan or have become aware of an investigation, you should seek professional help.
Whether you face an investigation for fraud, may have to repay the money in the future, or if your business has trading difficulties and may need to enter a formal insolvency procedure, it is far better to deal with the situation while you still can.
We have professional solicitors at our penal who can help you through these investigations or help you through your insolvency.