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Bounce back loans: Taxpayers may lose Р’Р€26bn on unpaid loans

As much as 60% of crisis pandemic loans made underneath the Bounce right right Back scheme may not be paid back, a written report because of the federal government’s investing watchdog states.

The nationwide Audit Office (NAO) stated taxpayers could lose as much as Р’Р€26bn, from fraudulence, organised criminal activity or standard.

The lending scheme carried lighter checks than the others and was geared towards smaller businesses struggling to access other pandemic capital support.

A BBC that is recent investigation just how fraudsters were utilizing the mortgage system.