News

The U.K. Financial Conduct Authority, or FCA, has urged lenders to point out any companies regulated by the agency that may have fraudulently obtained loans under a now-closed financial aid program designed to counter the economic impact of the novel coronavirus. Through the Bounce Back Loan Scheme, or BBLS, which ran from May 2020 through March of this year, businesses that had seen their cash flow disrupted by the COVID-19 pandemic needed only a current account to receive as much as £50,000 in loans fully subsidized by the government, with no repayment due the first year. U.K. banks extended more...