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The National Audit Office (NAO) has warned that taxpayers stand to lose up to £26bn on the government’s COVID-19 business loan scheme, because of fraud, or an inability to repay the money.
The scheme was designed to quickly distribute cheap loans of up to £50k to small businesses hit by the crisis. But the NAO estimates that up to 60 per cent of customers may fail to pay it back because of fraudulent applications and minimal credit checks.