Small Business has published an article saying that this week, an appeal tribunal could decide to make public the 1.7bn small business names that took out Bounce Back Loans. This could potentially leave sole traders vulnerable to fraudsters.
If you are named publicly and have spent your Bounce Back Loan on protecting your business during the pandemic you should be fine. If the loan was not spent for the benefit of the business, like buying holidays, the appropriate steps should be taken to recover misspent loan funds.
Partner, Jenifer Martindale comments: "it’s imperative that businesses ensure their use of the loans has been in accordance with loan terms and, if not, take steps to rectify the position as best they can."
Read the full article here.
