“bounce back loans” to buy flash cars and other luxuries. Emergency action by the Treasury enabled small businesses to be rushed through for loans of up to £50,000 with virtually no added security checks with their existing banks.The Daily Record has spoken to one businessmen who referred to the scheme as “free money”, which he may or may not pay back.Another small business owner claims he bought a £22,000 used Porsche after getting the loan approved and paid within days.
The source, who owns a shop in Glasgow, said: “Before this my business was doing well and I was going to buy a nice car and the next thing the lockdown killed everything. “I immediately had to put staff on furlough and I’m then being offered a bounceback loan.
Read more on dailyrecord.co.uk
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