The Dolphon I agree with your opinion that the govment stand to lose out big time on this scheme. I've heard a number of stories of tradesmen that have used the loan to do up their own house and then boasting that they will declare themselves out of business so they don't have to pay it back. All the while continuing to work. I don't know any of them first hand but have come across it from a number of different places.

And decent accountants will have shopped any clients doing this.

I’m a taxpayer, why the f*** would I want to work for people who do this. It isn’t clever “accounting” - it’s being bent and morally bankrupt. That and they will get their bollocks removed as it’s all traceable.

Lesson no 1
Don't touch the governments money.

You can take out a massive loan with little checking because the funders get 10% in fees.
They the get the interest paid for the first year by HMG and in the second year by the borrower.
A £250k loan will nett the lender £40k all guaranteed in case the borrower goes bust - and many have and will - on purpose!I
The lenders are trying to lend as much as possible - I was approved for £250k in 4 days - that included a weekend and all I had to do was fill in a form.
Well done HMG for doing it but shame on the lenders who don't give a fig about who they lend to.
My Business is totally without debt etc so an easy lend but I have heard of others who in normal times would not have been given a fiver getting tens of thousands.

Yup but hopefully will have some explaining to do if they've done wrong. Don't forget also that rules can be changed to allow more browsing into company accounts.

It appears this and furlough is where CP gets his 47 billion figure from.
It’s gone from the news now. Loans were rushed out as poverty was being promised if they weren’t given quickly. Imo covid happened so quickly that meetings about meetings about meetings weren’t possible. Due diligence went south as time was of the essence and there were many genuine cases. Quite a few non genuine cases it appears though. Hindsight is wonderful but just look at the abuse hmg have got about the present world wide apparent cost of living crisis and now giving away another 17 billion to appease people. When taxes do go up I doubt many will remember the £400 and £800 payouts.