A self-employed construction contractor from East London has been ordered to pay £10,000 within one week after transferring a covid support loan to his personal account.
Adam Lennard, 58, applied for a £20,000 Bounce Back Loan in August 2020, claiming the annual turnover of his East London Property Maintenance business was £80,000. However, the real turnover of his company was under £50,000 in 2019.
Bounce Back Loans allowed a business affected by the covid pandemic to borrow between £2,000 and up to 25% of the company turnover in the calendar year 2019, with a maximum loan of £50,000.
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