Morecambe firm paid back just £130 of misused £50k Covid loan before going bust
A Morecambe man misused £32,000 from a Covid business loan and paid back less than half a percent of its total before his firm went bust.
The loans were backed by the government, making the tax payer accountable for any sums which were not repaid. They also came with strict rules that the money could only be used for the benefit of the business.However, an Insolvency Service investigation found that the £50k was paid into an account held by Backhouse Enterprises Ltd in October 2020 and moved to a second company account a day later.
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