I have a client who is a IT contractor (Ltd) took out the full 50K bounceback loan. Turnover is around 200K
However, my client did not stop working and the pandemic did not affect his business therefore technically not eligible for the loan. Though I am so sure many businessess have missed this point as they have just taken the loan without any thought.
He is planning to use the 50K to invest in a company he has setup overseas. UK company would charge interest on the loan. The Overseas and UK Company business activities are related
Would this need to be reported to SOCA ?