A businesswoman spent the majority of her coronavirus loan on herself, after claiming her firm made £130,000 in a year in order to secure the £30,000 Covid 'Bounce Back' credit.
Monica Coyle, 51, has been banned from being a company director for 10 years after spending the majority of the £30,000 Bounce Back Loan (BBL), which she claimed in May 2020.
The UK Government's Insolvency Service said Ms Coyle - who was the president of Ayrshire Business Women - personally gained from at least £26,861 in payments from the loan.
During the Coronavirus pandemic, the emergency financial aid was designed to enable businesses to access finance more quickly. Its creation meant that businesses could claim up to £50,000 - but couldn't exceed 25 per cent of the business' turnover.
The Ayrshire woman told officials that her company, Positive Pulse Limited - which specialised in health and wellbeing training for companies - achieved a turnover of £130,000 in 2019.
Her company also offered private health checks for staff members, which included both lifestyle, dietary and mental welfare support.
But, analysis of the award-winning businesswoman's bank statements up to December 31, 2019 showed a mere turnover of just £4,892.
And on February 6 this year, Coyle went on to place the Creditors Voluntary Liquidation - with a deficiency of £30,000. This is owed to the bank, which is the company’s only creditor, in respect of the BBL.
Coyle, who formerly worked full-time with the NHS, was elected as president of Ayrshire Business Women in February 2019 for the group's 25th anniversary year.
However, she quit less than a year into the role.
A source close to Ayrshire Business Women, who asked to remain anonymous, said: "Monica was elected as President of ABW in February 2019, and stepped down in January 2020.
"Monica did not organise or attend the AGM for ABW that month and did not complete the handover to the incoming 2020 president, Mary Cahill.
"Monica resigned as a member of Ayrshire Business Women and never returned to the group."
Following the incident, the 51-year-old has been banned from being a company director for a decade, with the order set to expire in September 2023.
The disqualification means that Coyle is prevented from directly, or indirectly becoming involved in the promotion, formation or management of a company - without the permission of the court.
The Secretary of State also accepted a disqualification undertaking from Coyle, after she did not dispute that she caused the company to apply for, and receive, a BBL of £30,000 which the company was not entitled to, following which she received personal gain.
Commenting on this, investigation manager Steven McGinty said: "Bounce Back Loans were made for the economic benefit of the company, not for directors’ personal gain.
"Monica Coyle exploited the scheme and took taxpayers’ money during the pandemic which she knew she was not entitled to."
