A brazen businesswoman who spent the majority of a £30,000 Covid loan on herself, has been banned from becoming a company director for a decade. Monica Coyle, 51, claimed the Bounce Back Loan (BBL) in May 2020 when she was president of Ayrshire Business Women.
Coyle personally gained at least £26,861 in payments from the loan, say the UK Government's Insolvency Service. Small operations considered emergency financial aid as a life-line to survive when Covid decimated businesses across the country.
As reported by Daily Record, businesses could claim up to £50,000, but could not exceed 25 per cent of the business' turnover. Coyle, a qualified nurse who formerly worked full-time with the NHS, told officials that her company, Positive Pulse Limited, achieved a turnover of £130,000 in 2019.
