The bounce back loan scheme was mismanaged by the British Business Bank while lenders were slow to implement adequate fraud checks Lord Agnew told MPs today

Former fraud minister Lord Agnew warns that the Treasury faces an ‘avalanche’ of claims from banks over the government’s guarantees on the Bounce Back Loans Scheme (BBLS)

Abuse of covid-19 bounce back loans saw company directors spending the funds on luxury cars, deposits for house purchases and even a jet ski

Tax agents and accountants will be able to send bulk appeals against late filing penalties for tax returns filed after 28 February due to Covid-19, HMRC has confirmed

The Public Accounts Committee (PAC) estimates that the cost of Covid-19 fraud across all support schemes could be as high as £20bn

Extensive government support for businesses during the pandemic protected many companies from the threat of insolvency but loan repayments will shake up resilience, warns Steve Thomas, partner at Excello Law

Nine companies need to pay back almost £1.4bn worth of the Covid Corporate Financing Facility (CCFF) loans before the repayment deadline closes next month

HMRC has been criticised for its lack of ambition in tackling covid fraud related to the furlough and self employed support schemes as £4bn is unlikely to be recovered

Businesses across the country are being encouraged to apply for remaining grant funding from local authorities to help them through the pandemic

The Insolvency Service has disclosed that an estimated 9,733 companies in England, Wales and Scotland that entered insolvency between 1 May 2020 and 31 October 2021 had taken out a bounce back loan

Over 1,000 businesses have already defaulted on their Coronavirus Business Interruption Loans (CBILS) according to analysis by Price Bailey

The Covid-19 pandemic has helped to narrow the UK’s regional economic divide, but the gap between London and the rest of the country is set to grow again during the post-pandemic recovery