As the scale of fraud associated with covid loans hits £4.9bn, MPs on the Public Accounts Committee have criticised the way the Department for Business (BEIS) handled fraud checks on businesses

HMRC is contacting taxpayers who need to repay all or part of their fourth of fifth self-employment income support scheme (SEISS) grant 

The government has set up an arbitration system to help resolve outstanding commercial rent debts as the general moratorium on commercial evictions during the pandemic ends

After the spate of fraud related to bounce back loans, the Treasury has confirmed that all companies which used the Covid Corporate Financing Facility scheme have now repaid their loans

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