Over recent months we have seen numerous references in the press to investigations into Bounce Back Loan Scheme (BBLS) fraud. A year ago the National Audit Office estimated that around 11% of the loans granted (some £4.9bn) were procured fraudulently. More recent official estimates suggest the figure is between £3.3bn and £5bn.

Needless to say attempting to recover these funds is a enormous task. The National Crime Agency is investigating some of the biggest cases, but equally banks and HMRC are actively seeking to identify fraud and recover the loans.

Throughout the pandemic, a steady stream of government support was made available to prop-up businesses. As we move towards a New Normal, those support packages are being scaled-back. Many businesses are still recovering from the shock of the last 18 months and, with high levels of historic debt as an additional burden, are not yet back to full financial health.