(Bloomberg) -- The U.K. government estimates it could lose as much as 23 billion pounds ($30 billion) on loans it guaranteed to help prop up businesses during the pandemic.

The worst-case calculation was disclosed in the latest annual report of the Department for Business, Energy & Industrial Strategy, The projected best-case scenario reckons on losses of about 13 billion pounds. The estimates, which use loss ranges based on historic losses from similar prior programs and combine credit and fraud losses, were reported earlier by the Financial Times.

Britain’s Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme and the Bounce Back program have distributed about 50 billion pounds ($65 billion) of loans. The U.K. government guaranteed 80% of the CBILS and CLBILS loans and all the Bounce Back lending.

It was revealed last month that the U.K. government has started an audit of the loan programs.

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