The Department acknowledged that the changing pandemic scenarios around issues such as the return of international visitors, reopening and social distancing had changed the economics for organisations in receipt of grants or repayable finance.12 It told us that the fund was stretched further than it had anticipated at the time it was agreed.13 ACE told us that it was working with some organisations for the first time, and would continue to look very carefully at who they were and what they were doing.14 ACE and Sir Damon told us they had put “extensive processes” in place for monitoring, with data resulting communicated back to the Department.15 Managing the loan-book