COVID-19: Bounce Back Loan Scheme

Public Accounts Committee Closed Inquiry
Opened: 24 Sep 2020 Closed: 25 Mar 2021 Parliament page
This inquiry continues our work on government’s response to the Covid-19 pandemic. This inquiry focuses on the NAO’s report on the Bounce Back Loan Scheme : its purpose; how it functions; how it has performed to date; and how government manages the associated value for money risks – including the … Read more
15 Recommendations
6 Conclusions
1 Report
1 Oral session
2 Letters
1 Event
Activity timeline 5 events
25 Mar
2021
Report published
13 Jan
2021
Correspondence
16 Dec
2020
Report published
5 Nov
2020
Oral evidence
5 Nov
2020
Correspondence
Oral evidence sessions 1 session
5 Nov 2020
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COVID-19: Bounce Back Loans
Catherine Lewis La Torre · British Business Bank Katherine Braddick · HM Treasury Patrick Magee · British Business Bank Sarah Munby · Department for Business, Energy and Industrial Strategy Sir Tom Scholar · HM Treasury
Title HC No. Published Items Response
Thirty-third Report: Covid-19: Bounce Back Loan Scheme HC 687 16 Dec 2020 21 Responded
Recommendations & Conclusions
1 result
Clear
4 Recommendation Accepted in Part
Thirty-third Report: Covid-19: Bou…
Government’s plans for managing risks to the taxpayer—from both fraud and borrowers who are unable...
Government’s plans for managing risks to the taxpayer—from both fraud and borrowers who are unable to repay loans—are woefully under-developed. Government does not have a counter-fraud strategy for the Scheme and has not identified what types of fraud it will … Read more
Government Response
The government agreed with the committee's broader recommendation on balancing taxpayer interests and protecting against fraud. It outlined measures taken, including Cifas implementation and NATIS involvement for serious fraud cases, and confirmed criminal action for these. However, it did not commit to the British Business Bank providing a fraud estimates report within two weeks and maintained that self-certification remains appropriate for the current scheme.
HM Treasury
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Government Response AI assessment · 21 of 15 classified
Accepted 10
Accepted in Part 1
Acknowledged 3
Not Addressed 4
Rejected 3
Total 15 recs + 6 conclusions
Correspondence 2 letters
13 Jan 2021 Correspondence from Catherine Lewis La Torre, Chief Executive, British Business Bank, re Covid-19: Bounce Back Loan Scheme report, dated 18 December 2020
Parliament page
5 Nov 2020 Correspondence from the British Business Bank, dated 3 November 2020 on the Bounce Back Loan Scheme (BBLS)
Parliament page