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
3 results
Clear
7 Conclusion Acknowledged
Thirty-third Report: Covid-19: Bou…
Both Germany and Switzerland delivered schemes to support small and medium- sized enterprises (SMEs) much...
Both Germany and Switzerland delivered schemes to support small and medium- sized enterprises (SMEs) much earlier than the UK.16 Their schemes offered 100% guarantees.17 CBILS, although in place at a similar time, offered an 80% guarantee attempting to remain line … Read more
Government Response
The government agrees with the committee's observations and states it is working with the British Business Bank to explore how to further strengthen responses to future economic downturns and ensure resilient support for SMEs of all sizes.
HM Treasury
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8 Conclusion Acknowledged
Thirty-third Report: Covid-19: Bou…
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department,...
Notwithstanding the lack of preparedness, it is clear that staff at HM Treasury, the Department, and the Bank pulled out all the stops to get the Scheme up and running as quickly as possible; we should not underestimate the level … Read more
Government Response
The government acknowledges the Bank's essential role in driving economic growth and affirms that ministers acted quickly to implement the scheme in response to the pandemic's economic consequences.
HM Treasury
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9 Conclusion Acknowledged
Thirty-third Report: Covid-19: Bou…
The Scheme is designed with the objective that borrowers receive the loans within 24–48 hours...
The Scheme is designed with the objective that borrowers receive the loans within 24–48 hours of a valid application. This target was based on independent research which suggested that one-third of businesses would probably not be able to access enough … Read more
Government Response
The government considers the existing application process for the Bounce Back Loan Scheme, including borrower self-certification, to remain appropriate given the ongoing need for quick access to finance, and will consider future approaches for any new schemes.
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