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
4 results
Clear
6 Recommendation Not Addressed
Thirty-third Report: Covid-19: Bou…
Government has no apparent plans to measure the Scheme’s impact, including identifying how many businesses...
Government has no apparent plans to measure the Scheme’s impact, including identifying how many businesses have been unable to access support. The Department indicates that its initial barometer for success was delivering cash to as many businesses in need, as … Read more
Government Response
The government's response provides context on the Bounce Back Loan Scheme and the committee's report, but it does not address the specific recommendations regarding measuring the scheme's impact, establishing performance measures for new schemes, or analyzing the lending market.
HM Treasury
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1 Conclusion Not Addressed
Thirty-third Report: Covid-19: Bou…
On the basis of a report by the Comptroller & Auditor General (C&AG), we took...
On the basis of a report by the Comptroller & Auditor General (C&AG), we took evidence from HM Treasury, the Department of Business, Energy & Industrial Strategy (the Department) and the British Business Bank (the Bank) on the Bounce Back … Read more
Government Response
The government's provided response discusses cash access, future legislation, and cashback facilities, entirely unrelated to the committee's introductory conclusion about the Bounce Back Loan Scheme.
HM Treasury
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13 Conclusion Not Addressed
Thirty-third Report: Covid-19: Bou…
The Bank told us that lenders are responsible for the Scheme’s fraud management.
The Bank told us that lenders are responsible for the Scheme’s fraud management. The Bank does, nevertheless, have a weekly lender fraud prevention collaboration working group, as well as conducting ‘data-analytics’ work with the Cabinet Office.32 Lenders are responsible for … Read more
Government Response
The government's provided response addresses a different Public Accounts Committee recommendation (3b) regarding balancing taxpayer and business interests and reliance on self-certification, not the preceding conclusion #13 on fraud management data.
HM Treasury
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16 Conclusion Not Addressed
Thirty-third Report: Covid-19: Bou…
After the initial interest-free period, borrowers will need to make repayments (capital and interest) to...
After the initial interest-free period, borrowers will need to make repayments (capital and interest) to the end of the loan period, in line with their loan agreement.40 There is a high likelihood that some businesses who wish to re-pay the … Read more
Government Response
The government's response addresses a different recommendation regarding the finalisation and uniformity of recovery rules for overdue loans, and therefore does not engage with the committee's conclusion about the high likelihood of businesses struggling to repay Bounce Back Loans.
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