Source · Select Committees · Public Accounts Committee
Recommendation 23
23
Acknowledged
Bounce Back Loan Scheme designed to support small businesses with 100% government guarantee
Conclusion
The Bounce Back Loan Scheme (BBLS) was established as part of a suite of measures to provide support to small businesses during the COVID-19 pandemic, with a maximum loan value of £50,000. The loans were provided by commercial lenders directly to businesses, who were expected to repay the debt in full. Government provided lenders with a 100% guarantee against the loans, meaning if the borrower did not repay the loan, the government will step in and repay the lender. The BBLS is administered by the British Business Bank (BBB), which is fully owned by the Department.39
Government Response Summary
The government acknowledged its responsibility for the ongoing management of the Bounce Back Loan Scheme.
Government Response
Acknowledged
HM Government
Acknowledged
The Department’s responsibilities also include the ongoing management of the Bounce Back Loan Scheme, which was set up as part of a suite of measures to provide support to businesses during the COVID-19 pandemic.