Source · National Audit Office

Investigation into the Bounce Back Loan Scheme

Published: 7 Oct 2020 Recommendations: 1 Type: Value for Money NAO confirmed: 1 Department: Department for Business, Energy & Industrial Strategy

This investigation describes the scheme’s purpose and how it functions, performance to date, and how government manages value-for-money risks.

Dept: Department for Business, Energy & Industrial StrategyHM Treasury Topics: Banks and financial servicesBusiness and industryCOVID-19Fraud and errorGrants and fundsMoney and taxRisk and resilienceRisk management nao.org.uk →

Recommendations

1 item

Rec	Recommendation	Addressee	Acceptance	Implementation
1	The Scheme achieved its initial objective of quickly supporting small businesses, but a lack of more detailed Scheme-specific objectives will make it difficult to measure its ultimate success. Systems and processes have evolved since the Scheme launch but much hard work remains over the coming months and years to ensure that the risks to value for money are minimised. This work must include implementing a robust debt collection plan with lenders and fraud investigation arrangements. Government should also take this opportunity to consider now the controls it would put in place to protect against fraudulent abuse for any future schemes. Ref Page 12, paragraph 25 · Implemented Q4 2022-23	Department for Business and Trade	Accepted	Not relevant ✓ NAO