British Business Bank: Coronavirus Business Interruption Loan Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 28th September 2021.

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Photo of Owen Thompson Owen Thompson SNP Chief Whip

To ask the Secretary of State for Business, Energy and Industrial Strategy, for what reason Coronavirus Business Interruption Loan Scheme lenders are not required to notify the British Business Bank of the repayment of loans.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

Coronavirus Business Interruption Loan Scheme lenders are not specifically required to notify the British Business Bank of loan repayments. This is because, at the time the scheme was launched, a decision was taken to streamline administrative burdens on lenders to allow them to concentrate resources on processing the large number of applications from businesses.

However, lenders do have an overarching duty to ensure that accurate records are kept, and loans that have reached maturity are automatically removed from the Bank’s web based reporting tool.

Further information related to loan repayments for the Government’s Covid-19 loan schemes will be included in the Department’s 2020-21 Annual Report and Accounts, to be published in due course

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