Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps her Department is taking to recover repayments of Bounce Back Loans under £50,000.

Lenders are responsible for the recovery of these loans in line with the standards and legal obligations set out under the schemes. The Department and the British Business Bank continue to work closely with UK Finance and accredited scheme lenders to support a consistent approach to the management of outstanding loans.

Lenders’ performance is subject to a robust audit programme overseen by the British Business Bank. If lenders do not meet their obligations, the government has the right not to pay out on any guarantee claims on the loans in scope.

The Department is also working with lenders to pilot greater use of third-party debt collection specialists, and compulsory liquidation for recovery and enforcement in fraud cases.