Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government whether, under the Coronavirus Business Interruption Loan Scheme, any conditionality by the lender is permitted for the bounce back micro-loans; and whether that funding is automatic following ticks on an application form.
The Bounce Back Loan Scheme has been designed to enable businesses to access finance quickly. Businesses are required to complete an online application form, which is expected to be assessed by their lender within a matter of days. In some instances, the lender may ask a business for additional information, such as an HMRC self-assessment tax return to verify its status as a business.
Businesses from all sectors can apply for a facility. The business must self-certify to its lender the following: