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answer › question first answered	2020-07-20T14:12:00.773Z
min date	2019-06-24
min answer › question first answered	2019-06-27T12:57:06.047Z
tabling member constituency	Walthamstow
answer › answering member printed	Paul Scully

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registered interest

date

exactly:

or between:
and

answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

1225190

registered interest

date

15/07/2020

answering body

Department for Business, Energy and Industrial Strategy

answering dept id

201

answering dept short name

Business, Energy and Industrial Strategy

answering dept sort name

Business, Energy and Industrial Strategy

hansard heading

Companies: Coronavirus

house id

legislature

25259

pref label	House of Commons

question text

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 13 July 2020 to Question 70388 on Companies: Coronavirus, what steps the Government plans to take to monitor whether companies borrowing through the Coronavirus Large Business Interruption Scheme are (a) engaged in trading activity in the UK at the Initial Drawdown Date and (b) using that finance facility to support their trading activity in the UK.

tabling member constituency

Walthamstow

tabling member printed

Stella Creasy

uin

74551

answer

is ministerial correction

date of answer

20/07/2020

answer text

The Coronavirus Large Business Interruption Scheme (CLBILS) guidance makes it clear that the British Business Bank is not responsible for monitoring or verifying the use of any money advanced by accredited lenders to borrowers. It is the lenders responsibility to ensure that CLBILS facilities comply with the CLBILS eligibility criteria, which include (amongst others): <ul><li>That the relevant Applicant or Applicant’s Group is or will be engaged in Trading Activity in the United Kingdom at the Initial Drawdown Date</li><li>That the Proposed Scheme Facility will be used for an Eligible Purpose (which may include the refinancing of an existing Borrowing Facility used for an Eligible Purpose) and to support trading in the United Kingdom.</li></ul> If the facility was not eligible at the offer date then the lender would not be able to claim against the guarantee. The British Business Bank retains the rights to request information from accredited lenders in order to verify whether a facility was eligible on the offer date. Lenders undergo a review to test a sample of CLBILS facilities to ensure that processes are being followed in accordance with the agreement.

answering member constituency

Sutton and Cheam

answering member printed

Paul Scully

question first answered

20/07/2020 14:12:00

answering member

4414

label	Biography information for Paul Scully

tabling member

4088

label	Biography information for Stella Creasy