My Input Into the National Audit Office Investigation into the BBL Scheme

As many of you may know, I recently volunteered to give my input into an upcoming audit to be performed by the National Audit Office, who have been tasked with looking into and reporting on the Bounce Back Loan scheme.

The reason I did so is that they are inviting anyone that is part of that scheme, whether that be banks, people who have applied for a Bounce Back Loan or anyone else associated with the scheme to give an insight into how the scheme is performing for them.

I volunteered as I felt that after having chatted to 1000’s of people on Twitter, via email and in some instances on the phone and having set up this website, I was in a position to give such input from BBL applicants point of view.

Yesterday I did just that and spoke to the team who are going to be performing that audit, and there is no doubt in my mind that they are going to report fairly and accurately on the scheme.

I say that as I was bombarded with questions, relating to all lenders and problems reported to me with each one, and gave them feedback on the many problems experienced by applicants. The answers I gave were in some cases an uncomfortable truth as to how certain banks were performing, but I also let them know on how banks were evolving their BBL systems as time ticks by.

Lets not forget too that over 1.1 million people have been approved and paid out a Bounce Back Loan, so its not all doom and gloom on the BBL front, and I also discussed how some banks have got things right too.

Obviously, there are always both sides of any story/problem, but is important I feel that you, the applicants get your voices heard. As the next few weeks tick by I have offered to give them an update on how things are going.

I did also mention ways that the scheme could be improved moving forward and suggested ways that would ensure that before the scheme is due to end on November the 4th (there is also the option to extend the scheme by the way) that everyone who wants a BBL and is eligible for one could get one and no one would be left out or excluded.

Those suggestions though will only work if all banks work together and take on new customers and remove the cut off dates when new customers can apply for a BBL. That however is a decision that rests with the banks not the National Audit Office.

I should also point out that you can add your input too, by contacting them (see below), however the NAO is not a complaint resolving channel, so they are unable to assist with any problems you are having getting a business bank account or a Bounce Back Loan, I say that so you do not start hounding them to assist you with any problems, (hound the CEO teams of any bank you are having a problem with is my advice, see below for contact details of those teams).

To learn more on this audit visit the National Audit Office website HERE.