Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what (a) financial and (b) security checks are made of (i) owners or (ii) directors of multiple companies seeking loans under the Bounce Back Loan Scheme for each of the companies in which they have a financial stake.

A single business will not be eligible for multiple Bounce Back Loans; however, an individual who owns a number of separate businesses which do not fall under the same group, may apply for a Bounce Back Loan for each separate business entity. Business owners are required to self-certify that their business meets the eligibility criteria for the Bounce Back Loan Scheme (BBLS). Any individual that knowingly provides false information is at risk of criminal prosecution for fraud.

Applications from eligible borrowers will also be subject to customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.