How to Make Informed Decisions with the Bounce Back Loan Calculator and the UK Government’s Pay as You Grow Options

 How to Make Informed Decisions with the Bounce Back Loan Calculator and the UK Government’s Pay as You Grow Options


The Bounce Back Loan (BBL) scheme was a government-backed loan scheme introduced in 2020 to help small businesses in the UK during the turmoil of the COVID pandemic. In addition to the standard Bounce Back Loan terms, the UK government also introduced the Pay as You Grow (PAYG) options in September 2020. These options give businesses more flexibility in how they repay their Bounce Back Loans.


NOTE: Whilst the Bounce Back Loan scheme is no longer available, the PAYG options can still be used to repay Bounce Back Loans that were taken out before the scheme closed

The scheme was open to businesses with a turnover of up to £50 million, and loans of up to £50,000 were available. The interest rate on BBLs was 2.5%, and there were no fees or interest to pay for the first 12 months. After 12 months, the interest rate would increase to 6.3%.

The knock-on effect of the pandemic on UK businesses is still being felt today. Recognizing that many companies couldn’t bounce back quickly enough to repay their loans, the government introduced the PAYG option to offer greater flexibility at a time when so many people were struggling. PAYG gives you more time and options to pay back your loan.

To know more about how to make informed decisions with the bounce-back loan calculator.

Location: United Kingdom

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