Bounce Back Loan Calculator: How to Calculate Accurately

 Bounce Back Loan Calculator: How to Calculate Accurately

The Chancellor, Rishi Sunak, announced a series of financial measures in 2020 to help businesses through the coronavirus pandemic. One of those initiatives was the Bounce Back Loan which was launched in April 2020. It allowed small and medium-sized businesses to borrow up to £50,000, depending on turnover, at a very low-interest rate.


As well as being guaranteed by the Government, businesses, and organizations didn’t have to start paying back the loan for 12 months. From that point, payments are made over a six-year or extended to a 10-year period if they were still struggling financially.

However, calculating how much your monthly repayments will be has caused some confusion among business owners/directors. Whilst there are no arrangement fees added to the loan figure, and the interest rate charged is low for the duration of the loan, many hadn’t included the Business Interruption Payment (BIP) figure. This is the sum of money paid to the lending parties by the Government to cover the 12 months of interest on the loan. Let’s look more closely at the Bounce Back Loan scheme and how to calculate your monthly repayments accurately.

To know more about bounce-back loan calculators.


Location: United Kingdom

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