Bounce Bank Loan Calculator_ How to calculate accurately

1. Bounce Bank Loan Calculator: How to calculate accurately Calculating the repayments for the bounce-back loan is not an easy task. If you’re not sure how much your repayments will be per month, if you haven’t already started paying back your loan, or you want to check that you are paying the correct amount each month, UK Tax Calculators has a very handy Bounce Back Loan Calculator to help you, including a loan extension calculator that will work out your new repayments if you’ve opted for PAYG. Many other online tools are also available for calculation. The Bounce Back Loan Scheme, launched in May 2020, was introduced to help small businesses affected by Covid-19. You can borrow anything between £2,000 up to 25 per cent of your business’s turnover (the maximum amount available is £50,000). The Government covers any interest payable in the first 12 months through a Business Interruption Payment (BIP) to the lender, while the 29 accredited lenders benefit from the 100 per cent Government-backed guarantee. The interest rate for the loan is fixed at 2.5 per cent per annum and the repayment term is six years. No repayments are due during the first 12 months.

2. However, you are liable to repay the full loan amount, as well as interest, after year one. As the pandemic looked to be heading into a second year, the Chancellor launched a new repayment scheme for businesses and organisations that had secured one of the loans from the Government. Known as Pay As You Grow, it allowed companies to structure their repayments more favorably and in line with how their business was growing following the impact of corona virus. Bounce Back Loan Calculator Benefits- If you are using bounce Back Loan Calculator, if you have numerous benefits, some of them are listed below- 1. Time Saving 2. Accurate results 3. Plan your finances 4. Allows you to evaluate multiple schedules