COVID–19 Relief Loans Are Here

These forgivable, federally guaranteed small business loans can cover payroll and operating expenses for those impacted.

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For Application assistance in Spanish (Español), Mandarin (普通话),
Urdu/Hindi (اردو/हिन्दी), please click HERE.

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Please be prepared to submit all documentation requested. Failure to provide all requested documents will delay your submission.

Benefits of an SBA-Backed Paycheck Protection Program Loan

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Only 1% Interest

All loans will have a flat 1% interest rate.

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100% Loan Forgiveness1

For qualified loan uses like payroll, mortgage interest, rent, and utilities.

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Loans from $10,000 – $2 Million2

Funding Circle can provide loans from $10,000 up to $2 Million.

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No Collateral Needed

There are no collateral requirements or personal guarantees needed.

What is the Paycheck Protection Program?

As a part of the $2.2 trillion federal stimulus package, the new Paycheck Protection Program provides small business loans with up to 100% forgiveness to help businesses impacted by COVID-19. The objective of this program is to help businesses retain their workforce and assist with operational expenses. These loans are meant to help small businesses cover employee salaries, total payroll support, rent, utilities, and other business related debt-obligations.

Is your small business eligible for the program?

All businesses that were in operation before February 15, 2020 – including sole proprietorships, self–employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).

How is the loan amount determined?

Your loan amount will be 250% (or 2.5 times) your average monthly payroll. Your monthly payroll includes wages, tips, group health, retirement benefits, and taxes. For purposes of calculating "Average Monthly Payroll", most applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.

What information will I need to complete my application?

The current SBA application estimates the time to complete this application, including gathering data needed, is 8 minutes*. Funding Circle will need the following information in order to process a loan:

  • Completed Paycheck Protection Application (we generate this form on your behalf)
  • A copy of official identification (such as a driver’s license) for all 20%+ owners
  • A voided check

For Corporate, LLC and Partnership entities:

  • 2019 Business Tax Return Or 2018 Business Tax Return, or current capitalization table
  • If using a 2018 Business Tax Return or current capitalization table we will also need one of the following:
    • 2019 Q4 Tax Form 941 (Oct-Dec)
    • 2020 Q1 Tax Form 941 (Jan-Mar)
    • 2019 IRS Tax Form 944
    • Statement from Payroll Service Provider for last 12 months

For Sole Proprietors:

  • 2019 Schedule C
    • Even if 2019 1040 has not been filed, need to complete 2019 Schedule C for the SBA application
  • Note if you also pay W2 wages we will also need:
    • Q1-Q4 2019 941s (or 944)
    • Optional (may increase loan amount):
      • Q1-Q4 2019 State unemployment tax filings
      • Evidence of retirement contributions
      • Evidence of health insurance contributions / premiums

Additional documentation for payroll verification may be required. We require payroll verification to determine eligibility and size of your loan. Your account manager will reach out to obtain this documentation.

* This list of documents was last updated April 02, 2020 and is subject to change based on SBA guidance.

We’re in this together.

Funding Circle remains focused on helping business owners drive their communities and the economy forward. We will continue to share the most updated relief information and COVID–19 related resources so that you may take advantage of all opportunities available.

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Paycheck Protection Program with Funding Circle

The Paycheck Protection Program (PPP) serves as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing eligible small businesses to apply for federally guaranteed, forgivable loans.

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Program Details:

  • 250% of average monthly payroll
  • Loan amounts from $10,000 – $2 Million1
  • Fixed 1% interest rate
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral or personal guarantees needed
  • No lender fees or fees payable to SBA

Paycheck Protection Program Loan Calculator

Were you in business February 15, 2020?

What were your total payroll costs in the last 12 months?

  (February 15, 2019 - February 15, 2020) 
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How much you may qualify for

$—

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Our Paycheck Protection Program application process

Funding Circle understands this is an unprecedented situation, and will work with you all the way to continue our support of small businesses, like yours, to grow, create jobs, support your community, and drive the economy forward.

  1. Complete your application

    The SBA estimates that the time to complete this application, including gathering data needed, is 8 minutes.

  2. Hear from us

    Your dedicated Account Manager will contact you as soon as possible to review your documentation, complete your file and answer any questions you may have.

  3. Get a decision

    We’ll work on getting you a final quote after completing your file.

  4. You get funded!

    If approved, you’ll receive money in your bank account as soon as possible, once you accept your offer.

Kristen Schieck

Account Manager

"Applied for Loan on Friday, funds in account on Tuesday!!! Amazingly smooth process from beginning to end! Kristen Schieck is an AMAZING Account Manager!!" – Mick H.

Chad Rossiter

Senior Account Manager

"The process was easy and fast and best of all we got the funding we needed at a very favorable rate and term. We are thrilled and really enjoyed working with Chad." – Mary Hall

*Testimonials based on non-SBA term loan application and funding process

Frequently Asked Questions

What is the paycheck protection program?

The Paycheck Protection Program is an SBA (Small Business Administration) 7(a) loan designed to help small businesses impacted by COVID-19 retain their workforce. For all small businesses, the Paycheck Protection Program has the following terms:

  • Fixed interest rate of 1.00%
  • No payments for the first 6 months
  • 2-year term repayment
  • Loan forgiveness of up to 100% of the principal amount

How do I apply for a payment protection program loan?

Businesses can apply for this SBA 7(a) loan through a qualified lender for the Paycheck Protection Program, including Funding Circle. Visit www.fundingcircle.com/us/apply to apply or call +1(855)385-5356 to have an Account Manager assist you with the process.

What is the application fee?

Funding Circle does not charge an application fee to apply for any of our business loans, or those of our partners including SBA 7(a) loans.

How is the loan amount determined?

Your loan amount will be 250% (or 2.5 times) your average monthly payroll. Your monthly payroll includes wages, tips, group health, retirement benefits, and taxes. For purposes of calculating “Average Monthly Payroll”, most applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee. Note: At least 75% of funds must be used for payroll and the remaining amount (up to 25%) must be used for eligible expenses under the Final Rule.

Do I need collateral to qualify?

No. Paycheck Protection Program loans are unsecured.

How long will it take to get my loan proceeds?

Once the SBA releases details and guidance on the Paycheck Protection Program, Funding Circle can approve your loan and disburse funds as fast as possible, often within one business day after loan approval, by ACH payment.

Are there limitations of how I can spend my paycheck protection program funds?

Yes. The approved uses of funds are:

  • Rent payments
  • Utility bills
  • Employee salaries (including commissions and tips)
  • Employee healthcare coverage
  • Retirement benefits
  • Vacation and paid leave (family, medical, etc.)
  • Taxes addressed on compensation
  • Interest payments (not principal payments) on mortgages or debt incurred before February 15th, 2020

What is my interest rate?

The interest rate for Paycheck Protection Program loans is 1.00% fixed.

If I take this loan now, can I get additional SBA funds in the future?

It is our understanding that it will not affect your future SBA loan runway or total dollars allowed from the SBA, but we are awaiting guidance from the SBA.

Does the paycheck protection program have loan forgiveness?

If the funds are used on approved use of funds, up to 100% of the principal amount of the loan can be forgiven. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the SBA for full updates and details.

If I do not qualify for loan forgiveness, what will my monthly payment be?

Monthly payments will depend on the amount borrowed and the loan term. Any amount not forgiven will have an interest rate of 1.0% fixed for the term set forth in your initial loan. No payments will be due until after the 6 month deferment period.

If I already have a loan with Funding Circle, can I use these funds to pay that loan?

Yes, customers can use the Paycheck Protection Program loan proceeds to pay interest with existing Funding Circle loans. However, any amount applied to non-mortgage debt or principal payments will not qualify for loan forgiveness.

I would like to speak with someone to better understand my options, where can I get help?

Funding Circle Account Managers are currently available and looking forward to answering all of your questions.

Can I apply for both an economic injury disaster loan and a loan through the payment protection program?

Yes. You are eligible to apply for the Paycheck Protection Program if you receive an Economic Injury Disaster Loan grant through the SBA. However, the amount forgiven under the Paycheck Protection Program will be decreased by the amount of EIDL grant you receive. You can apply for an EIDL HERE.

Paycheck Protection Loan Forgiveness FAQ

When do I need to apply for loan forgiveness?

No later than ten (10) days after the conclusion of the first eight weeks of your loan. For example, if your loan is funded on May 1, 2020, you must submit your forgiveness documentation no later than July 6, 2020.

How much of my loan is eligible for forgiveness?

Your PPP loan may be forgivable in part or entirely. The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. More details on eligibility requirements can be found below.

What determines the amount of loan forgiveness eligibility?

The calculation of the amount of PPP loan forgiveness you are eligible for, if any, is completely based on the use of proceeds of your PPP loan. Complete loan forgiveness requires that the entire loan was used for forgivable purposes, and that employee and compensation levels are maintained.

What qualifies as a forgivable purpose?

  • Payroll costs over the eight-week period following the funding date of the loan.
  • Interest payments on mortgage obligations dated before February 15, 2020 incurred over the eight-week period following the funding date of the loan.
  • Rent payments for the business, on leases dated before February 15, 2020, incurred over the eight-week period following the funding date of the loan.
  • Utility payments for the business, under service agreements dated before February 15, 2020, incurred over the eight-week period following the funding date of the loan.

What counts as payroll costs?

Payroll costs consist of compensation to employees whose principal place of residence is the United States and includes:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation

Do I need to use my entire PPP loan towards pay-roll costs for it to be entirely forgiven?

The short answer is "No," but at least 75% of your PPP funds MUST have been used towards payroll costs to be considered for full forgiveness.

Can non-payroll costs be forgiven?

Yes, non-payroll costs may be eligible for loan forgiveness. Per the SBA, at this time no more than 25% of the loan forgiveness can be attributed to qualified, non payroll-related costs. If more than 25% of the funds are used for qualified, non payroll costs, then that portion of the loan may not be forgiven.

What if I used part of my PPP loan to refinance my EIDL loan? How much of this is eligible for loan forgiveness?

If you ended up using your EIDL loan funds for payroll costs, the amount of your EIDL loan that was financed by the funds of your PPP loan will be eligible for loan forgiveness. This amount will be categorized as a payroll cost. Any proceeds from any advance received on your EIDL loans, up to $10,000 will be deducted from the loan forgiveness amount on your PPP loan. This information is based on the latest guidance provided by the SBA.

How are full-time employee levels determined? What if I already cut salaries or let employees go?

To be eligible for the full amount of loan forgiveness, your full-time equivalent employee headcount cannot decline from your average monthly headcount. If your business launched in the second half of 2019, you may use average headcounts from January 1, 2020, to February 29, 2020. If your business is seasonal, you may use your monthly averages from February 15, 2019, or March 1, 2019, to June 30, 2019.

Please note: If you had to let employees go, you have until June 30, 2020 to restore your full-time employment and salary levels for any changes you may have made between February 15, 2020, and April 26, 2020.

What documentation do I need to provide to apply for loan forgiveness?

Documents and certificates:

  • Proof of payroll (such as):
    • Copies of checks
    • Payroll records
    • Excel records
  • Rent statement(s)
  • Utilities statement(s)

Please be aware that this list is subject to change. Funding Circle will be updating this list in accordance with further guidance from the SBA.

When will I know how much of my loan has been approved for loan forgiveness?

First, Funding Circle will confirm the amount of your loan. Then we will confirm the amount that is eligible for forgiveness within sixty (60) days after receiving a fully completed forgiveness application and all related supporting documentation.

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Paycheck Protection Program application assistance is available in select languages

See below for access to support by language

Spanish

Para asistencia con la
aplicación en español,
por favor llame al
[844-231-4871|tel:8442314871]
o escriba al correo electrónico
spanishPPP@fundingcircle.com Tenga en cuenta que solo podemos proporcionar
asistencia con respecto a aplicaciones específicas del
Paycheck Protection Program
a través de Funding Circle.
No podemos atender consultas generales
o preguntas relacionadas con otros prestamistas.

Mandarin

诚若需要普通话协助,请拨打
844-231-4871 或请给
MandarinPPP@fundingcircle.com
发一封电子邮件。请留意,我们的普通話服务仅限於给Funding Circle 申请 PPP (薪资保护贷款计划)的顾客使用。本公司无法为其他贷方及银行申请表和申请程序做一般查询的答复发言,请见谅,谢谢。

Hindi

हिंदी में आवेदन सहायता के लिए, कृपया
कॉल करें: 844-231-4871 या ईमेलl
HINDIppp@fundingcircle.com
कृपया ध्यान दें कि हम केवल फंडिंग सर्कल के माध्यम से विशिष्ट पेचेक सुरक्षा कार्यक्रम अनुप्रयोगों के बारे में सहायता प्रदान कर सकते हैं। हम अन्य उधारदाताओं के आवेदन के संबंध में सामान्य पूछताछ या प्रश्नों को संबोधित करने में असमर्थ हैं।

Urdu

اردو میں درخواست کی مدد کے لئے ، براہ کرم کال کریں: 4871-231-844 یا ای میل کریں
HINDIPPP@fundingcircle.com
براہ کرم نوٹ کریں کہ ہم صرف فنڈ سرکل کے ذریعہ پے چیک چیک پروٹیکشن پروگراموں کے سلسلے میں مدد فراہم کرسکتے ہیں۔ ہم دوسرے قرض دہندگان کو درخواستوں سے متعلق عمومی پوچھ گچھ یا سوالات سے نمٹنے سے قاصر ہیں۔

Funding Circle will do our best to accommodate applicants for whom English may not be their first language. Funding Circle has dedicated support to handle applications and general inquiries for the following languages: Spanish (Español), Mandarin (普通话), Urdu/Hindi (اردو/हिन्दी).

We strongly recommend that all applicants who require additional language support consult a family member, or trusted friend, or colleague who is fluent in English to review documents and confirm understanding of the terms of the loan.

Recomendamos encarecidamente que todos los solicitantes que requieran apoyo lingüístico adicional consulten a un familiar, amigo de confianza o colega que hable inglés con fluidez para revisar documentos y confirmar la comprensión de los términos del préstamo.

我们会尽力协助英语非母语的申请人。强烈建议需要英语帮助的申请人能够让精通英语的同事或亲友协助审查所有的贷款申请材料和有关协议条款。

फंडिंग सर्कल उन आवेदकों को समायोजित करने की पूरी कोशिश करेगा जिनके लिए अंग्रेजी पहली भाषा नहीं है। हम दृढ़ता से अनुशंसा करते हैं कि सभी आवेदक जिन्हें सभी दस्तावेजों की समीक्षा करने के लिए भाषा के समर्थन की आवश्यकता है, एक व्यक्ति से परामर्श करें जैसे: एक परिवार के सदस्य या सहकर्मी जो अंग्रेजी में धाराप्रवाह हैं

فنڈنگ ​​سرکل ان درخواست دہندگان کو ایڈجسٹ کرنے کی پوری کوشش کرے گا جن کے لئے انگریزی پہلی زبان نہیں ہے۔ ہم پرزور سفارش کرتے ہیں کہ وہ تمام درخواست دہندگان جنہیں تمام دستاویزات کا جائزہ لینے کے لئے زبان کی مدد کی ضرورت ہوتی ہے ، کسی فرد سے مشورہ کریں جیسے: خاندانی ممبر یا ساتھی جو

1 Eligibility requirements for loan forgiveness can be found at https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule.

2 Funding Circle may partner with other lenders to provide a full range of loan options to qualified borrowers, loan amounts are subject to certain exclusions (including but not limited to state and/or entity type). Your lender will be disclosed in application or Promissory Note. Minimum loan amount set at $25,001 for DC and TN.