Minimum loan amount set at $25,001 for DC and TN. While companies like Paypal, Intuit, Lendio, and Square […] Your data is encrypted using a combination of the Advanced Encryption Standard (AES 256) and Transport Layer Security, which helps keep your sensitive data secure and protected. You can apply for both the Paycheck Protection Program and an EIDL from the SBA, but you can’t use the loan proceeds for the same expenses. In general, all applications will require the following documents: Linking your bank account to your Funding Circle application is the fastest and most convenient way to provide verification of your bank account information. For qualified loan uses like payroll costs, mortgage interest, rent, operations expenditures, property damage costs, supplier costs, personal protective equipment and utilities. Funding Circle was created with a big idea: to revolutionize the outdated lending system and build a better deal for small businesses. Yes. The interest rate for Paycheck Protection Program loans is 1.00% fixed. Funding Circle offers a range of business loans, including SBA loans, term loans, merchant cash advances, business lines of credit, invoice factoring, and working capital loans. The Paycheck Protection Program might not be a good fit for your business. Yes. 78f), where the terms “exchange,” “issuer,” and “security” have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. It was founded in the year 2010 to serves as an online peer-to-peer lending market place. The Small Business Association fully guarantees the PPP loans, and lenders across the country will distribute the funds to eligible businesses. See the question “How do I calculate the maximum amount I can borrow?” in our loan forgiveness FAQ. Any amount not forgiven will have an interest rate of 1.00% fixed for the term set forth in your initial loan agreement. You are eligible to apply for the Paycheck Protection Program if you receive an Economic Injury Disaster Loan grant through the SBA. The Paycheck Protection Program (PPP) provides eligible small businesses impacted by COVID-19 with loans that can be up to 100% forgiven. If your business is a restaurant or accommodations, your loan amount will be 350% (or 3.5 times) your monthly average payroll. There is a limited list of uses for money provided through the Paycheck Protection Program: Two clocks start ticking once you receive the loan. First and second draw loans have been made available for the most recent round of PPP funding that was enacted as a part of the CARES Act and Consolidated Appropriations Act, 2021. To determine your average payroll costs, add up the payments you made for the following expenses during the previous 12 months, and divide the result by 12: For sole proprietors, self-employed individuals, and independent contractors: You can add up the previous 12 months’ wages, commissions, income, and net earnings that you received, up to the $100,000 annual cap. Amazingly smooth process from beginning to end! Businesses can apply for this SBA 7(a) loan through a qualified lender for the Paycheck Protection Program, including Funding Circle. 33004, 33006 (June 1, 2020), as amended. For a second draw PPP loan, the maximum loan amount will be 250% (or 2.5 times) your monthly average payroll costs for most industries. For a first draw PPP loan, the maximum loan amount will be 250% (or 2.5 times) your average monthly payroll costs for 2019 or 2020 or for a 1-year period before the date on which the loan is made. For purposes of loan forgiveness, the covered period is the period beginning on the date the lender disburses the PPP loan and ending on a date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement. Funding Circle is an organization founded in San Francisco, California. Then we will confirm the amount that is eligible for forgiveness within 60 days after receiving a fully completed forgiveness application and all related supporting documentation.

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