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.
Please read this notice to understand how the Paycheck Protection Program Flexibility Act of 2020 has affected loans made before June 05, 2020.

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 Coronavirus Aid, Relief, and Economic Security Act, the 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:

For Corporate, LLC and Partnership entities

  • Copy of voided check (for the business checking account)
  • Valid ID or Driver’s License for every owner with more than 20% ownership (Front of ID in color)
  • 2019 Business Tax Return

If your 2019 Business Tax Return is not filed, please provide (1) of the following:

  • Payroll Verification, one of the following:
  • 941 for Q1 2020 or Q4 2019
  • 944 for 2019
  • Statement from Payroll Service Provider (PEO)

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 and information on this page was last updated June 09, 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 5 years for loans made on or after June 5, 2020
  • Payment deferral possible (see forgiveness FAQ)
  • 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%
  • 24 week covered period or until December 31, 2020 (whichever is earlier) for loans made on or after June 5, 2020
  • Payment deferral:
    • No payments until the SBA pays the lender for the forgiven portion or
    • No payments for the first 10 months after the covered period if the borrower fails to apply for forgiveness by the end of that time period
  • 5-year term repayment loans made on or after June 5, 2020
  • 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 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.

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:

  • Payroll costs such as:
    • Employee salaries (including commissions and tips)
    • Employee healthcare coverage
    • Retirement benefits
    • Vacation and paid leave (family, medical, etc.)
    • Taxes addressed on compensation
  • Non-payroll costs such as:
    • Rent payments
    • Utility bills
    • 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. In order to be eligible for a fully forgiven loan, no more than 40% of the loan forgiveness amount can be attributed to non-payroll forgivable costs. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the loan forgiveness FAQ for 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 1.00% fixed for the term set forth in your initial loan. If you fail to apply for forgiveness, no payments will be due until after 10 months after the end of your covered period 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

Updated 6/9/2020

Once you’ve received your Payment Protection Program (PPP) loan, you’ll need to use the funds for specific expenses and meet the requirements to have your loan forgiven. While new laws and regulations may impact the process and requirements, we’ve answered some of the most common questions based on the latest guidance. Please note that these answers are subject to change based on further guidance and in particular, SBA guidance.

Do I apply for forgiveness with the SBA or my lender?

You will need to apply for forgiveness with the lender that issued your loan. In this case, Funding Circle. Look for emails from us with reminders and further instructions with around forgiveness.

When can I apply for loan forgiveness?

You can apply for loan forgiveness after the end of your “covered period.” Your covered period is the time (described in more detail in the next question and answer) during which the money you spend on eligible expenses may be forgiven—any amount remaining after the end of your covered period won’t be forgivable.

What is the covered period for my loan?

You may be able to use one of two covered periods for your loan.

Your covered period lasts from when the loan was first disbursed to you until the end of 24 weeks or until December 31, 2020 - whichever comes first. If your loan was funded before June 5, 2020, you may elect to use the original covered period, which was the period from the date your loan was funded until the end of 8-weeks from that date. We encourage all borrowers whose loans were funded before June 5, 2020, to evaluate their personal situation when deciding to choose between the 8-week or 24-week covered period.

In addition, if you use a biweekly, or more frequent, payroll cycle, you can also use an alternative payroll covered period for payroll costs. This allows you to start your covered period for eligible payroll costs with the first day of the first payroll period following the disbursement instead of when your loan was disbursed. However, even if you opt for the alternative payroll covered period, your standard covered period applies to non-payroll costs.

How much of my loan can be forgiven?

You may be eligible to have your entire loan and the accrued interest forgiven. You need to spend at least 60% of your loan proceeds on forgivable payroll costs to qualify for full loan forgiveness.

Complete forgiveness also requires that you use the entire loan for forgivable purposes during your covered period, and that employee and compensation levels are maintained during the covered period.

Funds you used for non-forgivable purposes and funds remaining after your covered period won’t be forgiven. Even if you use the funds for forgivable purposes during your covered period, you may not qualify for full forgiveness if you don’t maintain full-time equivalent employee levels and compensation of each employee during the covered period.

What qualifies as a forgivable purpose?

PPP funds used for the following expenses, that are either paid or incurred during your covered period may be forgivable:

  • Payroll costs (defined below)
  • Interest payments on mortgage obligations that were in effect before February 15, 2020.
  • Rent payments for real and personal property on leases dated before February 15, 2020. These may include rents for buildings, vehicles, and equipment.
  • Utility payments, including electricity, gas, water, transportation, telephone and internet service, from services agreements dated before February 15, 2020.

What counts as payroll costs?

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

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

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

If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.

What can limit my forgivable amount?

In addition to using funds for non-forgivable purposes and not using at least 60% of the funds for payroll costs, your forgivable amount may be reduced if:

  • You don’t maintain or restore your average number of full-time equivalent employees (FTEs) during the covered period.
  • You reduce average annual salaries or hourly wages by 25% or more during the covered period compared to the most recent full quarter.

If you already cut salaries or hourly wages during the period between February 15, 2020 and April 26, 2020 (as compared to the pay period including February 15, 2020), you can restore the pay to the same level as during the pay period including February 15, 2020, by December 31, 2020, to eliminate a potential forgiveness deduction.

If you let people go or reduce their hours during the period between February 15, 2020, to April 26, 2020 (as compared to the pay period including February 15, 2020), you can also become eligible for full forgiveness by restoring your average monthly FTE headcount.

If your business launched in the second half of 2019, you might use average headcounts from January 1, 2020, to February 29, 2020 as the comparison period for calculating any FTE employee forgiveness reduction. If your business is seasonal, you may use your monthly averages from February 15, 2019, or March 1, 2019, to June 30, 2019.

You have until December 31, 2020, to restore your FTE numbers to at least the average headcount during the comparison period in order to avoid a reduction in forgiveness due to a reduction in FTE numbers. In addition, there are several exemptions, and you can still limit reductions in forgiveness if:

  • You tried but weren’t able to rehire or replace people you employed on February 15, 2020.
  • You can show you haven’t been able to return to the same level of business activity because of federal sanitation, social distancing, or safety requirements.

There may also be exemptions if you fire an employee for cause, an employee voluntarily resigns, or an employee requests to have their hours reduced. Please keep detailed written records for all attempts to re-establish and maintain your FTE headcount.

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

A complete list of required documents is included in the Forgiveness Application. For example, you may need to provide:

  • Payroll reports with proof of benefits contributions for employees;
  • Federal payroll tax filings (Form 941);
  • State tax filings, payroll, and unemployment insurance forms;
  • Copies of your rent or mortgage interest payments and leases showing the agreement began before February 15, 2020; and
  • Copies of utility payments and proof your services started before February 15, 2020.

Please be aware that this list is subject to change.

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

First, we will confirm the amount of your loan. 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. The SBA then has 90 days to review your loan and application and send the money. But the approval process may be delayed if SBA decides to review your file and notifies us not to process your forgiveness application until their review is complete.

What if my loan isn’t forgiven?

You’ll need to repay any amount that isn’t forgiven, but there’s no prepayment penalty, and the loan has a low, 1% interest rate. Your loan will have either a two- or five-year repayment term if the SBA approved your loan depending on the day on which your loan was made. Please refer to your loan documents for your loan terms. The repayment term will begin from when the loan is first disbursed to the borrower. The borrower does not have to make any payments until after the lender receives payment from the SBA for the forgiven portion of the loan.

Alternatively, repayments begin 10 months after the end of your covered period if you don’t apply for forgiveness.

Please be aware that this answer is subject to ongoing change.

How is my PPP loan affected by the Flexibility Act if it was made before June 5, 2020?

Please read this notice to understand how your Minimum Payroll Costs for forgiveness, Forgiveness Covered Period, and first repayment date has been changed by this legislation.

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Paycheck Protection Program application assistance is available in select languages

See below for access to support by language


Para asistencia con la
aplicación en español,
por favor llame al
o escriba al correo electrónico 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.


844-231-4871 或请给
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。


हिंदी में आवेदन सहायता के लिए, कृपया
कॉल करें: 844-231-4871 या ईमेलl
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।


اردو میں درخواست کی مدد کے لئے ، براہ کرم کال کریں: 4871-231-844 یا ای میل کریں
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.


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

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.