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Funding Circle Supports IRS eIVES Modernization and Anti-Fraud Act

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Funding Circle Supports IRS eIVES Modernization and Anti-Fraud Act

Updated: July 11th, 2023

Funding Circle Corporate news

H.R. 3335 will increase access and speed in which small business owners can access capital

DENVER – May 16, 2023Funding Circle, the online platform for small business loans, announced today its support for the IRS eIVES Modernization and Anti-Fraud Act

Today, Chairman of the House Financial Services Committee, Patrick McHenry (R-NC) and Representative Jimmy Panetta (D-CA), member of the House Committee on Ways and Means introduced H.R. 3335, bipartisan legislation to modernize the IRS Income Verification Express Service by: 

  • upgrading the system from fax based to an application programming interface (API)
  • eliminating the need for loan applicants to interact with the IRS directly
  • expanding the data made available to lenders to include certain business tax return information

For small business owners, this legislation would eliminate the need to gather and submit tax returns to their lender – a costly and time intensive process for many businesses. It would also eliminate the need to interact directly with the IRS allowing lenders to do all the work on the applicant’s behalf so they can focus on running their business.

“We applaud Chairman McHenry and Representative Panetta for working together to reduce costs and complexity for small business owners seeking financing by modernizing this outdated fax based system which will increase access and speed in which businesses can obtain affordable capital,” said Ryan Metcalf, Director of Public Affairs for Funding Circle US.

About Funding Circle

Funding Circle (LSE: FCH) is a leading online small business financing platform for business borrowers. Since 2010, Funding Circle originated $4.3 billion to 42,000 small businesses in the U.S. and $20.2 billion to 135,000 small businesses globally.

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