PayPal, Square, and Ready Capital will be able to distribute PPP funds. “Funding Circle US isn't giving up on them - we are ready to submit thousands of applications to the U.S. Second Round PPP Loans Update: What you need to know about the new round of PPP. “This next round of PPP funds will be gone in 3-4 days and the smallest of small businesses will once again be left behind,” said Metcalf of Funding Circle. Of the Funding Circle customers that applied for a PPP, 61% of the loans were for less than $50,000 while 94% were under $350,000. If they had a chance, they argue many tiny businesses would have received funding. But with the money gone so quickly, they never got a chance to help. It’s their sweet spot in terms of business customers and are the ones who are at the most risk of going under due to the pandemic.įunding Circle, Square Capital, PayPal, Intuit, and OnDeck were among the online lenders approved to participate in the first round. Otherwise, include your OCR as Payroll Costs on line 1 of form. You will only be required to certify you used the loan for OCR. If your loan amount is 150,000 or less, you can use form 3508S to apply for forgiveness. Sign Loan Agreement Paypal PppPPP Loan Forgiveness Application and Instructions for Borrowers who Received a PPP Loan of 150,000 or Less Form 3508S. You can simply transfer the appropriate amount to your personal bank account. The fintechs had lobbied Congress to set aside money for loans of $50,000 or less. There are no special conditions to follow. Of that, $30 billion goes to depository institutions and credit unions with $10 billion to $50 billion in assets, while CDFIs, small depository institutions, and credit unis with under $10 billion in assets get $30 billion.īut with the fintechs not named as designated lenders for the $60 billion, they say it's hurting their ability to get loans in the hands of its customers, many of which are among the smallest of businesses. This time around Congress wants to make sure more money gets into the hands of smaller businesses by setting aside $60 billion for small lending institutions, which means regional banks and credit unions.
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