Funding Circle approved small business package for US Covid-19

Funding Circle has been approved for a US scheme to deliver funding to small businesses impacted by Covid-19.

The ‘big three’ peer-to-peer platform’s US division has been approved by the country’s Small Business Administration (SBA) and the US Treasury to originate Paycheck Protection Program (PPP) loans that are 100 per cent guaranteed by the SBA.

The Paycheck Protection Program is a $350bn (£279.4) loan program authorised by the latest US economic stimulus package.

The scheme provides small businesses with loans of up to $10m to cover payroll costs, rent, mortgage interest, or utilities.

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