Paycheck Protection Program
If you are self-employed, an independent contractor, a sole-proprietor, or a small business owner with employees, and have been impacted by the COVID-19 pandemic, a low-interest loan with the potential for 100% forgiveness through the Small Business Administration Paycheck Protection Program (PPP) may offer some relief. We’ve partnered with Funding Circle who can help you get your application for PPP funds submitted to the SBA.
IMPORTANT NOTE: The SBA resumed accepting PPP applications from participating lenders on Monday, April 27, 2020. Similar to round one, this second round of funding may go quickly, and we encourage you to get your application in now. View Additional Program Information to see how much of the second round of funding has been distributed to date. We also continue to advocate for additional funding on behalf of all borrowers.
SBA Paycheck Protection Program Loans
- Receive up to 250% of your average monthly payroll expense (or average monthly income for non-employers)
- 1% fixed interest rate for the life of the loan
- 2-year repayment term
- Payment deferrals for 6 months
- 100% forgiveness if you use at least 75% of the loan to cover payroll costs
How Can Funds Be Used?
- Payroll costs (salary, wages, commission, tips)
- Employee benefits healthcare benefits, vacation, and more)
- Mortgage interest
- Interest on any other business debt obligations (before February 15, 2020)
Prepare for Your Application With These Documents
While the information needed for your application will be determined by Funding Circle, you can get a head start by gathering the documents below.
General business information
- If you have employees with salaries:
- Over $100,000: 2019 payroll statement with gross earnings of all employees
- Under $100,000: Tax Form 944, or Tax Form 941, or 2019 payroll statement with gross earnings of all employees
- Verification that your business was operational on February 15, 2020
- Verification of your personal information
- Social Security Card; or
- Individual Taxpayer Identification Number (ITIN); and
- Government-issued ID (front and back)
- Verification of your business information
- Your business’s government SS-4 (EIN confirmation letter); or
- Your most recent business tax returns confirming your business name and TIN; or
- Your DBA and Social Security number, if you are a sole proprietor; and
- Bank account and routing number
- Medical Insurance payment verification (if available; optional)
- Retirement benefits documentation (if available; optional)
For More Information
For detailed information about who can apply, loan forgiveness and more, visit the SBA Paycheck Protection Program website.
LendingClub is referring Paycheck Protection Program (“Program”) loan applicants to Funding Circle, an approved U.S. Small Business Association (“SBA”) lender, for help with their application and submission to the SBA. Any loans made under the Program must also be approved by the SBA. Program funds are limited. LendingClub does not guarantee that applications will be processed and submitted before Program funding is exhausted. There is no cost to you to apply for a Program loan. Applying through LendingClub or its partner Funding Circle does not prohibit you from applying with other lenders and/or Platforms. While LendingClub or its partners cannot guarantee additional funding will be authorized, notice will be provided by Funding Circle as to Program status.
*LendingClub may receive compensation from Funding Circle for applications referred through LendingClub.