Funding Circle US expected to benefit from the extension of PPPs

Funding Circle US expected to benefit from the extension of PPPs

Funding Circle US will continue to offer Paycheck Protection Program (P3) loans for an additional two months after the US Senate votes to extend the program.

The US division of the peer-to-peer business lending platform was PPP accredited in April.

The PPP is one of several measures introduced by the US government to support businesses during the pandemic. More than $ 700 billion (£ 50.87 billion) has been deployed under the 100% state-backed program for small and medium-sized businesses in the United States.

“Congress just voted to extend the #PaycheckProtectionProgram,” Funding Circle US said in a LinkedIn post.

“Upon approval by the President, the deadline for submitting nominations will be extended until May 31, 2021.

“However, the SBA estimates that the remaining funds will be exhausted by mid-late April. We will continue to process new and existing applications until funding is exhausted.

Read more: Funding Circle to launch more products and continue to offer government guaranteed loans

An extension of the March 31 to May 31 deadline is just awaiting the president’s approval after the Senate voted 92-7 in favor of the PPP extension law 2021 and the House approved it by a vote 415-3 last week.

Read more: Funding Circle turns profitable as loan book hits record £ 4.2bn

Funding Circle said in its annual financial results yesterday that it will expand its core lending product to the United States after the P3 is complete, as well as providing government guarantee loans through the government administration program. small businesses on behalf of banks.

Read more: When will the Funding Circle reopen to retail investors?