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Paycheck Protection Program Loans Are Here

First draw and second draw PPP loans are available through Lends Well and Partners. Funds are limited and will be disbursed on a first come, first served basis.1

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Only 1% Interest

All loans will have a non-compounding and non-adjustable 1% interest rate.

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100% Loan Forgiveness

For qualified loan uses like payroll costs, mortgage interest, rent, operations expenditures, property damage costs, supplier costs, personal protective equipment and utilities.

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Loans from $5,000 – $2 Million

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Funding Circle can provide loans from $5,000 up to $2 Million.

No Collateral Needed

There are no collateral requirements or personal guarantees needed.

Our Paycheck Protection Program application process

Lends Well  understands this is an unprecedented situation, and will work with you all the way to continue our support of small businesses, like yours, to grow, create jobs, support your community, and drive the economy forward.

Existing Lends Well PPP Recipient

  1. Sign in and complete your streamlined application

Access your personal second draw application to confirm a few details and submit additional documents

2. Hear from us

Your dedicated Account Manager will contact you through email as soon as possible to review your documentation, complete your file and answer any questions you may have.

3. Get a decision

We’ll work on determining the amount of PPP funding that your business may qualify for after completing your file.

4. You get funded!

If approved, you’ll receive money in your bank account as soon as possible, once you accept your offer.

Kristen Smith

Account Manager

"Applied for Loan on Friday, funds in account on Tuesday!!! Amazingly smooth process from beginning to end! Kristen Schieck is an AMAZING Account Manager!!" – Mick H.

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Chad Rossiter

Senior Account Manager

"The process was easy and fast and best of all we got the funding we needed at a very favorable rate and term. We are thrilled and really enjoyed working with Chad." – Mary Hall

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*Testimonials based on non-SBA term loan application and funding process

Get funded

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Please be prepared to submit all documentation when requested. We will alert you of documents required as soon as possible. Failure to provide all requested documents will delay your submission.

We’re in this together.

Lends Well remains focused on helping business owners drive their communities and the economy forward. We will continue to share the most updated relief information and COVID–19 related resources so that you may take advantage of all opportunities available.

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Paycheck Protection Program with Lends Well

The Paycheck Protection Program (PPP) is a loan program administered by the Small Business Administration (SBA), allowing eligible small businesses to apply for federally guaranteed, forgivable loans.

Program Details:

  • 250% of average monthly payroll (350% for second draw only if food services or accommodations)

  • Loan amounts from $5,000 – $2 Million

  • Fixed 1% interest rate

  • Maturity of 5 years for loans

  • Payment deferral possible (see forgiveness FAQ)

  • 100% guarantee by SBA

  • No collateral or personal guarantees needed

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How do I apply for a payment protection program loan?


Businesses can apply for this SBA 7(a) loan through a qualified lender for the Paycheck Protection Program, including Funding Circle. Sign up for updates today and we will alert you as soon as the application opens.




What is the application fee?


Lends Well does not charge an application fee to apply for a Paycheck Protection Program loan.




Do I need collateral to qualify?


No. Paycheck Protection Program loans are unsecured.




How long will it take to get my loan proceeds?


Once the SBA releases details and guidance on the Paycheck Protection Program, Lends Well can review your application and submit it to the SBA for approval. If your loan is approved, funds will be disbursed as fast as possible by ACH payment, often within one business day after loan approval.




Are there limitations of how I can spend my paycheck protection program funds?


Yes. The approved uses of funds are: Payroll costs such as:

  • Employee salaries (including commissions and tips)
  • Employee healthcare coverage (including group life, disability, vision, or dental insurance)
  • Retirement benefits
  • Vacation and paid leave (family, medical, etc.)
  • Taxes addressed on compensation
Non-payroll costs such as:
  • Rent payments
  • Utility bills
  • Interest payments (not principal payments) on mortgages or debt incurred before February 15th, 2021
  • Covered operations expenditures: Payment for any software, cloud computing, and other human resources and accounting needs.
  • Covered property damage costs: Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
  • Covered supplier costs: Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
  • Covered worker protection expenditure: Personal protective equipment and adaptive investments to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020, and the end of the national emergency declaration.




What is my interest rate?


The interest rate for Paycheck Protection Program loans is 1.00% fixed. The interest rate will apply to any portion of your loan amount that is not forgiven by the SBA.




If I take this loan now, can I get additional SBA loans in the future?


You are eligible to apply for other SBA products such as 7(a) loans and Emergency Injury Disaster Loan (EIDL). However, if you are a an eligible person or entity (as defined under section 24 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act) that receives a grant under such section 24, you are not eligible for a PPP loan or if you take a PPP loan, you are not eligible for the section 24 grant.




Does the paycheck protection program have loan forgiveness?


If the funds are used on approved use of funds, the SBA may approve for up to 100% of the principal amount of the loan to be forgiven. In order to be eligible for a fully forgiven loan, no more than 40% of the loan forgiveness amount can be attributed to non-payroll forgivable costs. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the loan forgiveness FAQ for details.




If I do not qualify for loan forgiveness, what will my monthly payment be?


Monthly payments will depend on the amount borrowed and the loan term. Any amount not forgiven will have an interest rate of 1.00% fixed for the term set forth in your initial loan agreement. If you fail to apply for forgiveness, no payments will be due until 10 months after the end of your covered period.




If I already have a loan with Lends Well, can I use these funds to pay that loan?


Yes, customers can use the Paycheck Protection Program loan proceeds to pay interest with existing Lends Well loans. However, any amount applied to non-mortgage debt or principal payments will not qualify for loan forgiveness.




Can I apply for both an economic injury disaster loan and a loan through the payment protection program?


Yes. You are eligible to apply for the Paycheck Protection Program if you receive an Economic Injury Disaster Loan grant through the SBA. However, the amount forgiven under the Paycheck Protection Program will be decreased by the amount of EIDL grant you receive. You can apply for an EIDL HERE.





Document Requirements

What documents do I need in general?


The required documentation for your Paycheck Protection Program application can vary by your entity’s filing status, if you’re applying for a First Draw PPP Loan or a Second Draw PPP Loan, and if you have employees. We will go over the different document requirements in the questions below. In general, all applications will require the following documents:

  • A copy of an official ID document, such as a driver’s license, for all business owners who own more than 20%.
  • Bank account verification by connecting via Plaid (more details on Plaid in the question below) or through providing a voided check.




Why should I use Plaid to verify my bank account information?


Linking your bank account to your Funding Circle application is the fastest and most convenient way to provide verification of your bank account information. Linking your bank account helps to ensure that, if your loan application is approved, funds can be sent to you as quickly as possible. Funding Circle understands the importance of keeping your financial information safe and secure. That is why we have partnered with Plaid. Plaid is used by many major banks and credit unions, such as American Express, and financial apps, such as Venmo. With Plaid:

  • Your data is encrypted using a combination of the Advanced Encryption Standard (AES 256) and Transport Layer Security, which helps keep your sensitive data secure and protected.
  • Funding Circle only has access to view your account information, such as the account owner’s name, account number and routing number.
  • Funding Circle never has access to your login credentials.
If your bank does not participate with Plaid or if you would prefer to provide a voided check instead, you may verify your bank account information by providing us with a voided check that shows the business name, account number and routing number.




I filed a Schedule C in 2019 and I don’t have employees


If you filed a Schedule C in 2019 and do not have any employees (other than yourself), you will need to upload the following documents:

  • 2019 1040 Schedule C
  • One 2019 business bank statement and February 2020 business bank statement




I filed a Schedule C in 2019 and I have employees


If you filed a schedule C in 2019 and do have employees (other than yourself), you can expect to upload the following documents:

  • 2019 1040 Schedule C
  • 2019 Form 941s for all four quarters
  • Q1 2020 Form 941 or February 2020 bank statement showing payroll debit(s) or a payroll statement covering February 15, 2020
  • If you have a 2019 full year comprehensive payroll report from payroll processor/PEO, you may submit that instead of submitting the Schedule C and the 941s




I filed a Form 1120/1120s or Form 1065 in 2019


If you filed a Form 1120/1120s or a Form 1065 (you’re likely a Partnership or Corporation), you can expect to upload the following documents:

  • 2019 Business Tax Return (including K-1s if you filed a 1065)
  • 2019 Form 941s for all four quarters (if you have employees)
  • Q1 2020 Form 941 or February 2020 bank statement showing payroll debit(s) or a payroll statement covering February 15, 2020
  • If you have a 2019 full year comprehensive payroll report from payroll processor/PEO, you may submit that instead of submitting the first two requirements (2019 Business Tax Return and the 941s)




I am applying for my Second Draw PPP loan


If you’re applying for your Second Draw PPP loan, you will be required to fill out a Proof of Revenue Reduction form as a part of our online application to demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter4. To prepare for this part of the application, you can review your business’s income statements (also called Profit and Loss statements) for 2019 and 2020. You can generate an income statement through any bookkeeping service you use to track your business's finances or request one from your bookkeeper. We will ask for your quarterly Revenue and Expenses, and you will need to demonstrate a 25% or more reduction in revenue over one quarter in 2019 compared to the corresponding quarter in 2020. You only need to input numbers for one pair of quarters and do not need to input numbers for the rest of the quarters.





Frequently Asked Questions

How do I apply for a payment protection program loan?


Businesses can apply for this SBA 7(a) loan through a qualified lender for the Paycheck Protection Program, including Funding Circle. Sign up for updates today and we will alert you as soon as the application opens.




What is the application fee?


Lends Well does not charge an application fee to apply for a Paycheck Protection Program loan.




Do I need collateral to qualify?


No. Paycheck Protection Program loans are unsecured.




How long will it take to get my loan proceeds?


Once the SBA releases details and guidance on the Paycheck Protection Program, Lends Well can review your application and submit it to the SBA for approval. If your loan is approved, funds will be disbursed as fast as possible by ACH payment, often within one business day after loan approval.




Are there limitations of how I can spend my paycheck protection program funds?


Yes. The approved uses of funds are: Payroll costs such as:

  • Employee salaries (including commissions and tips)
  • Employee healthcare coverage (including group life, disability, vision, or dental insurance)
  • Retirement benefits
  • Vacation and paid leave (family, medical, etc.)
  • Taxes addressed on compensation
Non-payroll costs such as:
  • Rent payments
  • Utility bills
  • Interest payments (not principal payments) on mortgages or debt incurred before February 15th, 2021
  • Covered operations expenditures: Payment for any software, cloud computing, and other human resources and accounting needs.
  • Covered property damage costs: Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
  • Covered supplier costs: Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
  • Covered worker protection expenditure: Personal protective equipment and adaptive investments to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020, and the end of the national emergency declaration.




What is my interest rate?


The interest rate for Paycheck Protection Program loans is 1.00% fixed. The interest rate will apply to any portion of your loan amount that is not forgiven by the SBA.




If I take this loan now, can I get additional SBA loans in the future?


You are eligible to apply for other SBA products such as 7(a) loans and Emergency Injury Disaster Loan (EIDL). However, if you are a an eligible person or entity (as defined under section 24 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act) that receives a grant under such section 24, you are not eligible for a PPP loan or if you take a PPP loan, you are not eligible for the section 24 grant.




Does the paycheck protection program have loan forgiveness?


If the funds are used on approved use of funds, the SBA may approve for up to 100% of the principal amount of the loan to be forgiven. In order to be eligible for a fully forgiven loan, no more than 40% of the loan forgiveness amount can be attributed to non-payroll forgivable costs. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the loan forgiveness FAQ for details.




If I do not qualify for loan forgiveness, what will my monthly payment be?


Monthly payments will depend on the amount borrowed and the loan term. Any amount not forgiven will have an interest rate of 1.00% fixed for the term set forth in your initial loan agreement. If you fail to apply for forgiveness, no payments will be due until 10 months after the end of your covered period.




If I already have a loan with Lends Well, can I use these funds to pay that loan?


Yes, customers can use the Paycheck Protection Program loan proceeds to pay interest with existing Lends Well loans. However, any amount applied to non-mortgage debt or principal payments will not qualify for loan forgiveness.




Can I apply for both an economic injury disaster loan and a loan through the payment protection program?


Yes. You are eligible to apply for the Paycheck Protection Program if you receive an Economic Injury Disaster Loan grant through the SBA. However, the amount forgiven under the Paycheck Protection Program will be decreased by the amount of EIDL grant you receive. You can apply for an EIDL HERE.





Additional Information

For more information about SBA loan programs, please visit the Small Business Administration website.
To get on the advanced application list for the Paycheck Protection Plan (PPP), please visit fundingcircle.com/us/apply. Funding Circle will start processing these applications (subject to SBA approval, Lends Well and our partners will start processing these applications).

Paycheck Protection Loan Forgiveness FAQ

Updated 01/11/2021

How do I apply for a payment protection program loan?


Businesses can apply for this SBA 7(a) loan through a qualified lender for the Paycheck Protection Program, including Funding Circle. Sign up for updates today and we will alert you as soon as the application opens.




What is the application fee?


Lends Well does not charge an application fee to apply for a Paycheck Protection Program loan.




Do I need collateral to qualify?


No. Paycheck Protection Program loans are unsecured.




How long will it take to get my loan proceeds?


Once the SBA releases details and guidance on the Paycheck Protection Program, Lends Well can review your application and submit it to the SBA for approval. If your loan is approved, funds will be disbursed as fast as possible by ACH payment, often within one business day after loan approval.




Are there limitations of how I can spend my paycheck protection program funds?


Yes. The approved uses of funds are: Payroll costs such as:

  • Employee salaries (including commissions and tips)
  • Employee healthcare coverage (including group life, disability, vision, or dental insurance)
  • Retirement benefits
  • Vacation and paid leave (family, medical, etc.)
  • Taxes addressed on compensation
Non-payroll costs such as:
  • Rent payments
  • Utility bills
  • Interest payments (not principal payments) on mortgages or debt incurred before February 15th, 2021
  • Covered operations expenditures: Payment for any software, cloud computing, and other human resources and accounting needs.
  • Covered property damage costs: Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
  • Covered supplier costs: Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
  • Covered worker protection expenditure: Personal protective equipment and adaptive investments to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020, and the end of the national emergency declaration.




What is my interest rate?


The interest rate for Paycheck Protection Program loans is 1.00% fixed. The interest rate will apply to any portion of your loan amount that is not forgiven by the SBA.




If I take this loan now, can I get additional SBA loans in the future?


You are eligible to apply for other SBA products such as 7(a) loans and Emergency Injury Disaster Loan (EIDL). However, if you are a an eligible person or entity (as defined under section 24 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act) that receives a grant under such section 24, you are not eligible for a PPP loan or if you take a PPP loan, you are not eligible for the section 24 grant.




Does the paycheck protection program have loan forgiveness?


If the funds are used on approved use of funds, the SBA may approve for up to 100% of the principal amount of the loan to be forgiven. In order to be eligible for a fully forgiven loan, no more than 40% of the loan forgiveness amount can be attributed to non-payroll forgivable costs. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the loan forgiveness FAQ for details.




If I do not qualify for loan forgiveness, what will my monthly payment be?


Monthly payments will depend on the amount borrowed and the loan term. Any amount not forgiven will have an interest rate of 1.00% fixed for the term set forth in your initial loan agreement. If you fail to apply for forgiveness, no payments will be due until 10 months after the end of your covered period.




If I already have a loan with Lends Well, can I use these funds to pay that loan?


Yes, customers can use the Paycheck Protection Program loan proceeds to pay interest with existing Lends Well loans. However, any amount applied to non-mortgage debt or principal payments will not qualify for loan forgiveness.




Can I apply for both an economic injury disaster loan and a loan through the payment protection program?


Yes. You are eligible to apply for the Paycheck Protection Program if you receive an Economic Injury Disaster Loan grant through the SBA. However, the amount forgiven under the Paycheck Protection Program will be decreased by the amount of EIDL grant you receive. You can apply for an EIDL HERE.





Once you’ve received your Payment Protection Program (PPP) loan, you’ll need to use the funds for specific expenses and meet the requirements to have your loan forgiven. While new laws and regulations may impact the process and requirements, we’ve answered some of the most common questions based on the latest guidance. Please note that these answers are subject to change based on further guidance and in particular, SBA guidance.

  1.  Paycheck Protection Program funds are limited and will be disbursed until March 31, 2021, or until funds have been exhausted, whichever comes first.

  2.  Eligibility requirements for loan forgiveness can be found at https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule.

  3.  Lends Well may partner with other lenders to provide a full range of loan options to qualified borrowers, loan amounts are subject to certain exclusions (including but not limited to state and/or entity type). Your lender will be disclosed in application or Promissory Note. Minimum loan amount set at $25,001 for DC and TN.

  4.  Additional applicable timelines for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019 are available. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020.

  5.  If all or a portion of your PPP loan is not forgiven by the SBA, then your monthly repayment of the unforgiven amount will begin approximately 30 days after Lends Well has been notified of the SBA's forgiveness decision or receives payment from the SBA.

  6.  Borrowers have until March 31, 2021, to communicate their chosen covered period to the lender. For purposes of loan forgiveness, the covered period is the period beginning on the date the lender disburses the PPP loan and ending on a date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement.