(Alliance News) - Funding Circle Holdings PLC on Wednesday said it has been approved to originate Paycheck Protection Program loans in the US.
Shares in Funding Circle were up 11% at 61.11 pence in London in morning trading.
The US Small Business Administration and US Treasury granted approval to Funding Circle, a small and medium enterprise loans platform, to originate the PPP loans, which are guaranteed by the Small Business Administration.
The programme provides forgivable loans to small businesses of up to USD10 million in order to cover payroll costs, as well as mortgage interest, utilities, and rent and is part of the US government's small and medium enterprise stimulus programme.
By Anna Farley; annafarley@alliancenews.com
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Funding Circle (FCH)