How is Fundbox responding to COVID-19?

Summary

A Fundbox support article, How is Fundbox responding to COVID-19?, updated May 31, 2020. It states that Paycheck Protection Program (PPP) loans offer up to 2.5 times average monthly payroll costs up to 10 million dollars at a 1% interest rate, and are 100% forgiven by the government if Small Business Administration guidelines are followed. Fundbox says it can help customers apply and that accounts are being reassessed and credit limits adjusted. It describes a #PayToday campaign encouraging payment of small business vendors right away instead of waiting the typical 28 days or longer, which it says would help free up $900 billion in receivables.

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Full text

How is Fundbox responding to COVID-19?

- Updated
- May 31, 2020 19:06

COVID-19 is affecting businesses around the world, especially the types of businesses we serve best. We are doing everything we can to see our customers through this situation, and look forward to returning to business as usual as quickly as possible.

Small Business Association (SBA) Paycheck Protection Program (PPP) funding

The Paycheck Protection Program (PPP) offers loans of up to 2.5 times your average monthly payroll costs up to 10 million dollars. These loans have a 1% interest rate and, as long as you follow the Small business Administration (SBA) guidelines, are 100% forgiven by the government. Read more on the SBA website .

We can help you apply and if your business is approved by the SBA, we’ll deposit the funds directly into your business checking account. Apply at https://get.fundbox.com/ppp/ .

Our customers

Accounts are being reassessed and credit limits adjusted across the board in an effort to allocate our resources in a way that supports as many active customers as we can.

If you’d like to discuss your account, we encourage you to reach out to our Support team. Please note that we may be experiencing higher call volume during this time and if you'd prefer not to wait on hold you can email us at support@fundbox.com if you have a revolving line of credit, or nettermssupport@fundbox.com if you are a net terms customer.

#PayToday campaign

We have joined a coalition of concerned companies that serve small businesses and launched the #paytoday campaign , an initiative aimed at encouraging enterprises and governments to pay their small business vendors right away instead of waiting for the typical 28 days or longer, which would help free up $900 billion in receivables.

Resources directory

We are actively and continually researching and updating the latest information on special coronavirus relief plans for small businesses available at the federal, state, and private levels. You can see them all at http://fbx.bz/covidbizhelp .

Helpful content

We are interviewing experts and providing helpful resources including recommendations for improving business during the pandemic and resulting business slowdown. Please see our blog at https://fundbox.com/blog .

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