Small business lender Kabbage is furloughing a significant number of its U.S. employees, according to a company spokesperson. The company also said it is closing its Bangalore office, while the executive team is taking a considerable pay cut.  

Kabbage told Bank Innovation earlier this month the company had more than 500 employees. The company didn’t comment on how many have been furloughed.  

Many small businesses are struggling to drive revenue as the coronavirus pandemic forces consumers to stay home. So far, 32 states, Puerto Rico and the District of Columbia have ordered residents to shelter in place.  

See also: Kabbage continues e-commerce client push with GoDaddy integration

Atlanta-based Kabbage, which partners with the Salt Lake City-based Celtic Bank, provides loans of up to $250,000 with repayment terms of six, 12 or 18 months. The company uses banking and accounting data, as well as web analytics to underwrite and service small businesses. Earlier this month the company launched a gift card platform to help struggling small businesses drive revenue while customers avoid leaving home. 

Kabbage has connected small businesses with more than $9.5 billion in working capital, according to the company.

According to TechCrunch, the company will provide benefits to the furloughed employees, who Kabbage intends to bring back to work in the future.