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UPDATED at 3:40 PM ET May. MAY 6, 2020 PUBLISHED AT 12:37 PM ET. May 6, 2020 PUBLISHED at 12:37 PM EDT. 06, 2020
WASHINGTON – Some small business owners mistakenly received financing twice through the Small Business Administration’s rescue loan program after they submitted multiple applications to different financial institutions.
What you need to know Some small business owners do not receive money from the first round of PPPs. They are asked to reapply to another bank in the 2nd round. Some banks require direct deposit; some banks sent money, the owner said the business owner was waiting for instructions on what to do with the extra money
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Spectrum News independently investigated at least five cases where borrowers found duplicate loans deposited into their bank accounts last Friday after they applied for the Paycheck Protection Program via Chase or PayPal.
Rita Zapko, a registered agent with Devlin Financial who works as a small business and tax consultant, has identified financing issues with some of her small business clients.
“We saw the cable waiting and we thought it would stop at some point, and then the cable went silent,” he told Spectrum News. “We thought we’d have guidance on this in the next 48 hours and figured out how to push a button and say, ‘Duplicate funds received in error, please return.’ But that didn’t happen.”
The same situation occurred with other applicants who were notified that their loans had been approved and disbursed by different lenders almost simultaneously. Chase and PayPal’s applications for the program require small business owners to sign a promissory note or direct debit before a loan is approved and disbursed. This step in the process is designed to earn money fast. However, this prevents small business owners from accepting or rejecting funds before they are credited to their account.
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“All lenders have different processes and forms. They operate under the same laws, but if you and I read the same paragraphs, we will have different interpretations,” Zapko said.
“Some banks, like Bank of America, they send out a promissory note after that, so if you’ve got financing, you have an opportunity to let them know and decline the financing. With the way Chase, PayPal, and I think Loan Sources are doing it, you have no way to stop it.”
Email from Chase Bank notifying business loan applicants that their loan application has been approved by the SBA. (Screenshot)
After the first round of the government’s nearly $350 billion loan program ran out in just a few days, many small business owners say they’ve been asked to apply to multiple lenders to increase their chances of securing a second round of money.
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Chase Bank sent letters to borrowers after the program ended, suggesting they might want to apply elsewhere for the program. PayPal also makes it clear in the manual on its website that any ongoing applications do not prevent borrowers from applying elsewhere. Some small business owners contacted members of Congress after they were denied funding in their first round and were told to reapply through a smaller community bank.
“I lost all faith in what Chase could achieve. I didn’t know I was on the front lines when it came to getting financing, so I decided to use someone else as a back-up,” said the Indiana business owner. who wished to remain anonymous, but ended up receiving a $150,000 duplicate loan from Chase and PayPal.
The SBA has approved more than 2.2 million loans worth more than $175 billion of the $310 billion total that Congress approved in the latest coronavirus relief package. More than 1.6 million loans were approved in the first round of financing.
“We financed more than 239,000 PPP loans. Some clients report that they are also funded by other institutions. SBA will immediately respond to each customer to determine the next step,” said Anne Pace, spokesperson for Chase. Bank.
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Email from PayPal notifying business loan applicants that their loan application has been approved by the SBA. (Screenshot)
Representatives for the SBA, Treasury and PayPal did not respond to requests for comment but said they were looking into the matter.
“Initially we weren’t telling people to go to multiple lenders. We thought it would shut down the system. After the first round it was a disaster, then all the other lenders opened and we thought the queues would be shorter, so it made sense to go with them. Zapko said.
It is unclear whether the duplicate financing error was made by the bank or the Small Business Administration. Those who received funding twice said they submitted multiple applications with the same employer identification number, which should have been provided to the SBA prior to logging into the agency’s lending portal. Each loan must be assigned an SBA loan number before being applied for.
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“It’s very likely that it will. With something like this that’s only a month old, that starts really fast, that has a lot of other distractions,” said U.S. Senator. Marco Rubio of Florida, chairman of the Small Business Committee and architect of the program.
“They need to notify their lender in writing, notify the SBA in writing, and call the lender who issued the loan and tell them what happened and try to get their money back as quickly as possible to avoid future problems,” Rubio said. added.
Rubio said those who received duplicate loans would not be punished if they were transparent about the mistake.
Borrowers who received multiple loans said they received no guidance from the lender or the SBA on how to recover excess funds from the Paycheck Protection Program. Many worry that they could lose out on financing on both loans if they don’t get the right referrals.
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“I’m not sure if they fixed it. I think most people will get their money back really quickly because they’re worried they’ve just accidentally committed a crime. But you’re going to have a percentage of people who won’t pay you back,” he said. PayPal says it’s now accepting small business loan applications again through the US Small Business Administration’s (SBA) Paycheck Protection Program. The SBA started accepting loan applications last week by opening up programs for community banks that serving low and middle income areas and very small businesses.
This week, the SBA expanded the program for greater access, allowing PayPal to once again offer its PPP loan application service to small businesses through its PPP Loan Portal.
“2020 was a tough year for small businesses as they struggled to survive the severe impact of the COVID-19 pandemic. As we work to rebuild as a nation, there is an urgent need to help small businesses and the communities they support. We will work with the public sector to do all we can to support small businesses, including by providing access to the PPP lending program for PayPal customers and other small businesses.” Dan Shulman, President and CEO of PayPal
As one of the first non-banks to be approved for the Payroll Protection Program (KPS) in April 2020, PayPal can:
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The digital payments company quietly began offering loans to more than 10 million merchants using the US PayPal platform on Wednesday and started paying applicants on Thursday, a PayPal spokesperson confirmed.
The Small Business Administration approval, announced Friday, makes PayPal one of the first non-bank lenders to be certified by the SBA. PayPal provides loans to small businesses through its partner bank, WebBank.
Paypal To Distribute Paycheck Protection Program Loans
PayPal expects to receive early approval for its PPP lending program after prompting comments from government officials, including a recent tweet from Senator Marco Rubio, who called the company one of “many fintech companies” that are “ready, able and willing to process PPP loans.” .” . .”
The good news is that some fintechs, including @PayPal and other online lenders, are ready, able, and willing
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