Apply For Ppp With Paypal – PayPal received approval to provide small business loans through the government’s Credit Protection Program, a pillar of a $2.2 trillion stimulus package to ease economic pressures from the coronavirus pandemic.
On Wednesday, the digital payments company quietly began lending to more than 10 million merchants in the United States using PayPal’s platform, and on Friday began disbursing money to applicants, a PayPal spokesperson confirmed.
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The Small Business Administration’s approval, announced Friday, makes PayPal one of the first non-bank lenders to be certified by the SBA. PayPal extends small business loans through its partner bank, WebBank.
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PayPal had expected to receive early approval to participate in the PPP loan program after encouraging comments from government officials, including a recent tweet from Senator Marco Rubio, who called the company one of “many fintechs” that are “ready, able and willing to undertake a PPP.” -loans.” “
The good news is that many FinTechs including @PayPal and other online lenders are ready, able and willing to process #PPPloans for them and anyone else. But they need @USTreasury to issue petitions for non-bank lenders certified. I hope early next week. 5/13— Marco Rubio (@marcorubio) April 4, 2020
PayPal would not confirm the total amount of money it has already agreed to lend to applicants, but said there is no limit to how much it is willing to lend. Since 2013, the company has made more than $15 billion in loans through its PayPal Working Capital program, making PayPal one of the top five small business lenders in the U.S. With an average of $25,000 per loan, the largest The loan offered is much smaller . Banks that tend to be over $100,000.
Last week, PayPal CEO Dan Shulman said he and his employees are working “literally 24/7” to offer PPP loans through the SBA, as well as receive individual stimulus checks. Allow users to receive their money digitally through PayPal. Payment app Venmo. “We think we can be a great platform for their distribution,” Schulman said. (People eligible for checks can now provide their direct deposit information using a PayPal account instead of a bank account through a new IRS portal launched Friday.)
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“Because the sooner we can get these loans into the hands of small businesses, the sooner we can get those distribution checks into the hands of those who need them the most, the better off our economy and our country will be.” It will happen,” added Schulman.
Only existing PayPal merchants are currently eligible to apply for PPP loans, which the company aims to send to qualifying small businesses within 24 hours of their application.
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Updated at 3:40 PM ET May. 06, 2020 Published at 12:37 PM ET May 06, 2020 Published at 12:37 PM EDT May. 06, 2020
Small Business Owners Get Duplicate Direct Deposits From Ppp
WASHINGTON – Several small business owners were mistakenly awarded twice the funds through the Small Business Administration’s bailout loan program when they submitted multiple applications to different financial institutions.
What you need to know Many small business owners who did not receive money from the first round of PPP are encouraged to reapply with a different bank in the 2nd round Some banks require direct financing; Several banks have sent the money, the owners say, while the business owners await instructions on what to do with the extra money.
Spectrum News has independently confirmed at least five cases in which borrowers discovered duplicate loans were directly deposited into their bank accounts last Friday when they applied for the Paycheck Protection Program through Chase or PayPal.
Rita Zapko, an enrolled agent with Devlin Financial who works as a small business and tax consultant, discovered a financial problem with many of her small business clients.
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“We saw the wires being handled, and we thought it was going to close at some point, and then the wires settled,” he told Spectrum News. “We think we’ll get a lead on that in the next 48 hours and figure out how to push a button and say, ‘Double money received in error, please come back.’ But that hasn’t happened.”
A similar situation happened to other applicants who were notified that their loans were approved and presented by different lenders almost at the same time. In both Chase and PayPal’s applications for the program, small business owners were required to sign a promissory note or direct debit before the loan was approved and disbursed. This step in the process was designed to get money out quickly. However, this prevents small business owners from accepting or rejecting funds before they hit their accounts.
“All the lenders had different methods and had different forms. They follow the same law, but if you and I read the same paragraph, we will come to a different interpretation,” Zapko said.
“Some banks, like Bank of America, send a promissory note after them, so if you’ve already been financed, you have a chance to tell them and reject the financing. That’s how Chase, PayPal, And I understand debt. The source. did it, you didn’t has a chance to stop it.
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An email from Chase Bank notifying a business loan applicant that their loan application has been approved by the SBA. (screen capture)
After the first round of the government’s nearly $350 billion loan program ended just days ago, many small business owners say they are encouraged to apply with multiple lenders to increase their chances of getting money over the period.
Chase Bank sent borrowers an email after the program’s funding ended, suggesting they may want to apply for the program elsewhere. PayPal also clearly stated in the instructions on its website that any existing applications do not prevent borrowers from applying elsewhere. Many small owners contacted members of Congress when they did not receive funding in the first round and were directed to reapply through a small community bank.
“I lost all faith in being able to survive the chase. I didn’t know where I was in the pecking order to get funding, so I decided to go through someone else as a backup,” said a businessman in India. who wished to remain anonymous but ultimately received duplicate loans of $150,000 from both Chase and PayPal.
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The SBA has approved more than 2.2 million loans worth more than $175 billion of the $310 billion that Congress approved in the latest coronavirus relief package. More than 1.6 million loans were approved in the first round of financing.
“We have financed more than 239,000 PPP loans. Some customers reported that they were also financed by another institution. SBA will respond directly to each customer to determine next steps,” said Ann Pace, Chase The spokeswoman said. Bank.
An email from PayPal will notify a business loan applicant that their loan application has been approved by the SBA. (screen capture)
Spokesmen for the SBA, Treasury, and PayPal did not respond to requests for comment but said they were looking into the matter.
Paypal Holdings, Inc. 2020 Q1
“We didn’t tell people to apply with a lot of lenders first. We thought it would clog up the system. After the first round it was a disaster, then all the other lenders opened up, and we thought there would be a small queue. Yeah, so it made sense to go with them,” said Zapko.
It is unclear whether the fraudulent financing was done by the banks or the Small Business Administration. Those who were funded twice said they submitted more than one application with the same employee identification number, which would have been flagged by the SBA before entering the agency’s loan servicing portal. Each loan is assigned an SBA loan number before being submitted.
“It’s very possible that it happened. With something that’s only a month old that started so quickly, there are a lot of other downsides,” said U.S. Sen. Marco Rubio of Florida, chairman of the Small Business Committee. Architect of the program.
“They should notify their lender in writing, notify the SBA in writing, and also call the lender that made the loan, and tell them what happened and try to get the money back as soon as possible.” Take, to avoid any future. problems,” Rubio added.
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