Ppp Loan Application Through Paypal

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Ppp Loan Application Through Paypal

Ppp Loan Application Through Paypal

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UPDATED 3:40 p.m. ET May. 06, 2020 PUBLISHED 12:37 PM ET May. 06, 2020 PUBLISHED 12:37 PM EDT May. 06, 2020

WASHINGTON – Several small business owners were mistakenly financed twice by the Small Business Administration’s bailout loan program after submitting multiple applications to different financial institutions.

What you need to know Several small business owners did not receive money from the first round of PPP. They were encouraged to apply again at another bank in the 2nd round. Some banks required direct deposit; several banks have sent money, owners say business owners are waiting for guidance on what to do with the extra money

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Spectrum News has independently verified at least five cases where borrowers discovered duplicate loans were deposited directly into their bank accounts last Friday after they applied for the Payday Protection Program through Chase or PayPal.

Rita Zapko, an enrolled agent with Devlin Financial who works as a small business and tax consultant, has discovered the financing problem with several of her small business clients.

“We saw the wires dangling and we thought it was going to stop at some point, and then the wires settled down,” she told Spectrum News. “We thought we’d get guidance on that in the next 48 hours and figure out how to click a button and say, ‘Duplicate funds received by mistake, please come back.’ But that didn’t happen.”

Ppp Loan Application Through Paypal

The same situation happened to other applicants, who were informed that their loans were approved and submitted by different lenders almost simultaneously. 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 of the process is designed to get the money out quickly. However, this has prevented small business owners from accepting or rejecting funding before it reaches their account.

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“All the creditors had different processes and 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, sent the promissory note after, so if you’re already funded, you have a chance to tell them and reject the funding. Like Chase, PayPal and I think Loan Bron you had no chance to stop it.”

An email from Chase Bank notifying a business loan applicant that their loan application has been approved by the SBA. (sketch)

After the first round of the government’s nearly $350 billion loan program sold out within days, many small business owners say they have been encouraged to apply to more lenders to increase their chances of getting money in the second round.

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Chase Bank sent an email to borrowers after the program ran out of funding, suggesting they might want to apply for the program elsewhere. PayPal also made it clear in its website guidance that any current application does not prevent borrowers from applying elsewhere. Several small business owners contacted members of Congress after they didn’t receive funding in the first round and were asked to reapply from a smaller community bank.

“I lost all confidence that Chase could come through. I didn’t know where I was in terms of financing, so I decided to go through someone else as a backup,” said one Indiana business owner, who spoke on condition of anonymity. . , but ended up getting $150,000 in duplicate loans from both Chase and PayPal.

The SBA approved more than 2.2 million loans worth more than $175 billion of the $310 billion total approved by Congress in the latest coronavirus relief package. There were more than 1.6 million loans approved in the first round of financing.

Ppp Loan Application Through Paypal

“We have funded over 239,000 PPP loans. A handful of clients reported that they were also funded by another institution. SBA will respond directly to each customer to determine next steps,” says Chase Bank spokeswoman Anne Pace.

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An email from PayPal notifying a business loan applicant that the loan application has been approved by the SBA. (sketch)

Spokesmen for the SBA, Treasury and PayPal did not respond to requests for comment but said they were looking into the matter.

“We didn’t even tell people to apply with multiple lenders. We thought that would clog the system. After the first round was a disaster, all the other lenders opened up and we thought it would be a shorter line, so it made sense to go with them,” Zapko said.

It is unclear whether the duplicate funding error was made by the banks or the Small Business Administration. Those who have been funded twice say they submitted multiple applications with the same employer identification number, which should have been flagged by the SBA before entering the loan servicing agency’s portal. Each loan must have been assigned an SBA loan number before being sent.

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“It’s entirely possible that this happened. With something like this that’s only a month old, that started very quickly, that has a bunch of other flaws,” said U.S. Sen. Marco Rubio of Florida, chairman of the Small Business Committee and program architect.

“They should notify their lender in writing, notify the SBA in writing, plus call the lender that made the loan and tell them what happened and try to get their money back as quickly as possible to avoid any future problems ,” Rubio added.

Rubio said those who received duplicative loans will not be penalized if they are transparent about the mistake.

Ppp Loan Application Through Paypal

Borrowers who received multiple loans said they received no instructions from lenders or the SBA on how to return excess Paycheck Protection Program funding. Many worry that they could end up losing financing on both loans if they don’t get proper guidance.

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“I’m not sure they’ve fixed it yet. I think most people will return the money very quickly because they are worried that they have accidentally committed a crime. But you’re going to have a percentage of people who are not going to give the money back,” she said. PayPal says it is now accepting small business loan applications again through the US Small Business Administration’s (SBA) Payment Protection Program. SBA began accepting loan applications last week, opening the program to community banks serving low- and moderate-income neighborhoods and many small businesses.

This week, the SBA expanded the program for wider access, allowing PayPal to once again offer the service for small businesses to apply for a PPP loan through their PPP loan portal.

“2020 was a difficult year for small businesses as they struggled to survive the profound impact of the COVID-19 pandemic. As we work as a nation to recover, it is urgent to provide assistance to small businesses and the communities that support them. We will work with the public sector to do everything we can to support small businesses, including by providing access to the PPP loan program for PayPal customers and other small businesses.” Dan Schulman, President and CEO of PayPal

As one of the first non-bank institutions approved to participate in the Payroll Protection Program (PPP) in April 2020, PayPal was able to:

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We use cookies on this site to improve your user experience. For a full overview of the cookies used, see our cookie policy. PayPal has been approved to offer loans to small businesses through the government’s Payroll Protection Program, a pillar of the $2.2 trillion stimulus package to ease economic stress from the coronavirus pandemic.

The digital payments company quietly began offering the loans to the more than 10 million merchants using PayPal’s U.S. platforms on Wednesday and began paying applicants on Thursday, a PayPal spokesman confirmed.

Ppp Loan Application Through Paypal

The approval from the Small Business Administration, announced Friday, makes PayPal one of the first non-bank lenders to be certified by the SBA. PayPal expands small business lending 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 cited the company as one of “multiple fintechs” that are “ready, able and willing to process”. PPP loans” .”

The good news is that various FinTechs, including @PayPal and other online lenders, are ready, able and willing

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