PayPal says it is now accepting applications for small business loans through the US Small Business Administration (SBA) Paycheck Protection Program again. The SBA started to accept loan applications last week opening up the program to community-based banks that served low or moderate-income neighborhoods and very small businesses.
This week the SBA expanded the program for wider access, which allowed PayPal to 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 deep impact of the COVID-19 Pandemic. As we work to recover as a nation, it is urgent to provide help to small businesses and the communities they support. We will work together with the public sector to do whatever 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 Paycheck Protection Program (PPP) in April of 2020, PayPal was able to:
- Facilitate PPP loans to more than 75,000 businesses, with an average loan size of $28,000.
- Positively impact more than 300,000 jobs, averaging 4.1 jobs per PPP loan.
- Help the smallest of businesses with more than 75% of loans being under $25,000 and more than 51% of funded businesses only employing the business owner.
- As part of the effort to help SMBs achieve the full benefit of the program, PayPal has helped nearly 50% of borrowers who received a PPP loan through PayPal begin the loan forgiveness process.
PayPal’s PPP application portal is now open for business to apply.
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