![]() ![]() Note that it takes you to, which is a PayPal lending product for non-PayPal businesses (and a legitimate PayPal website), according to the PayPal spokesperson. Update : Here’s a link to learn more: /ppploan. Generally available to businesses with no more than 300 employees that have used the full amount of their first PPP loan and can demonstrate at least a 25 percent reduction in receipts in the first, second, third, or fourth quarter of 2020 relative to the same 2019. He provided a link to details on the SBA.gov website.Īnd remember, the scammers are out in full force trying to capitalize on anxious people, so avoid clicking on links in emails to log in to any sites. Check back for updates on funding access through PayPal. Update : A PayPal spokesperson told us it does not disclose the number of loans issued so far through the program, and said interest rates are dictated by the US CARES Act, as are the loan forgiveness criteria. In the meantime, you can find the full press release on the PayPal website. We’re waiting to hear from PayPal about how many loans it has issued under the program thusfar and about interest rates. “Thanks to Congressional leaders and the Administration for ensuring the CARES Act allowed companies like PayPal to help distribute funds quickly to those businesses that are most impacted.” “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period,” he said. In a post on LinkedIn, PayPal CEO Dan Schulman said the company has already issued the first loans and said he expects more loans to be issued in the coming days. PayPal announced on Friday it is one of the first non-bank institutions approved to participate. SBA PPP stands for Small Business Administration Paycheck Protection Program – you might have heard about the problems businesses have been having as the SBA and banks gear up to serve businesses hit by the pandemic. These are Small Business Administration loans that help businesses keep their workforce employed during the coronavirus (COVID-19) crisis. We will provide updates to you through email.PayPal can now issue small-business loans through the government’s SBA PPP program. We appreciate your patience as we continue to work through this process. Please do not reapply with us as this will only slow the process. However, unless more funding is allocated to the Paycheck Protection Program by Congress, we will not be able to approve your application, submit your application information to the SBA or, subject to final review, fund your loan. Your application is complete, and we have received all necessary documentation and your signed loan agreement, note and SBA application form. We recently learned that the initial $349B in funding allocated by the US Government for the Paycheck Protection Program has been depleted. It is, however, anticipated that additional funding may be designated by Congress for the program. ![]() Thank you for submitting your application for the Paycheck Protection Program loan through PayPal. Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.You can promote your business in a relevant reply to a post or comment in other threads. Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts. Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. You ask a question about starting, owning, and growing a small business and the community answers. R/smallbusiness is a question and answer subreddit. Post only questions about small business.To get flair added to your username, message the moderators. This sub is not for advertisements! Questions and answers about starting, owning, and growing a small business. ![]()
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