PayPal Approved to Provide Access to Paycheck Protection Program Loans
"Small businesses have been hit especially hard by the coronavirus crisis. There is an urgent need to help every qualified business access the funding needed to ensure that as many workers as possible keep their benefits and paychecks. This is a race to save jobs in the present and for the future," said Dan Schulman, President and CEO,
Since 2013, PayPal has used innovative approaches and relevant data to provide access to loans and cash advances for young entrepreneurs and woman-and-minority-owned businesses, which often struggle to qualify for financing from traditional financial institutions. Through its financing solutions, PayPal has provided access to more than 900,000 loans and cash advances, providing access to more than
Last week, PayPal announced a set of measures to assist its business customers impacted by the coronavirus, including waiving certain fees and deferring repayments on business loans.
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The lender for Paycheck Protection Program loans provided through PayPal is WebBank, Member FDIC.
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