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PayPal Starts Accepting applications for Small Business Loans through the U.S. Small Business Administration Paycheck Protection Program

January 20, 2021 / Ankur Saini
SHARESHARESHARE

PayPal Holdings, Inc. today announced that the organization is currently accepting applications for small business advances through the U.S. Small Business Administration Paycheck Protection Program. Businesses can apply for Paycheck Protection Program credits.

"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," said Dan Schulman, President and CEO of PayPal. "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."

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.

Helping Businesses Adapt to a New Reality

Suzanne Citere began Real Dance Studio 17 years prior, yet because of the Covid-19 pandemic and coming about closures had to close her dance studio in March of 2020. After seven days, she began holding dance classes on Zoom to keep furnishing her understudies with congruity and solidness in a difficult time. Despite the fact that she was not a PayPal Business client, subsequent to finding out about PayPal accepting applications for the PPP credit, she applied for admittance to the program through PayPal. When endorsed, she had the option to utilize the financing for finance to help keep her staff utilized.

"When we were forced to close the doors to our studio in March, I was most concerned for my staff. They are like family to me and I didn't want to let them go," Citere said. "Thanks to PayPal and their fast process in getting funds to us, I was able to keep them employed and now that we've reopened the studio, continue teaching classes and provide some fun for the students."

Erica Malbon and her better half, Stephen, begun Malbon Golf with the objective of expanding golf's ubiquity with a more youthful age. With two actual areas in Los Angeles and Seoul, South Korea, the couple wanted to grow their dress line and open new stores in 2020. At the point when the pandemic hit, they had to close their actual entryways. As a PayPal Business account holder, Malbon applied for and got a PPP advance through PayPal which permitted her to make finance while reconsidering business plans for 2020. The PPP financing gave a basic extension while Malbon Golf immediately adjusted to make their business more pandemic benevolent, making virtual golf competitions just as expanding their online item contributions.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy.