PayPal granted access to paycheck protection loans from SBA

https://www.mobilepaymentstoday.com/news/paypal-granted-access-to-paycheck-protection-loans-from-sba/
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PayPal granted access to paycheck protection loans from SBA

PayPal Holdings Inc. is one of the first non-banking institutions to be approved to provide access to U.S. Small Business Administration loans to support companies impacted by the COVID-19 pandemic. 

“Small businesses have been hit especially hard by the coronavirus crisis,” Dan Schulman, CEO of PayPal, said in a press release. “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.”

PayPal, since launching in 2013, has provided loans and cash advances to many businesses, including women and minority-owned firms, that traditionally have limited access to capital. The company has provided more than 900,00 loans and advances to more than 305,000 small businesses, providing more than $15 billion.

Cover image: PayPal


Topics: Regulatory Issues, Coronavirus / COVID-19, Mobile Payments

Companies: PayPal


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