“The first loans have been applied for and issued. “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period,” said PayPal President and CEO Dan Schulman, in a statement. Those efforts, to date, have provided access to more than $15 billion in funding for over 305,000 small businesses. Since 2013, PayPal has provided loans and cash advances to business owners. The company has already operated as a small business lender before today, it noted. PayPal on Friday announced it had been approved as one of the first non-bank institutions able to help distribute the loans under the SBA program, after having received its approval to participate in the program. The $350 billion small business loan program is a part of Congress’s $2 trillion coronavirus stimulus package, and is aimed at those businesses with fewer than 500 employees.
Small Business Administration’s (SBA) Paycheck Protection Program, which provides aid in the form of forgivable loans for small businesses that keep all employees on their payroll for at least eight weeks. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. government’s emergency lending program for small businesses. Fintech companies have been lobbying for weeks to be able to participate in the U.S.
0 kommentar(er)
