Update: January 4, 2020. PayPal is reviewing the new Covid Relief Bill, including how it impacts the loan forgiveness process for existing PPP loan borrowers and PayPal's ability to facilitate access to additional PPP loan funding. More details will be available once the SBA issues detailed rules, guidance, forms and instructions on its implementation. Updates will be provided at paypal.com/ppploan.
April 7, 2020
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law.
PayPal is now participating in the Paycheck Protection Program component of the Act to help make small business loans available to approved borrowers impacted by the COVID-19 pandemic.
The Program aims to help small businesses cover operating expenses and keep employees on the payroll.
If your business is based in the US, and you’re interested in the Paycheck Protection Program loan through PayPal*, you can learn more here.
*The lender for the Paycheck Protection Program loan through PayPal is WebBank, Member FDIC.