The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses. Funds can also be used to pay interest on mortgages, rent, and utilities. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Yes they did take longer this year (vs last year) but they are approving and funding businesses.The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. Overall, PayPal process was easy as long as you have your documents together. Now shows both my PPP initial draw and second draw loans.ĥpm: Officially funded and in my bank account today. The loan proceeds have been transferred to the bank account you provided.” “Great news! Your Paycheck Protection Program loan has been successfully funded in the amount of $$$$. The loan proceeds will be transferred to the bank account you provided.” “Congratulations! Your application for a Paycheck Protection Program loan through PayPal in the amount of $$$$ has been fully approved and accepted by the SBA. I checked my Loanbuilder account, it’s still stuck in the “3 stages” message. And they replied an hour later and stated the lender was Webbank (which is who PayPal uses) I Emailed sba.gov to find out who the lender was. * I withdrew my application from Biz2credit as soon as I received the Docusigns from PayPalģ:24pm checked CAWEB and I see second draw PPP loan (PPS) ACTIVE- UNDISBURSED Loanbuilder account still stuck in the “3 stages” message. “We have submitted your Paycheck Protection Program loan application to the SBA for approval.” blah blah blah”ġ:35pm: PayPal sends Docusign email. We have received your application and documentation.Ĭurrently, your application is in a pending status. “Thank you for applying for the Paycheck Protection Program Loan through PayPal. ***This got me worried thinking PayPal going to screw us over like what chase did the very first round. Rest of week goes by: no email or any kind of communication from PayPal. For example, each 941 quarter is a separate file. Still no email from PayPal.įor reference, all my documents are organized and each file is labeled accordingly. Weds Jan 20: woke up and checked loanbuilder account and it’s asking me to upload the same documents AGAIN. I did notice there was an account inquiry from WEBBANKPYPL on my credit report on Jan 19 Loanbuilder account now in the “3 stages” message. No email confirmation or anything after applying which seemed odd. Tues Jan 19: applied for second draw and uploaded documents. This year, it took longer: about 10 days to get funds into my account. Last year, got PPP thru PayPal and it was much faster (got funding within 3-5 days). Location Specific Small Business Subreddit
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