![]() From the site, click Log in to Get Started to begin your application. 3 strategies small business owners are using to get their SBA stimulus loans faster - When will your SBA loan be approved? Why the process is moving so slowly -College educated investors may be more likely to fall for coronavirus scams - Corporate credit markets do brisk business after Fed help -Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO -VIDEO: 401(k) withdrawal penalties waived for anyone hurt by COVID-19 Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily. How do I apply for Paycheck Protection Program (PPP) loan forgiveness If you received your WebBank PPP loan through PayPal, additional information about the loan forgiveness application process and eligibility criteria is available on our PPP Loan Forgiveness website. More must-read finance coverage from Fortune: Only existing PayPal merchants are currently eligible to apply for the PPP loans, which the company aims to send to qualifying small businesses within 24 hours of their application. “Because the sooner we can get those loans into the hands of small businesses, the more quickly we’re able to get those disbursement checks into the hands of those who most need them, the better off our economy and our country will be,” Schulman added. (People eligible for the checks can now provide their direct deposit information using a PayPal account in lieu of a bank account through a new IRS portal launched Friday.) On December 27, 2020, a 900 billion COVID-19 relief package was signed into law as part of the larger omnibus bill funding the federal government. ![]() Existing borrowers may still be able to apply for loan forgiveness using the SBAs PPP direct forgiveness portal. I cannot get through to anyone at this point - after waiting on hold you get connected to a receptionist who promises to pass your message. The SBA stopped funding all PPP loans in May 2021. “We think that we can be a great platform for the distribution of those,” Schulman said. I had to deal with their web portal not accepting uploads and over the last 6 days, Ive been getting emails to sign my docusign application to enter underwriting but the bank info listed on there is wrong. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.In an interview with Fortune last week, PayPal CEO Dan Schulman said he and his employees were working “literally 24 by 7” to be able to offer PPP loans through the SBA, as well as to allow recipients of individual stimulus checks to receive their money digitally through PayPal and its payment app Venmo. ![]() 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. Pathward powers financial inclusion for all and is committed to providing a path forward to people and businesses to reach the next stage of their financial. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. ![]() ![]() The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. ![]()
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