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PayPal: Approved To Process SMB PPP Loans | Fintech InShorts: Latest fintech news, analysis by experts

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PayPal: Approved To Process SMB PPP Loans

By Steve Sam

April 13, 2020

PayPal: Approved To Process SMB PPP (Paycheck Protection Program) Loans

PayPal has become one of the first non-bank institutions allowed to distribute loans to help small- to medium-sized businesses
The digital payments platform will now be able to give loans to SMBs that apply for loans under the Small Business Association’s (SBA’s) PPP
The government allotted $350B for that purpose as part of the recent $2T federal CARES Act passed in March
This development follows interest from a number of non-traditional institutions and applications
The company boasts over 900,000 loans and cash advances, providing over $15 billion in funding to businesses in need
The company said it hopes these measures will alleviate financial concerns as people have to stay apart

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