Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. I applied about two weeks ago and haven't heard any reply. It sounds like we are in the same boat. Yes, it is. Thank you for replying. So absolutely frustrating!!!! Paypal PPP status vanished. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. The latest update from a mainstream news source says that Congress will continue to hash out funding. 11 months ago. If playback doesn't begin shortly, try restarting your device. Based on the responses we’ve seen, the overwhelming majority of fully-forgiven PPP loans were under $50,000—making them eligible for the new Form 3508S. The United States Congress passed the 2020 CARES Act in March 2020 which made up to $659 billion in loans available to small businesses impacted by Coronavirus in the Paycheck Protection Program.In December 2020, the government passed a second round of the Paycheck Protection Program that includes another $284.5 billion for new loans, split between first time (first … Visit SBA.gov for details. The company’s loans are generally less than $25,000 each -- something true as well for small businesses seeking help from PayPal under the PPP, Schulman said in an email. Also noteworthy is that an additional 20 percent of PPP loans fall into the range of $50,000 - $100,000. On April 16, a mere 13 days after PPP applications started, the SBA officially announced that funds had run out.Government officials had already been discussing a second round of PPP funding a week prior. I did this just to be certain it wasn't a processing error on my part or something timed out. Paypal was the best and fastest funding choice for us after the SBA and Chase both failed to move on our apps or should I say just FAILED. Post by the11diesel » Sat Apr 25, 2020 3:12 am. Any helpful ideas? Comment back if you find another lender that will work for our situation. We support America's small businesses. To address your specific loan situation, please use the Forgiveness platform Inbox to request escalation of your loan review by the SBA. It is very frustrating when there is no place to do a search for the status of … We apologize for this inconvenience. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. For more information on your loan or loan forgiveness application status, or to contact a PPP … I dont know if Paypal changed lenders between the first and second round or what. The Act authorized the creation of the $349 billion Paycheck Protection Program (PPP), a loan program meant to provide loans to businesses impacted by the pandemic. SBA PPP stands for Small Business Administration Paycheck Protection Program – you might have heard about the problems businesses have been having as the … I am also awaiting update from you guys. PPP LOANS INFO. If you find your PPP loan application rejected, you may be wondering what business financing options you have left.. PayPal: https://www.loanbuilder.com/ppp-loan-application Intuit: https://aidassist.intuit.com/app/home#/home QuickBooks Capital: https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection- I submitted another application just a few minutes ago. If you’re like most small business owners, you’re still struggling with cash flow as stay-at-home orders stretch on and on. Welcome! Sorry if you have not received a response coming from us yet but we are working through applications as fast as we can. New to the community? I have now registered as an LLC, but not until early April, so that doesn't help me for the purpose of applying for the PPP loan. The initial $349 billion that the SBA put into the program quickly ran out, so some businesses may have been rejected for PPP loan funds for that reason. By browsing this website, you consent to the use of cookies. For a second draw PPP loan, the maximum loan amount will be up to 250% (or 2.5 times) your monthly average payroll costs for most industries. I should have registered as an LLC 2 years ago, but that's hindsight. I have submitted my application for PPP over two weeks ago. To apply for a Paycheck Protection Program (PPP) loan, get started online or learn more.We are not accepting applications over the phone. It sounds like we are in the same boat. Another factor related to the slower PPP usage is smaller loans. Applied on March 16th-Womply thru Fast Lane: Signed PPP origination application on March 22nd: Signed PPP Promissory Note on March 26th: Status changed to Lender Funding on March on 26th itself: Status changed to Borrower Funded on March 29th: BANK FUNDED on March 31st 2-3am morning ! Congress recently extended the PPP. To check on the status of your application or access your Loan Forgiveness Specialist contact information, please log into our PPP Loan Forgiveness Portal. By browsing this website, you consent to the use of cookies. A rep called few days ago for additional documents. I think I have submitted 3 apps now with PayPal and am beginning to look at different Fintech's to help. I attached a link that might help answer questions regarding PPP Loan. If you hear anything from PayPal, comment here again please and I will do the same. Good luck! New to the community? Are you registered as a business or were you operating under your personal name like me? I called Paypal to check the status of my application and it is still pending. It has been two weeks for me too. $217,000 funded today via Paypal to keep our 28 employees employed. How to Check the Status of a PPP Loan App, Re: How to Check the Status of a PPP Loan App. I haven't received any email communication for next steps or where to send my documents. PayPal has become one of the first non-bank institutions allowed to distribute loans to help small- to medium-sized businesses (SMBs) in response to the coronavirus pandemic, according to a … The SBA will now accept PPP loan applications through May 31, 2021. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. https://www.kabbage.com/paycheck-protection-program-loans/. I also got an immediate email confirmation. Also, the SBA has made this whole process clear as mud for someone like me, an independent contractor operating under my personal name with no business registration. How long will PayPal offer access to PPP loans? PayPal can now issue small-business loans through the government’s SBA PPP program. Welcome! That's less than 0.01%. 4/14 2:45PM – Received two Docusign emails from Paypal. But business owners that reported themselves as veterans made up a tiny fraction of the number of PPP loans and PPP funding. And there’s an added benefit: if you already received a PPP loan in 2020, you can qualify for a Second Draw on your PPP loan in 2021. Kind of a "dead man's pact.". My own name too. It seems legit. If Pay Pal wants to be a player in the fintech distribution of PPP's then they need to get there act together with communicating better and have links for people to check on application status and a confirmation of application number otherwise they are potentially wasting our hope and time! These are Small Business Administration loans that help businesses keep their workforce employed during the coronavirus (COVID-19) crisis. Congress has allocated $285 billion for more Paycheck Protection Program (PPP) loans. Only around 34,000 out of 4.9 million PPP loans were issued to veteran-owned businesses. The new law also allows some businesses to apply for a second loan. It is under my email address for my user of this post. PPP loan forgiveness application status and updates will be provided via email and through your Loan Forgiveness Specialist. I used them for round 1 too. Re: PPP loan application status. Yes, it is. Solved: How to Check the Status of a PPP Loan App - PayPal Community. Q2. I hope you are doing good. April 23, 2020— PayPal Holdings Inc.  announced that the company is now providing access to small business loans through the U.S. Small Business Administration (SBA) Paycheck Protection Program, according to a press release. Come on Pay Pal! I submitted them and a loan amount with steps was up on the loanbuilder portal. Number of loans received by veteran status. I can also log back in and check the status of my application. never heard of that service. Your original First Draw PPP Loan is still under review by the SBA and has associated holds that must be cleared before 2nd draw processing can proceed. I applied for PPP round 2 via Paypal. I applied through Kabbage then it asked me to upload all my documents and my banking information. Square Capital on Monday joined PayPal and Intuit with its announcement of having received SBA approval as a PPP lender. Fintechs had been pushing to provide emergency loans to small businesses since mid-March, more than a week before passage of federal legislation … And please don't tell me to go here because that is a dead end:  https://www.paypal.com/us/smarthelp/article/how-do-i-apply-for-the-paycheck-protection-program-(ppp)... Agree. The best place to get additional information and updates on the availability of PPP loans through PayPal is at PayPal.com/PPPloan. I have not heard back from anyone in over a week! Total PPP loans by veteran status – Visual The status of the Paycheck Protection Program loans is changing fast. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. If you've already applied for a Paycheck Protection Program loan and aren't sure if the application has been approved, here's how to check the status. The PPP loan reboot includes provisions to help those that are struggling the most—even the smallest of small businesses. name : Sun Chung company name : Sun Construction. At the end of the first round of PPP funding, average loan size was at $206,000. As of now, small businesses can now apply for a potentially 100% forgivable PPP (Paycheck Protection Program) loan directly online through PayPal and other fintech providers. As part of the national effort to combat the devastating economic effects of the COVID-19 pandemic, the CARES Act was signed into law on March 26, 2020. Information on loan forgiveness is also available. 4/14 2:00PM – Submitted app with copies of our quarterly payroll reports to Paypal. PPP 2.0 – a second loan. How do I apply for the SBA Paycheck Protection Program (PPP) loan? Life is good! Please read our Community Rules and Guidelines. Like many here, I have received zero communication for two weeks now about next steps on my PPP loan application. ©1999-2021 PayPal, Inc. All rights reserved. There is no one to speak with and no way to check the status of my loan application with Pay Pal. PPP LOAN, BEWARE OF BANK OF AMERICA!!!!!!!!!! For a first draw PPP loan, the maximum loan amount will be up to 250% (or 2.5 times) your average monthly payroll costs for 2019 or 2020 or for a 1-year period before the date on which the loan is made. EDIT:- HARVEST is the lender & I’ve Wells Fargo Bank ! Used or will use the full amount of the first PPP loan for authorized purposes on or before the expected date of disbursement of the second PPP Loan; We are now accepting requests to increase first-time loans for the limited group of PPP borrowers eligible under SBA guidance. IT is completely frustrating waiting with no help! I think its wierd that the loan was going through Web bank and now in order to check your status your having to go through Loanbuilder?? It is very frustrating when there is no place to do a search for the status of your application, especially when you are logged in. ©1999-2021 PayPal, Inc. Paypal, Intuit, and Square are participating in the SBA's Paycheck Protection Program (PPP). As of May 26, it had dropped to around $115,000. Continue With PayPal The lender for LoanBuilder Loan, PayPal Business Loan and SBA Paycheck Protection Program Loan brought to you by PayPal is WebBank, Member FDIC. As of press time, Congress could not come to an agreement, so both PPP and Economic Injury Disaster Loans will remain on hold until next week. ©1999-2021 PayPal, Inc. All rights reserved. Was supposed to form an LLC in January, but waited and now this mess. e are working through applications as fast as we can. 2 people found this solution to be helpful. Unexplained Paypal PPP Loan Application Status Change. This follows approval from the SBA for PayPal to participate in the program as one of the first non-bank institutions. Can anyone answer as to why there is no possible way to check on a PPP loan application status? Has anyone else had their Paypal PPP Loan Application change from "Your application is currently under review. I am in exactly the same boat as you are as an independent contractor. what is status of application? I have no idea if that will help or hurt. If this post or any other was helpful, please enrich the community by giving kudos or accepting it as a solution. Here's how to apply for loans through these institutions. Please read our Community Rules and Guidelines. 285 billion for more Paycheck Protection program ( PPP ) loan a `` dead 's... Sba Paycheck Protection program ( PPP ) loans a processing error on my part something... 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