That is correct. Once the PayPal account is closed, you will have an opportunity to create a new PayPal account using the same email address. We highly recommend keeping the account open if you are going to use the same email address and just updating the information. This will allow you to keep all of the previous information and records. The history is no longer available once the account is closed.
Thanks for posting to the PayPal Community Help Forum! 🙂
