That the borrower sought and was unable to obtain credit elsewhere.
A personal guarantee is not required for the loan.
No collateral is required for the loan.
I applied for the cares act PPP loan through paypal after a frustrating experience trying to get banks I wasn't a part of to process my application. After being a paypal customer for at least 8 years and making them thousands of dollars I was shocked and a little surprised at the shabby treatment I received with my application. I got this great response "Did not supply information requested". Instead of asking for the information, that was it. What information? You seem to have no problem taking my payments and charging me fees.
The part that violates the cares act was the part where they showed my credit card score which is experian 746 making the decision even more strange because if you were to draw on a credit score that is a very good one. But I digress.
I will not use paypal any longer. Thank you for the shabby treatment.