Another provider has already secured a PPP loan for your business/organization

[NetworkMakers]

Hi guys - 

I have a quick question - we have submitted a PPP application to SBA through PayPal, and have just received the following email note: 

=== Begin Quote===

Thank you for applying for the Paycheck Protection Program Loan through PayPal.  
We submitted your completed application to the SBA and have received a response from the SBA indicating another provider has already secured a PPP loan for your business/organization. Each business entity can only receive one PPP loan. Therefore, we will not be able to continue the processing of your loan application.
If you do not have an approved Paycheck Protection Program Loan through another provider, please click here to provide your feedback so that we can follow-up as appropriate.
=== End Quote===

Since we have only ever submitted one PPP application - through PayPal - we are a bit confused and concerned. Does anyone else have an idea what is going on and what we can do? Do we need to be concerned about identity fraud?

We would be grateful for any response. Thank you!

[Stschand]

I was able to contact PayPal at this number [Removed. Phone #s not permitted] but they weren’t very helpful. Just a generic response about how the loan is still processing and to wait, despite SBA confirming it was approved and giving me a loan number.

[Aldais]

Did they mention anything about the email that was sent out? Was it by mistake or what happened!

[Stschand]

All he said was that lots of people were calling about the email. He suggested it could be because some people’s application was submitted twice. I’m not sure I believe his reasoning. PayPal should send up a follow up email to borrowers addressing this issue because lots of people are worried they were victims of identity fraud.

[cfen75]

In the same boat right now.  I was able to email my local SBA office and get an answer for two different people there that my loan was secured on 5/3 with WebBank.  The same day I got the email from PayPal saying I was already funded through another lender! Has anyone tried contacting WebBank directly?  I was told by SBA that they have 10 days to fund an approved loan.  Not sure what happens after the 10 days?  Wish that someone from PayPal would see this and respond as this is a very confusing situation for us all to be in.  

[cfen75]

Contact WebBank - they have a website and general contact number.  I will be calling tomorrow as they are listed as the lender so will need to respond/answer as to where the approved funds are.

Also for those of you needing to get a response on who the lender is, contact your local SBA district office via email.  I located the email contacts for the one near me and emailed a few people there.  I heard back within two hours to find out that WebBank was the lender.  I am still awaiting the SBA loan number from them as I didn't ask for it in my first email.  

[Cloverfield20]

I called Webbank, the rep was unable to offer much. She referred me to PayPal, provided the number to contact PayPal working capital. It is beyond disappointing how PayPal has handled its error. There has been no follow up nor emails to explain this mess. I made several phonecalls and each funding expert “promised” to look into issue and call me back. I sent emails to the contact provided to sba and left voicemails, she’s yet to respond.

[Justin504]

Same for me. ONly applied though PayPal (LoanBuilder).

I spoke with PayPal and it sounds like they know this is an issue. She wasn't about to tell me much but asked if I has filled out the "survey" at the end. Then said they will be responding to everyone and are currently working though the large volume of people that had the same issue. I figure if they are spending time giving the call center folks a talk track around it - then they are in the process of figuring out how to handle the issue.

The number I called is at the bottom of this page - https://www.paypal.com/us/webapps/mpp/paypal-business-loan.

If anyone wants to call and see if they can get more info that would be great.

[Cloverfield20]

That’s a better response than what I was told yesterday. The “funding expert” I spoke to told me a loan was secured, and not by PayPal. He then went on to say another individual used my ein (identity theft), this was after I informed him that I applied with PayPal only. That’s why I went digging, and forwarded PayPal’s email to sba agents.

[Cloverfield20]

On a more serious note, how much will it take for PayPal to draft an email, and send to all email recipients to notify us that they are looking into the matter? Rather than total silence on their part.

[Justin504]

I also just talked to my local SBA and they were able to tell me that my loan has been funded though WebBank (PayPal) but not yet dispersed. So this sounds like an administrative issue - at least that's what I'm hoping.