PPP rejection because of a credit report

[busterm8]

I just received a rejection letter from PayPal because of a credit report.The loan is a forgiveable grant !, has anyone else recceived one of the letters?this is so wrong . 

[conductive]

Mine was rejected, too, but it says "Unable to verify identity" at the top of the email and then goes on to describe my credit report.

I'll note my credit score is 832, so I can't imagine it's because it's too low.

[busterm8]

thanks for reply to this , sounds like PayPal is tooting its horn that thy're your friend in the business world but actually they are'nt doing a thing to help. Just a big lie, I hope the president of the company gets this!

[Quatrefoilblue]

If your application was denied due to something on your credit report please read and sign this petition. The President is tracking it https://www.change.org/p/daniel-schulman-paypal-ceo-ask-paypal-banks-not-to-deny-women-minority-busi...

[P_M_]

Why do we keep doing this?! can't we just simply include everyone and say, to not deny anyone bellow a certain net worth?  The more numbers of people you include the stronger you are so why do we have to segment ourselves!?

[butterfly_2000]

Yes. Same here. As many of us awaited funding over the weekend we were surprised to discover a mass rejection from PayPal of thousands of PPP applications in one evening. PayPal provided a generic excuse, such as ‘insufficient information’, but never stated what was missing as they promised to do in their application confirmation message. And went a step further by pulling our credit reports without our knowledge or consent and finding something on them to further support the denial, such as ‘not enough non-mortgage accounts’. As a sole proprietor who ran 100% of their business transactions through PayPal for over 10 years through February 2020 there should have been no hesitation to process my loan, which would have been a payroll payment to myself and eventually would turn into a grant. What relevance does my credit have?  None!  The PPP loan program has no credit eligibility or personal guarantee requirements. PayPal pretended to be our ally and failed many of us who should have been funded. Now, instead of helping us stay afloat as sales begin to slowly increase, they are putting some of us in a position where we will be forced to close our doors and/or risk eviction within a few weeks and then what happens to our outstanding PayPal Working Capital loans...

We’re clearly not dealing with the brightest bulbs on the tree. 

[Quatrefoilblue]

Read this, and sign it if we get lots of signatures they will address this right away and stop it. Credit should not matter with the PPP https://www.change.org/p/daniel-schulman-paypal-ceo-ask-paypal-banks-not-to-deny-women-minority-busi...

[dovescry53]

We have to do something about this as she would have filled this out if it was ONLY CREDIT as a Sole Proprietor!! The pulled without notification and must have something devious and crafty to pull 3 credit reports in a simple application with PRIVATE INFORMATION! Is this a SCAM as the information is NOT even showing when we log back in with all my receipts and PRIVATE info.  https://www.change.org/p/daniel-schulman-paypal-ceo-ask-paypal-banks-not-to-deny-women-minority-busi... 

[damderelict]

yep - insufficient credit history - it seems that Paypal has decided that my personal credit should be pulled against a loan guaranteed by the SBA and requires no collateral or personal guarantee for my business that has been open since 2005 and has excellent credit.  I don't have a negative credit history - I just don't use credit in my personal life having finally recovered from identity theft on three separate occasions due to breached systems at Mellon Bank of NY, Equifax and Yahoo.  So, by denying my business the money it needed to pay the people working, they will have to go on unemployment - me too most likely if this continues to be a giant joke and just another get richer scheme designed for the big fish to profit from .  I should have known Paypal would be incompetent and greedy desiring the 1% fee from the largest possible loans granted.  I am filing a complaint with the SBA and asking for an investigation into Paypal's loans that have been granted in the second round of funding.    I alone probably can't accomplish much, but if others do the same who knows... maybe seven or eight years down the road I can add another $33 check to my collection from previous class action lawsuits against Paypal.

[ricky358]

Similar story as the others on this topic.  Have great credit score, no debt, long time in business, no reason for a loan request to be declined.  Provided all requested info but reason stated for declination was insufficient information.  Wondering if they are actually funding anyone?