Paycheck Protection Program

[PayPal_Olivia]

Hi everyone,

I'm pleased to announce that PayPal is working with the US Federal Government to participate in the Paycheck Protection Program to provide access to loans for US merchants. This program helps small businesses cover operating expenses and keep employees on the payroll. Visit our Paycheck Protection Program site for details on applications, allowed loan uses and loan eligibility.

Please note that our customer service agents can’t accept loan applications or provide loan status through any of our contact channels. To check the status of your loan or for additional questions, please go to the Paycheck Protection Program loan site.

Thanks!

Olivia

[DealMaker]

I have done business with Paypal since 2008. And for you to put in stops for my companies livelihood is **bleep**. You have made an undisclosed amount of money on our transactions and when it comes time for you to accommodate us back with good customer service you drop us under the bus. 7200 loan is dogshit. The PPP loan was a FEDERAL PROGRAM not to create a slush fund for the banks to return pay to play favors but to get money into the economy so that we can all keep going until this disease passes if ever. If you cant find a miserable 7200 to help us get us 60 days down the road and pay people.. Why the hell do we need to keep you around your company is one-sided and not in it for your customers and that is 12 years of history talking

[Willowwillow]

I filled out a small handful of info and bubble answers and that's it?  I recieved no confirmation that it was accepted for review. No email.  The message said do not refresh and something about 5 mins to update but it never did anything more. I cannot believe that was the application and no email 🤔  Anyone?

[justMe110]

Has anyone heard anything new or am I wasting my time with Paypal? I signed up several weeks ago and my last communication was this:

Dear,

Helping your business through these uncertain times is important to us.  

Thank you for applying for the Paycheck Protection Program Loan through PayPal.  

The initial $349B in funding allocated by the US Government for the Paycheck Protection Program has been depleted.  However, we are hopeful that Congress will allocate additional funds for the program, and we continue to process Paycheck Protection Program loan applications in anticipation of additional funding being designated for the program. 

This email is to confirm that your application is in a pending status while we complete our review.  Once we complete that review, we will either send you an email with additional information, including instructions on how to establish credentials for our loan portal through which you will upload required documentation, or a notification (as required by law) providing the specific reason(s) why we  were unable to approve your application.  

Given the high volume of applications, we appreciate your patience.  We are doing everything we can to process your request.  Please do not reapply with us, as this will only slow the process.

You should be hearing from us again, within three business days from the date of this email.  


Sincerely,

The PayPal Business Financing Solutions Team

[BlueIvy]

I received a response that they have my application but can't find it in the system and like you no response to questions. I finally went to email they just sent and there is a request for additional information not requested before. Try going back to your most current email and be sure to scroll all of the way down and check every message.

[Anymouse]

I applied earlier in April. On April 17 I received an email from Paypal saying I would hear from them in 3 business days. I've still not heard anything. And sadly there is no mechanism to request an update. They haven't even requested additional documentation yet.

[MMoose]

Submitted an PPP application online on April 15 and got an on screen confirmation. Have not received any emails at all or any more information at all.  Cannot reach anyone that knows anything. Customer service chat only responds with stock copy and paste answers.  After 2 weeks, sitting and waiting for status or an email or anything seems pointless, as the available funds will run out and options are limited when many banks stopped or restricted taking applications. 

Somehow companies like Costco, Walmart, Instacart, Amazon were able to hire tens of thousands of people each within a couple of weeks to get their deliveries back on schedule to be same day or next day but somehow a technology based firm like PayPal can't put an automated solution together or even a human assisted solution together in a short period of time to accomodate customer communication during this process. Very disappointing.

[Anymouse]

I applied for a PPP loan with Paypal on April 15. I received an email thanking me for applying, then another on April 17 saying I would hear from them in 3 business days. Aside from that, I've not heard another word. No request for documentation. Nothing. If I had known they were going to ignore me I would have applied elsewhere, not it seems it's too late. SHAME ON PAYPAL!

[KLCan]

I applied on April 27th. Today I got 2 emails the 1st was to login to the loanbuilder account. The 2nd was to submit documents. Now I'm waiting to see what happens next.

[justMe110]

Paypal and their lending partner are deserving of a class action lawsuit. The way they handled these loans is grossly negligent and highly incompetent. How can someone that applied on April 27 receive acknowlegement when others that applied 10+ days earlier are ignored.

[FDOUGLASA]

@KLCan Also how it went for me  today except for one big drawback - before I finished uploading their requested verifications, the option to upload went missing.  Now our PPP calculator's figures (income/salary/expenses) are going unsupported.   WILL see what happens. . .