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It's a continuous problem for everyone right now. Do a quick Google search or look through these forums (although, weirdly, posts in general from the last few months...including the stickied posts...aren't showing up today; looks like the forums are having issues); hardly anyone is getting approved and no one knows why. Even the very few who get approved are getting amounts that are peanuts compared to previous loans.
It's been this way for almost a year. PWC/WebBank haven't said anything, customer service has no idea, and the very small amount of approvals don't seem to have any commonality other than again, being awfully small compared to their previous loans.
I don't think the program is long for this world, and I've spoken to a few business owners for whom this (the lack of communication and disingenuous advertising) was the last straw and are moving all of their business away from Paypal because of it.