SAN JOSE, California, Jan. 19, 2021 / PRNewswire / – PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that the company is now accepting applications for small business loans through the US Small Business Administration (SBA) Paycheck Protection Program. Businesses can apply for paycheck protection program loans by visiting http://paypal.com/ppplan.
“2020 has been a difficult year for small businesses as they struggled to survive the profound impact of the COVID-19 pandemic. As we work to recover as a nation, there is an urgent need to provide assistance to small businesses and the communities they support, ”mentioned Dan Schulman, President and CEO of PayPal. “We will work with the public sector to do all we can to support small businesses, including providing access to the PPP loan program for PayPal customers and other small businesses.”
As one of the first approved non-banking institutions to participate in the Paycheck Protection Program (PPP) in April 2020, PayPal was able to:
- Facilitate PPP loans to over 75,000 businesses, with an average loan amount of $ 28,000
- Positively impact more than 300,000 jobs, with an average of 4.1 jobs per PPP loan
- Help smaller businesses where more than 75% of loans are under $ 25,000 and over 51% of funded businesses employing only the business owner
As part of the effort to help small and medium businesses take full advantage of the program, PayPal has helped nearly 50% of borrowers who received a PPP loan through PayPal begin the loan forgiveness process.
Help companies adapt to a new reality
Suzanne Citére started Real dance studio 17 years ago, but due to the Covid-19 pandemic and resulting closures, she was forced to close her dance studio in March 2020. A week later, she started giving dance lessons on Zoom to continue to provide her students with continuity and stability during a difficult time. Although not a PayPal Business customer, after hearing that PayPal accepts PPP loan requests, she requested access to the program through PayPal. Once approved, she was able to use payroll funding to help keep her staff employed.
“When we were forced to close our studio doors in March, I was most worried about my staff. They are like family to me and I didn’t want to let them go,” Citere said. “Thanks to PayPal and their quick process of getting us funds, I was able to keep them on the job and now that we’ve reopened the studio, let’s continue to teach and have fun for the students.”
Erica Malbon and her husband, Stephen, started Malbon Golf with the aim of increasing the popularity of golf among a younger generation. With two physical locations in Los Angeles and Seoul, South Korea, the couple planned to expand their clothing line and open new stores in 2020. When the pandemic hit, they were forced to close their physical doors. As a PayPal Business account holder, Malbon applied for and received a PPP loan through PayPal, which allowed him to do payroll while rethinking business plans for 2020. PPP funding provided a critical bridge while Malbon Golf has quickly adapted to make their business more pandemic-prone, creating virtual golf tournaments as well as increasing their online product offerings.
For the latest information on PayPal’s response to the coronavirus, please visit the company’s website writing.
PayPal has been at the forefront of the digital payment revolution for over 20 years. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 300 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy. For more information visit paypal.com.
The lender for Paycheck Protection Program loans provided through PayPal is FDIC member WebBank.
Investor Relations Contacts
SOURCE PayPal Holdings, Inc.