Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily. VIDEO: 401(k) withdrawal penalties waived for anyone hurt by COVID-19 Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO Corporate credit markets do brisk business after Fed help College educated investors may be more likely to fall for coronavirus scams When will your SBA loan be approved? Why the process is moving so slowly 3 strategies small business owners are using to get their SBA stimulus loans faster Celtic Bank ( FAQ page ): On its PPP application, Celtic Bank provides a contact number that can be used when applicants have questions about PPP loans. More must-read finance coverage from Fortune: Funding Circle ( FAQ page ): If you apply for a PPP loan through Funding Circle, you can contact your Funding Circle Account Manager to inquire about the status of your loan. Only existing PayPal merchants are currently eligible to apply for the PPP loans, which the company aims to send to qualifying small businesses within 24 hours of their application. “Because the sooner we can get those loans into the hands of small businesses, the more quickly we’re able to get those disbursement checks into the hands of those who most need them, the better off our economy and our country will be,” Schulman added. (People eligible for the checks can now provide their direct deposit information using a PayPal account in lieu of a bank account through a new IRS portal launched Friday.) “We think that we can be a great platform for the distribution of those,” Schulman said.
In an interview with Fortune last week, PayPal CEO Dan Schulman said he and his employees were working “literally 24 by 7” to be able to offer PPP loans through the SBA, as well as to allow recipients of individual stimulus checks to receive their money digitally through PayPal and its payment app Venmo. Each loan averages $25,000 in size, far smaller than the loans offered by major banks, which tend to be upwards of $100,000. Since 2013, the company has made more than $15 billion in loans through its PayPal Working Capital program, making PayPal one of the top five small business lenders in the U.S. PayPal would not confirm the total amount of money it has already agreed to lend to applicants, but said there is no cap on how much money it is willing to loan. The good news is multiple FinTechs including & other online lenders are ready,able & willing to process #PPPloans for them & anyone else.But they need to release application for nonbank lenders to become certified.
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