PayPal, Intuit QuickBooks approved to take part in coronavirus, small-business emergency loan program

"This is a race to save jobs in the present and for the future," PayPal CEO Dan Schulman said in a press release. "We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period."

In addition to acting as a direct lender, Intuit QuickBooks said it would process payroll information, which small businesses need to provide to lenders in order to get approved. The U.S. government had asked banks to help it distribute at least $350 billion in loans to small businesses as part of the $2 trillion coronavirus stimulus bill.

For weeks, tech-focused lenders had been pushing to be included in that stimulus plan. Financial Innovation Now — an industry group representing Square, PayPal, Intuit, Stripe and other non-bank finance companies — sent a letter to Congress in March asking that their members be included in any emergency funding.

"Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough," the letter reads. "Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need."

Why not GustoHQ ?

'small business' fuck this bailout. It's a joke. No one has even gotten a check yet and the fed is paying hedge funds for their junk bonds and corporate debt for $2,300,000,000,000.

Yes accept Paypal is horrible at certain aspects of customer service such as resolving fraud on one's PayPal account. Very disappointing I would not use PayPal for PPP application.

Other Fintech companies, like $ONDK (Ondeck Capital) have applied to provide PPP loans as well. This marks the entrance of new competition for 'traditional' banks, and should speed relief to applicants. Let's set sights on the recovery.

It's to ISSUE loans. For fuck's sake people, read articles instead of just tweeting bullshit replys.

🤦‍♂️

Wait a minute, those aren’t small businesses.

It'll be okay Intuit and PayPal . You'll get your corporate socialism. America needs more corporate beggars.

Read the article people. PayPal and Intuit have been approved to ISSUE the loans in getting the funds dispersed more quickly. They aren't borrowing the money.

WTF, Small biz!?

At what point in time are they considered small?

MarkYusko what the hell!

I can just imagine how many dead people would be taking out loans..

PayPal?

nhk_hokkaido

LOL wtf “small business “

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Start-up market is 'stratified' but it's 'the greatest time to start a company,' PayPal co-founder saysMax Levchin discussed how the coronavirus-induced economic slowdown is impacting the start-up world. A start up for home delivery of food and essentials to seniors and other shut ins would certainly soar high now mlevchin PayPal - I have been trying to push for stimulus money to go towards entrepreneurship at the state level. I really believe diverse think tanks is the way to go. We all have our own perspectives of the world based on the “world” we live in. I live in Florida and would..
Source: CNBC - 🏆 12. / 72 Read more »

U.S. approves $168 billion of small business loans under coronavirus plan: KudlowThe United States has approved 661,000 loans to small businesses totaling $168 billion under a program to address the fallout from the novel coronavirus epidemic, White House economic adviser Larry Kudlow said on Friday. They should be grants, seeing as how the Fed, and the central banks caused this problem in the first place! FilmyourHospital EmptyHospitals CoronaVirusHOAX This dude will never get the COVID19.. I'm convinced the more liquor in your system, the safer you are. But hey, I'm not a doctor nor a scientist. 🤷‍♀️ 168 billions out of 2.2 trillions and with a recently fired watchdog inspector that was going to supervise the money? Yeap we got screwed again.
Source: Reuters - 🏆 2. / 97 Read more »

Small-Business Loans Face Delays Even as Coronavirus Program ExpandsThe first applicants still await funding, fueling anxiety among business owners whose revenue has tanked during the coronavirus pandemic. I would assume most small businesses are not prepared to navigate the inevitable bureaucracy like major corporations. I wouldn't presume something is nefarious. raycene1 Great job stevenmnuchin1 you guys are doing an incredible job!
Source: WSJ - 🏆 98. / 63 Read more »

Senate Democrats block GOP bid for $250 billion in small-business funds amid impasse over coronavirus aidSenate Democrats block a Republican proposal for $250B in small-business relief funds on Thursday after demanding the inclusion of additional resources for hospitals and state and local governments.
Source: NBCNews - 🏆 10. / 86 Read more »