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 “

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