{"id":4852,"date":"2020-04-15T17:45:58","date_gmt":"2020-04-15T17:45:58","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4852"},"modified":"2023-01-18T09:50:36","modified_gmt":"2023-01-18T16:50:36","slug":"payment-facilitators-help-speed-covid-relief-to-small-businesses-through-sba-program","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/payment-facilitators-help-speed-covid-relief-to-small-businesses-through-sba-program\/","title":{"rendered":"Payment Facilitators Help Speed COVID Relief to Small Businesses Through SBA Program"},"content":{"rendered":"\n

Payment facilitators PayPal and Square are among the\nnon-bank companies authorized by the U.S. Small Business Administration to\nprovide loans to small businesses through the agency\u2019s Paycheck Protection\nProgram.<\/strong><\/p>\n\n\n\n

PayPal announced on Friday that it had received approval to\nparticipate in the program. <\/p>\n\n\n\n

“Small businesses have been hit especially hard by the\ncoronavirus crisis. There is an urgent need to help every qualified business\naccess the funding needed to ensure that as many workers as possible keep their\nbenefits and paychecks. This is a race to save jobs in the present and for the\nfuture,” Dan Schulman, president and CEO of PayPal, said\u202fin a press\nrelease. <\/p>\n\n\n\n

“We are eager to deploy our capital and expertise to do\nour part in helping small businesses survive this challenging period. We are\nthankful to Congressional leaders for ensuring the CARES Act allowed companies\nlike PayPal to help distribute funds quickly to those businesses that are most\nimpacted.”<\/p>\n\n\n\n

While it\u2019s not yet accepting applications, Square has also said<\/a> that\nSquare Capital is approved to provide funds. It\u2019s working with its partner,\nUtah-based Celtic Bank. <\/p>\n\n\n\n

The Paycheck\nProtection Program is a low-interest loan program designed to provide\nrelief to businesses with fewer than 500 employees affected by the coronavirus.\nAs part of the program, loan payments are deferred for six months, and lenders\nare not allowed to charge fees. Loans will be forgiven for businesses that keep\ntheir workers employed and use the funds for payroll, rent, mortgage interest\nor utilities. <\/p>\n\n\n\n

According to the SBA, businesses could apply through any SBA\nlender or federally insured financial institution. \u201cOther regulated lenders\nwill be available to make these loans once they are approved and enrolled in\nthe program,\u201d the agency said on its website. <\/p>\n\n\n\n

In a letter\nto Congress last month, the trade group Financial Innovation Now \u2013 whose\nmembers include Square and PayPal as well as Stripe and Intuit \u2013 noted that\nthese companies have developed alternative lending platforms that move money to\nsmall businesses more quickly.<\/p>\n\n\n\n

\u201cCollectively, FIN member companies alone have a direct\ndeposit and underwriting capability with over 20 million small business. FIN\nestimates that our companies could rapidly disburse approximately $100 billion\nin capital to vulnerable small businesses, in many cases within weeks,\u201d the\ngroup\u2019s executive director, Brian Peters, wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"

Payment facilitators PayPal and Square are among the non-bank companies authorized by the U.S. Small Business Administration to provide loans to small businesses through the agency\u2019s Paycheck Protection Program.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[195,630,658,804,805,829],"class_list":["post-4852","post","type-post","status-publish","format-standard","hentry","category-archive","tag-covid","tag-paycheck-protection-program","tag-paypal","tag-small-business","tag-small-business-administration","tag-square-capital"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4852"}],"version-history":[{"count":4,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4852\/revisions"}],"predecessor-version":[{"id":9035,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4852\/revisions\/9035"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4852"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}