#PAYPAL PPP ROUND 2 APPLICATION HOW TO#

However, I did it for the following months afterwards. My business was active and running as of Februbut it wasn't generating much income that month, which is why I didn't do payroll for the month of February. Loans range from 5,000-100,000 for first-time borrowers and up to 150,000 for repeat borrowers.

#PAYPAL PPP ROUND 2 APPLICATION HOW TO#

Payroll statement or similar documentation from the pay period that covered Februto establish business was in operation on February 15, 2020. Applications for second draw loans open on January 13, 2021, so it’s important to understand the program’s changes since the first round, as well as how to apply. Meet PayPal Business Loan, a fixed-term small business loan based on your overall business health. I put in an application at Paypal before PPP round 1 closed down, but got hung up on the LoanBuilder page and couldnt fully complete my submission. We originally applied via BofA and, like everyone, got shafted. (For sole proprietors, the calculation is different. PPP Second Draw Borrower Application Form Second Draw Borrower Application Form for Schedule C Filers Using Gross Income Supplemental materials FAQ for PPP Borrowers and Lenders How to Calculate Second Draw PPP Loan Amounts FAQ Regarding Participation of Faith-Based Organizations in PPP and EIDL PPP Myth vs. Paypal PPP Process Hoping someone who has been funded via Paypal PPP can give some advice. Please provide the specific additional information and supporting documentation requested below, so that we can continue our review and processing of your application.Įstablish Business was in Operation as of February 15, 2020 First-time borrowers are eligible for 2.5 times their average monthly payroll cost, up to 10 million. My PPP lender replied to me and said the following: If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. blah blah blah 1:35pm: PayPal sends Docusign email.

Currently, your application is in a pending status. They were 2.5x their average monthly payroll or for self-employed persons, 8/52 of their 2019 Schedule C net profit. We have received your application and documentation. I submitted my PPP round 2 application with PayPal around a week ago. Borrowers can apply for forgiveness any time up to the maturity date of the loan. 2:16am: PayPal email Thank you for applying for the Paycheck Protection Program Loan through PayPal.

Paypal ppp round 2 application