Since 2013, PayPal has provided loans and cash advances to business owners. The company has already operated as a small business lender before today, it noted. PayPal on Friday announced it had been approved as one of the first non-bank institutions able to help distribute the loans under the SBA program, after having received its approval to participate in the program. The $350 billion small business loan program is a part of Congress’s $2 trillion coronavirus stimulus package, and is aimed at those businesses with fewer than 500 employees. Small Business Administration’s (SBA) Paycheck Protection Program, which provides aid in the form of forgivable loans for small businesses that keep all employees on their payroll for at least eight weeks. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. government’s emergency lending program for small businesses. For SBA-purchased loans, please contact the SBA loan servicing center listed on your account statement.Īny other assistance: Please contact SBA.Fintech companies have been lobbying for weeks to be able to participate in the U.S. PPP, 7(a), 504 and Microloans: Please contact your lender for help with your account balance, due date, or any other specifics of these loans. ET, Monday to Friday, or email MySBA Loan Portal Customer Service cannot access your individual loan information. You can also email Loan Portal technical assistance: Please contact MySBA Loan Portal Customer Service at 83, from 8:00 a.m. ET, Monday through Friday, email or send a message through the MySBA Loan Portal.ĭisaster Loans: Please contact the SBA Disaster Assistance Customer Service Monday through Friday from 8:00 a.m. Box 3918, Portland, OR 97208-3918.ĬOVID-19 Economic Injury Disaster Loans: Please contact COVID-19 EIDL Customer Service at 83 (TTY:711) from 8:00 a.m.
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If you want to repay your COVID-19 EIDL loan in full, you are responsible for all daily accrued interest and the repayment of any Uniform Commercial Code (UCC) fees paid. Set up an electronic one-time or recurring payment using your bank’s bill pay service.If you need to enter a telephone number, enter the telephone number found on the front of your statement. If you need to enter a payment address, enter P.O.Loan numbers are listed on your account statements. Enter your 10-digit loan number as the “Account Number.” Note: your loan number is not the same as your application number.Small Business Administration as a payee on your personal online banking account. Use online bill pay through your personal banking account: To view and manage recurring payments, go to “Loan Accounts” on the top navigation and select “Manage Recurring Payments.”
If you are using a debit card, installments are limited to 36 months and you cannot set payments beyond the debit card expiration date. Choose the number of installments and payment frequency.Enter a payment amount, then select “Recurring Payment” for your payment schedule.Recurring payments can be made using a bank account or a debit card. Review your entries, then select "Confirm Payment.".Enter a payment amount, then select “One-Time Payment” for your payment schedule.One-time payments can be made using a bank account, debit card, or PayPal. Select "Payments" from the dropdown, then "Make payment.".In the "Loan" section of the home screen, select the "Action" button next to the loan you want to pay.Online payments are recommended for faster processing times. Guaranty-purchased SBA-serviced 7(a) loans.Guaranty-purchased Paycheck Protection Program (PPP) loans.
All others should contact their lender directly for payment information. Borrowers with the following loan types can make payments online through the MySBA Loan Portal. There are several options to make a payment to SBA. Market research and competitive analysis.
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