How do I apply for the SBA Paycheck Protection Program (PPP) loan?

To help our PayPal merchants during these challenging times, PayPal has been accepting loan applications for the SBA Paycheck Protection Program. For details and for future updates, go to our Paycheck Protection Program loan site. If you're experiencing trouble getting the site, try switching your browser (for example, if you're using Internet Explorer try Chrome).

Important
Our customer service agents can’t accept loan applications or provide loan status through any of our contact channels, including phone and messaging. To check the status of your loan or for additional questions, please go to the Paycheck Protection Program loan site.


Common Questions

I completed my PPP application. How do I log in to check the status of my loan and upload documents?

 
To log in, go to https://my.loanbuilder.com/us/login. You'll see a choice to log in with LoanBuilder or to log in with PayPal.

  • If you’ve had a LoanBuilder loan, log in with your LoanBuilder credentials
  • If you’ve had a PayPal Business Loan, log in with whichever credentials you used to establish it (it could be PayPal or LoanBuilder credentials)
  • All others, choose to log in with the LoanBuilder credentials you set up when you applied for PPP (do not “Continue with PayPal”)

I just received a PPP loan contract through DocuSign—what happens next?
Once we have received your documents and they are appropriately signed and completed, we will, subject to final review and verification, add your application to the queue to be sent to the SBA as quickly as possible.
 
Program funding allocated by Congress is limited, and due to the unprecedented demand, the SBA’s processing is taking longer than anticipated. We expect it will take several days to process completed applications through the SBA and to receive an SBA loan number necessary for funding. For funding to occur, the SBA must accept your application and program funds must remain available.  We will continue to communicate updates through email. 
 
I got my PPP loan. What do I have to do to achieve forgiveness?
Here are a few of the basics.

The amount of forgiveness depends on, among other requirements, how the loan funds are used over the 8-week period starting the day your loan was funded.
 
Eligible uses (in accordance with SBA guidelines) include:
  • Eligible payroll costs
  • Eligible interest on business mortgages or other business debt, if entered into before February 15, 2020
  • Eligible rent, under business lease agreements, entered into before February 15, 2020
  • Eligible utilities, for which service began before February 15, 2020
 
The SBA has stated that over the 8-week period starting the day your loan was funded at least 75% of the loan proceeds should be used for eligible payroll costs and that no more than 25% of the loan proceeds should be used for eligible non-payroll costs.
 
There are a number of additional requirements, and the SBA continues to provide additional guidance on this topic.  To access additional details directly from the SBA and Treasury, go to SBA.gov/ppp or https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
 
PayPal will provide PPP loan customers with periodic emails reflecting more information on forgiveness requirements and documentation once additional details are provided by the SBA.  So, please be on the lookout in the coming days and weeks for our emails.

My loan amount is lower than I expected. Why?
We determined your loan amount based on the supporting payroll documentation you provided and in accordance with the SBA’s requirements for the PPP loan.

The SBA requirements include calculating the loan amount based on a specific formula that principally takes into account your average monthly payroll costs (excluding annual compensation in excess of $100,000 USD per employee annually) multiplied by 2.5.  

The documentation you submitted:
  • May not have supported the average monthly payroll costs you reflected on your application
  • Or the average monthly payroll costs you submitted may have not satisfied the Small Business Administration’s guidance for eligible payroll costs
For additional information, please visit sba.gov/ppp
 
Can I submit additional documentation?

No, once the loan documents are delivered via DocuSign, the loan amount cannot be changed.
 
Can I apply again for PPP through PayPal?
Once the loan documents are delivered via DocuSign, the offer and process are final for this application.  Given the high volume of applications and the limited funds allocated by the US Government for the program, applying again through Paypal is not recommended.
 
Can I apply for PPP at another lender?
We are not familiar with other lenders’ programs. However, your current PPP loan offer through PayPal will not prevent you from applying somewhere else. Please keep in mind that given the high demand, the limited funds made available by the US Government for the PPP program are expected to be depleted quickly.
 
How can I decline the offer?

If you do not wish to accept the loan amount offered, you may decline to electronically sign the documents we provided to you via DocuSign. To formally decline the agreements and stop future email reminders from being sent to you, choose “OTHER ACTIONS” from the upper right corner of the DocuSign envelope, and then “Decline to Sign” from the menu of options.

Full instructions are available at DocuSign: https://support.docusign.com/en/guides/Declining-to-sign-DocuSign-Signer-Guide.

How do I upload my documents? Can I email them?
All documentation will be uploaded to our online portal. If you don’t already have access, we’ll provide you with an opportunity to establish a login following the completion of our initial eligibility review of your application or send you a follow-up email. There’s currently no way for you to email your documents to us.

Please note that you’ll need to submit all your documents at once. Please don’t try to upload a few and come back to upload other documents later; this can delay the application process.
 
I submitted my application and got an on-screen confirmation that says my application has been received and you’re processing my request. What’s the next step?
For applications that have been initially reviewed and remain eligible, an email will be sent that will instruct you on how to establish your loan portal credentials. This email will come from noreply@paypal-businessfinancing.
 
If you’re not eligible, you will receive a notification providing the specific reason(s) why we were unable to approve your application.
 
When will I hear from PayPal about the status of my application?
We are working through applications as fast as we can. You can expect to get an email from us within the next couple of business days.
 
After I applied, it said that I have no active applications in the portal. What happened and why doesn’t it show?

Your application is likely in a pending status and will be reviewed as soon as possible. Once we’ve completed our review, we will notify you by email. 

Why was I declined?
The specific reasons for a decline will be provided to you through email. PayPal isn't given access to the specific reason(s) why your application was declined. 

Can I appeal a declined application?
The decision on your application is final. If you believe you may have been declined because you answered a question incorrectly or did not provide us with the requested supporting documentation, you may choose to reapply for a Paycheck Protection Program through PayPal at www.paypal.com/ppploan.
 
Otherwise, you might be eligible for a Paycheck Protection Program loan through another provider. If you choose to apply elsewhere you should do so as soon as possible. We expect that any additional funding that is authorized by the U.S. Government for the program will be depleted again quickly. A list of loan providers can be found on the SBA website (sba.gov).
 

* The lender for Paycheck Protection Program loan provided through PayPal is WebBank, Member FDIC.