government launched the Paycheck Protection Program (PPP) to provide guaranteed and potentially forgivable small business loans. During the coronavirus pandemic, these small businesses- especially those owned by minorities-were hard hit as consumers reduced spending disproportionately on services that require in-person physical interaction, such as hotels and restaurants. Small businesses not only account for 47 percent of U.S employment but also provide a pathway to success for minorities and women. For example, following the correction, we do not find that Fintech lenders approved the highest percentage of applications from Black-owned small employers, as compared to firms owned by persons of other races and ethnicities. Wells Fargo abandoned me the branch staff were ill equipped to deal with the in slaught on customer inquiries and it seems if your a small fish you went to the bottom of their listing for gaining access to a PPP loan.Jessica Battisto, Nathan Godin, Claire Kramer Mills, and Asani SarkarĮditor’s note: Since this post was first published, the chart entitled “Fintech Lenders Were Important Sources of Credit for Black Owners” has been updated to reflect a correction in the estimated approval rates of PPP loans. I got my EIDL advance yesterday ($3000) and Im so thankful but haven’t heard back from the SBA regarding the loan portion. I pray this is correct my credit score is a tad low this month. ******Now I read somewhere that the approval isn’t based on personal credit the hard inquiry is for id purposes. The lender for the Paycheck Protection Program Loan through PayPal is WebBank, Member FDIC. The PayPal Business Financing Solutions Team If your application is still in a pending status in another two business days, we will send another email update to you. We are doing everything we can to process your request. Given the high volume of applications, we appreciate your patience. Once we complete that review, we will either send you an email with additional information, including instructions on how to establish credentials for our loan portal through which you will upload required documentation, or a notification (as required by law) providing the specific reason(s) why we were unable to approve your application. Currently your application is in a pending status while we complete our initial review of your application. Thank you for applying for the Paycheck Protection Program Loan through PayPal. We hope that you and your loved ones are safe and healthy. I applied w/Paypal last night 5ish and received an email today at 2:23 pm that the application was being reviewed. Same thing keeps happening to me!! Now unable to login to Loan builder. If they do a credit check it is to verify identity I am sure.I didn't see a credit check, but they I did need to fill out a few verification questions when doing the docusign.It took approx 19hours from me signing to receiving the email for funding. I signed the documents right when I had received them at 5:15 received, signed and sent by 5:20.
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