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• PAYPAL PPP APPLICATION LOGIN HOW TO

However, it prevented small business owners from being able to accept or reject the funding before it hit their accounts. This step in the process was designed to get the money out quickly. In both Chase and PayPal applications for the program, small business owners were required to sign a promissory or direct-debit note before the loan was approved and disbursed.

The same situation has played out with other applicants, who were notified that their loans had been approved and deposited by different lenders almost simultaneously. PPP policies from Chase Bank and PayPal to loan applicants suggest applying with another lender.

PAYPAL PPP APPLICATION LOGIN HOW TO

"We thought we would get guidance on this in the next 48 hours and figure out how to click a button and say, 'Duplicate funds received in error, return please.' But that hasn’t happened." "We saw the wires pending, and we were thinking it was going to get halted at some point, and then the wires settled," she told Spectrum News.

Rita Zapko, an enrolled agent with Devlin Financial who works as a small business and tax consultant, discovered the funding issue with several of her small business clients. Spectrum News has independently verified at least five cases in which borrowers discovered that duplicate loans were direct-deposited into their bank accounts last Friday after they applied for the Paycheck Protection Program through Chase or PayPal. Business owners waiting on guidance on what to do with extra money.Some banks required direct deposit multiple banks sent money, owners say.They were encouraged to reapply with different bank in 2nd round.Several small business owners didn't get money from 1st round of PPP.