"Thanks to PayPal and their fast process in getting funds to us, I was able to keep them employed and now that we've reopened the studio, continue teaching classes and provide some fun for the students."Įrica Malbon and her husband, Stephen, started Malbon Golf with the goal of increasing golf's popularity with a younger generation. They are like family to me and I didn't want to let them go," Citere said. "When we were forced to close the doors to our studio in March, I was most concerned for my staff. Once approved, she was able to use the funding for payroll to help keep her staff employed. Although she was not a PayPal Business customer, after hearing about PayPal accepting applications for the PPP loan, she applied for access to the program through PayPal. A week later, she started holding dance classes on Zoom to continue providing her students with continuity and stability in a challenging time. Suzanne Citere started Real Dance Studio 17 years ago, but due to the Covid-19 pandemic and resulting shutdowns was forced to close her dance studio in March of 2020. Helping Businesses Adapt to a New Reality Help the smallest of businesses with more than 75% of loans being under $25,000 and more than 51% of funded businesses only employing the business ownerĪs part of the effort to help SMBs achieve the full benefit of the program, PayPal has helped nearly 50% of borrowers who received a PPP loan through PayPal begin the loan forgiveness process. Positively impact more than 300,000 jobs, averaging 4.1 jobs per PPP loan.Facilitate PPP loans to more than 75,000 businesses, with an average loan size of $28,000."We will work together with the public sector to do whatever we can to support small businesses, including by providing access to the PPP loan program for PayPal customers and other small businesses."Īs one of the first non-bank institutions approved to participate in the Paycheck Protection Program (PPP) in April of 2020, PayPal was able to: As we work to recover as a nation, it is urgent to provide help to small businesses and the communities they support," said Dan Schulman, President and CEO of PayPal. "2020 was a difficult year for small businesses, as they struggled to survive the deep impact of the COVID-19 Pandemic.
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