From Chase
I am pleased to let you know that we sent your PPP application to the SBA for processing. We’re working closely with the SBA as they’re receiving a tremendous response this week.
We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan.
I’m proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we’ll continue to process and submit additional applications until PPP funds are exhausted.
Just got the exact same email from chase.
5 minutes later I got this from PayPal.
We hope that you and your family are healthy and safe.
Thank you for your continued patience. We understand that these are challenging times, and we are working as hard as we can to help secure your funding through the Paycheck Protection Program.
Since the additional funding for the Paycheck Protection Program became available on Monday, April 27, we have processed applications through the SBA as quickly as possible and in accordance with guidance from the SBA. Due to the unprecedented demand, SBA application processing is taking place at a pace slower than anticipated. We still expect that it may take several more days for us to process completed applications through the SBA and to receive the required SBA loan number necessary for funding.
Your completed application was submitted to the SBA and we are awaiting their response.
For loan funding to occur, the SBA must accept your application and program funds must remain available. We will continue to communicate updates through email. Our contact centers do not have access to the status of your loan, and they will be unable to provide any updates if you call.
Thank you again for your patience.
Sincerely,
The PayPal Business Financing Solutions Team
Let the Race begin!