US Government lets PayPal take part in coronavirus loans program
Fintech payments giant PayPal announced Friday that it is taking part in the US government’s Paycheck Protection Program—making it one of the first non-bank institutions approved to provide loans to small businesses during the coronavirus crisis. The Paycheck Protection Program is the initiative of the Small Business Administration, a US government agency. It will provide $350 billion in loans to help small businesses to keep their workers on the payroll.