PayPal to Help U.S. Government Distribute Paycheck Protection Loans

PayPal (NASDAQ: PYPL) announced Friday that it had received approval from the U.S. government to provide access to loans via the Small Business Administration's Paycheck Protection Program, which helps small businesses keep workers employed during the COVID-19 crisis.  

The Paycheck Protection Program (PPP) was set up to distribute loans as part of the $2 trillion coronavirus stimulus package, and will loan as much as $350 billion in relief funds to small businesses suffering from the impact of the coronavirus.

Image source: PayPal.

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Source Fool.com