A sign is posted outside of the PayPal headquarters in San Jose, California.
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After weeks of lobbying, fintech companies are officially allowed to take part in the U.S. government’s emergency lending program.
PayPal and Intuit QuickBooks announced Friday evening that they were approved by the Small Business Administration to take part in the Paycheck Protection Program. The emergency government loans are meant to help small businesses survive the economic slowdown caused by the coronavirus outbreak.
“This is a race to save jobs in the present and for the future,” PayPal CEO Dan Schulman said in a press release. “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period.”
In addition to acting as a direct lender, Intuit QuickBooks said it would process payroll information, which small businesses need to provide to lenders in order to get approved.
The U.S. government had asked banks to…
