PayPal detailed two initiatives related to the coronavirus pandemic: One aimed at helping customers tap into their government stimulus payments, and the second to provide access to small business loans through the Small Business Administration Paycheck Protection Program.
Once this is done, the account number and routing number for the PayPal Cash Card, listed in users’ settings under Direct Deposit, can be entered into the IRS portal to receive the stimulus payment.
PayPal said in its blog post that it is working with the Treasury Department to create more ways for people to get their stimulus payments into their PayPal accounts, adding, “Using PayPal Direct Deposit to send your payment to your PayPal Cash Plus account is free. Plus, if you have already set up Direct Deposit to transfer your latest federal income tax return to your PayPal account, you should receive your payment automatically. The stimulus payment should be transferred to your account in the same way. Refer to the IRS website for more details.”
The company added in a separate blog post that it received SBA approval to become one of the first non-bank institutions to participate in the Paycheck Protection Program.
President and CEO Dan Schulman wrote, “Small businesses have been hit especially hard by the coronavirus crisis. There is an urgent need to help every qualified business access the funding needed to ensure that as many workers as possible keep their benefits and paychecks. This is a race to save jobs in the present and for the future. We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period. We are thankful to congressional leaders for ensuring that the CARES Act allowed companies like PayPal to help distribute funds quickly to those businesses that are most impacted.”