Can I receive the SBA EIDL Loan and have the funds deposited into my account?

[DJATABA]

I am trying to find out the necessary information pertaining to receiving the SBA EIDL Loan into my account? Is I possible to receive an SBA EIDL Loan into my paypal cash account?

[PayPal_JonK]

Hello @DJATABA,

Welcome to the PayPal Community! Great question. After a bit of research, it looks like you can receive EIDL loans via direct deposit. I wasn't able to find any specific limitations on which banks you can use, but PayPal does offer Direct Deposit with our Balance accounts. 

I hope that helps!

 - Jon K

[DJATABA]

Thank you for your response to my initial question. Now, as I am finding problems with my account number being too long as to not fit in the account number spaces allotted to input my account number. It's as if my account number is too long by the amount of 2 digits. Is this going to be a problem when giving the SBA my account information? To sum up my question, my account number is 2 digits too long when I try to input it into the account number section of most every site that asks for my account number. Please get back with me as soon as possible as time is of the essence for me to receive my deposit. Thank you in advance.

[PayPal_JonK]

That's a great follow-up question, @DJATABA. I would wager to guess if you're unable to enter the full account number into the direct deposit field, you may run into some issues receiving that loan payment. However, our account and routing number should fit into most direct deposit fields. I'd recommend double checking that you have the correct account / routing information first,. If that looks correct, you may want to reach out to the EIDL Contact Support Team by using the information at the bottom of that linked page. You can also reach out to our Customer Support teams by clicking "Contact" at the bottom of any PayPal page. 

Good luck, 

 - Jon K

[DJATABA]

The routing number is nine digits as it should be but the account number has just one extra digit in it which prompts an error message that states that it is of a wrong format. I know the routing number has recently changed and is now Bancorp Bank rather than Wells Fargo, NA. The account number for my paypal cash account for some reasonable is 17 digits which doesn't fit into any preset account number questionnaire slots dealing with everything from trying to get a loan to just entering it into a account number field of most every where I have been asked to enter it. It will get to the 16 digit and then won't allow for the last digit to be entered at all as if there just isn't anymore room for another digit as if there isn't supposed to be one. Can you please get me to the right literature on what PayPal agreed to do in response to the SBA loan and PPP and how they were going to work with the SBA to ensure that PayPal account holders would able to take part in the governmental programs set forth in response to Covid. Is there a special direct deposit form that may be available particularly for the SBA and the loans they offer? Please help with this as I said, time is of most importance right now and I don't want to miss something that has already once tried to be deposited but was rejected by my bank which caused me not to have the funds deposited into my account. That's why I am using my PayPal account because of what I have read about PayPal working to help their account holders receive the grants and loans. My family and my livelihood are dependent on PayPal doing what they claim to already be doing. Thank you again for your time and help with this matter once again.

[PayPal_JonK]

@DJATABA, Thanks for that information. I can certainly understand how concerning this matter is to you and your family. I was able to dig a bit further for the following Help Center article regarding setting up Direct Deposit to Receive Economic Impact payments, so it sounds like the issue may be with the SBA site specifically. We did offer the ability to apply for PPP through PayPal's PPP site, but has since been ceased in May 2021 since loan funding has been depleted. Here's links to the Help Center articles regarding the literature you requested:

How do I apply for SBA Paycheck Protection Program (PPP) loan forgiveness?

Is PayPal still facilitating new Paycheck Protection Program (PPP) loans, under the Covid Relief Bil...

Apologies for any inconvenience this has presented. Good luck in finding a better option to receive the SBA EIDL Loan. 

 - Jon K

[DJATABA]

Thank you so much for all your effort in this matter. It is greatly appreciated. I am speaking specifically about the targeted EIDL Grant that is offered through the SBA, not applying for the PPP. I simply need to supply them with the adequate account information in order for the transfer of the funds into my account to take place. The basic information as required with any transfer is the same here with the SBA. Routing and Account numbers, voided check but if there isn't one available as with PayPal then a direct deposit form will suffice as long as all the necessary information is included in the deposit form and also I believe must be signed by a bank supervisor or equivalent given that PayPal isn't one of the typical brick and mortar banks. I am so confused and lost about gutting them the required information and it is beginning to be quit discouraging to say the least. I am running out of time and so is my company's ability to remain sustainable until who knows how long. I am crossing my fingers and trying to remain hopeful that there will be a success story to tell behind all of this stress and anxiety once we find the correct path to receiving the EIDL payment as it has already once been attempted. Please keep me posted on any progress you may make or if you happen to find any useful information that applies to my situation. Thank you so much for your time and assistance. It is greatly appreciated. Have a good evening.

[PayPal_JonK]

@DJATABA, I'm glad to have been able to lend some guidance. I know how these things can certainly be a bit confusing and hard to navigate. I hope you're able to find a way to keep afloat and even get ahead! 

All the best!

 - Jon K

[Masree82]

Were you able to use PayPal to deposit your EIDL loan? If yes, was it a big loan?

[Joho196]

Did you ever find out?