PayPal and Intuit Become First Fintechs to Help SBA Lend Stimulus Capital

Fintechs PayPal and Intuit were the first two non-bank lenders to be approved to lend through the Small Business Association’s emergency lending program; “This is a race to save jobs in the present and for the future,” PayPal CEO Dan Schulman said in a press release according to CNBC. “We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period.”; Intuit QuickBooks also said they would process payroll information to help small businesses get approved; while the two companies are the first to be approved they probably won’t be the last as more and more online fintech lenders apply for approval each day. CNBC

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