Not sure if part b actually cancels out part a, but seems like it could be unrelated. You can, of course, choose to retain the convenience of automatic debit payments from your bank account for payment of your PPP Loan, but you are not required to do so. Instead, you can contact us to request to turn off automatic debit payments from your bank account and make payments by phone each month. If you are a sole proprietor, self-employed individual or independent contractor PPP Loan borrower, the provisions of this Agreement that provide for automatic payments from your business bank account to be the mandatory and sole method of payment do not apply to your PPP Loan. Part b regarding monthly payments includes this bit below some other statements: You promise that each Bank Account is a legitimate, open, and active bank account used solely for business purposes and not for personal, family or household purposes. Under Bank Account Information it includes this requirement:Ī) You promise that each Bank Account identified above or at some later time is a Business bank account. Not ideal, but figured it should suffice and avoids opening an account I might never use if I ended up not getting PPP.

Since I had to include a bank account in the application, I figured to keep things separate I'd clear out a mostly unused personal savings account and use it exclusively for holding PPP funds for the duration of the loan, paying myself via weekly electronic transfers to a different personal account. It sounds like PayPal requires a business bank account, but I hadn't seen that in other posts here regarding PayPal. I'm a sole proprietor and have always deposited earnings into my personal checking account.

Today I was sent loan documents via DocuSign for PayPal PPP loan (applied March 1).

Paypal ppp lon