Impatient, Ms. Ross put in applications at three other lenders, but each was rejected or left in limbo. Finally, PayPal got back to her with an explanation: Her loan in June was issued under an incorrect employer identification number. The company fixed the mistake, and Ms.
Before taking the PayPal loan in June, Ms. Ross had accepted, and then returned, a loan made in April by a different lender. That loan still shows up as active in the Small Business Administration’s system, making it look as if she double-dipped last year, which is forbidden.
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The process was notably erratic: Each lender he approached asked for a different set of business records
Ms. Ross has sent multiple emails to to the Small Business Administration’s customer-service address describing her quandary. After two weeks, she received a generic response instructing her to direct questions to her lender. Continue reading “Ross assumed her loan was imminent – until a new problem arose”