How to Get Money From PayPal Grant – The PayPal Grant is offering funds to help out the people and they also support various charities that are available online. A lot of donations are received by the PayPal Grant, eBay and other platforms. These platforms offer grants to the charities that are mainly recommended by the donors.
First of all you should know that PayPal Grant is a 501 (c ) (3) public charity register under the IRS ( federal tax number: 45-0931286). The PayPal Empowerment Grants for Black Businesses program has announced their partnership with PayPal and will be award $10,000 to more than 1,000 to Black owned-business. Only those businesses will be awarded that were impacted during the Covid-19. Go through the article to know more about the funding sectors of the PayPal Grant.
Highlights of this Post
Money From PayPal Grant
PayPal Holding, Inc has announced a $5 million grant program for the Black business owners in the United States so that they can enhance their business in the long run. There are a lot of black business owners who were impacted by the brutal Covid-19 and they need help to get back on track.
There is another new grant program that offers extension of $10 million PayPal Grant program for the Black-owned businesses. PayPal also announced in June that they are planning to commit $530 million to support the people, address economic inequality, strengthen minority communities and also support the black-owned businesses.
After they have made their initial commitment, it has been understood that the decision was decisive and therefore have moved towards economic equality and also able to bridge the racial wealth gap that has been present for a long time. It was stated by Dan Schulman, the President and CEO of PayPal.
It has also been witnessed that the impact of Covid-19 has harmed black businesses and communities and therefore they need further help to stand and thrive. The rise of Covid-19 cases has directly affected many businesses and therefore it is critical to support the business and find an inclusive recovery.
PayPal Grants for Small Business Owners
The PayPal Empowerment Grants has helped a lot of small business owners that are in Chicago. The grant has supported the business during the Covid-19 times. In the month of June PayPal further announced that $530 million will be funded to support black-owned communities and small businesses across the country. However, only those businesses will be supported that suffered a setback because of Covid-19. More than 1,100 businesses were awarded with $10 million in grants. Chicago was one of the top five cities to receive the most amount of funds.
A small business owner Desiree (Desi) O’Kelly-Smith of Desi’s full service Salon in the south end of city said that the business was running for 33 years but it was forced to shut down because of Covid-19. Desi searches for various types of grants and other sources to keep paying the rent and continue to pay the staff. She said that she was not selected for the funding programs and therefore suffered a big setback. However, when it comes to federal funding it is seen that the Paycheck Protection Plan (PPP) has sent all the money to most of the big businesses. However, in the next rout of PPP loans, Desi received funds but it was not enough to manage the situation.
More grants that can help Small Business
Paypal giving fund for small business
It is seen that since the month of June, PayPal started fulfilling their commitment by offering $530 million to the black-owned business and for progress toward economic equality. But recently, PayPal has also invested around $50 million in LISC (Local Initiatives Support Corporations) a Black Economic Development Fund.
It is one of the biggest single investment funds that is designed to support various institutions, businesses and Black-led banks. Apart from that it also helped in expanding economic opportunities in the communities. The other actions that are include has been listed below:
Invest in Minority-Focused Investment Funds
PayPal grants have invested around $50 million in venture capital funds that are led by Latinx and Black. The main purpose of the investment was to bring more equity that will help in fundraising.
Investing in Credit Unions and Community Banks
PayPal grant has also deposited around $50 million in the Optus Bank that is black-owned bank located in South Carolina. The main reason for depositing the amount is to provide equal access to capital and other financial services for the backward minority communities.
Supporting Black-Owned Business
The PayPal grant has also awarded around $5 million to more than 20 non profit community partners to provide support to Black-Owned Businesses that are located all over the United States. The main priority was given to those businesses that were highly affected because of Covid-19.
PayPal Grants for Black Business Owners in United States
In the month of August, PayPal has collaborated with the Association for Enterprise Opportunity (AEO). They have awarded around $19 million in grants to about 1,167 Black-owned businesses all over the U.S. The grant amount has surely helped the business to resettle and get back on track. The businesses that are affected due to Covid-19 will receive additional grants; approximately 250 other Black-owned businesses have already qualified for the funding.
There is another new grant program that offers help to small businesses that are struggling to recover because of Covid-19. According to a study it has been found that 40 percent of the Black Small business owners have received the Paycheck Protection Program (PPP) loans. However, because of the depletion of the loan the companies were forced to lay off employees and also had cut wages.
However, the small businesses have suffered a lot and there is uncertainty that they will be able to carry on. However, the PayPal grant has offered immense support to small businesses as said by Connie Evans, president and CEO of AEO. He also enquired “We are proud to remain their partner in this important work of creating access to both capital and resources that will help Black-owned businesses through this crisis and support their long-term success.”
Apart from that AEO have also partnered with Facebook, Qualtrics, Mastercard, Deloitte and Guidehouse to offer the award winner with the capacity build program consisting of coaching, network designing, story-build opportunities and business training webinars. These tools will offer help to the business owner and they will be able to expand their business in the long run.
PayPal Commits Around $100 Million for Women and Girls
PayPal Holding Inc, has announced Business grants for women and they have also committed around $100 million for economic empowerment for women and girls along with financial inclusion for the next upcoming five years. However, the commitment is directly built on the previous actions of the company and it has been taken in mind for an inclusive economy where everyone will get equal opportunity to thrive and grow.
However, PayPal also has a long track of records where they have always promoted gender equality in the workforce. In the last 5 years it has been noticed that PayPal has maintained a 100% gender pay equality all around the world. They have also maintained ethnic pay equity in the United States. PayPal also follows strong policies to attract and retain the women employees. The National Partnership for Women and Families has also recognized PayPal for its parental leave, sick leave, family care leave and maternity leave policies.
I hope you have got all the information about how to Get Money From PayPal Grant. The PayPal Grant has surely helped a lot of small business and black-owned businesses. During Covid-19 many businesses suffered a lot and struggled to recover. The PayPal Grant has helped those businesses to recover and grow in the long run by offering them with the required funds. If you know any black-owned or small business man or woman who is looking for the PayPal Grants please forward these articles to them. I hope you have a great day!
Frequently Asked Question
We are going to answer some of the frequently asked questions on PayPal Grant. Go through the question and answer to gain additional knowledge.
Q: What is a PayPal Grant?
A: The PayPal Grants offer support to the people and other various charities that are available online. The PayPal Grants also helps small owned and black-owned businesses that have suffered because of Covid-19.
Q: Can I get help from the PayPal grants as I own a small business?
A: Yes, you can get help from the PayPal grants to support your business. But remember that they prioritize those businesses that have been affected by the Covid-19. So, if you have suffered loss during Covid-19 and are struggling to re-open your business you can take help from them.
Q: Are there any PayPal grants for Girls and Women?
A: Yes, there are PayPal Grants for Girls and Women, PayPal grant has committed over $100 million for empowerment of women and girls. They want to give opportunities to all business women to grow and thrive.