Does Cash App accept PPP and SBA Loan Deposits? (Updated)

Cash App allows users to transfer money to one another using a mobile phone app. The service which is available in the US and the UK has recorded 36 million active users as of March 21, 2021.

Is Cash App accepting PPP and SBA Loan deposits?

Yes.

According to the support team on Twitter, you can deposit funds from a PPP loan into your Cash App account through direct deposit.

“Note: direct deposits cannot exceed $25,000 per day. If attempted, it will be returned to the originating depositor.” CashApp support said.

PPP Loan

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 

The loans are intended to be forgiven rather than repaid, as long as the recipients can show that they put the money to good use and avoided slashing employment or salaries.