The cashing out of the rewards in your panel has nothing to do with the actual remittance of funds to your PayPal account. It's just their internal system resetting your rewards account and beginning the processing of your balance - which should either result in a check mailed to you or a payment to your PayPal account.
For example, when the first of the month falls on a non-business day, your Rewards account is reset sometime after midnight on the 1st, but payments aren't processed until the first business day of the month. There are times when payments have been delayed for various reasons.
So far in the months where I've gotten any Rewards payments and the first of the month has been a business day, my PayPal credit has appeared on or around 6pm Pacific time on the 1st. It would be my best guess that payments will show up sometime soon, given that it's now 6:53 pm PDT. Then again, I wouldn't sweat it if the payment isn't processed tonight.
BTW, you should also note that pending balances are not paid out.
Why all the panic?
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