Can I select PayPal as my payment processor on the Basic Plan?

I don't have an Authorize.net account and wish to use my PayPal account. Am I able to do that on the basic plan? 

Yes, if you check the payments list you should be able to use PayPal, you may use any feature even when you're on a free account. 

This guide will help you adding PayPal to your form: https://www.jotform.com/help/391-How-to-Integrate-Form-with-Paypal-Standard- 

I hope this helps.