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Admin

Announcing: Extension of PPP to May 31st

Hi Seller Community, 

 

We have good news to share! Congress recently passed a law to extend the program through May 31, 2021, so you still have time to apply. Please note: PPP funds are limited and may run out before May 31, so your business should apply soon if it still needs a loan. 

 

Remember, even if you received a PPP loan last year, you can apply for a second loan with us so long as your business meets certain requirements. Please check the Capital tab of your Square Dashboard to see if you’re eligible to apply.

 

What to expect when applying

 

With Square, your application process is simple—whether you’re a small business, sole proprietor, independent contractor, or self-employed. 

 

  • Provide the necessary 2019 payroll or tax documents
    • If you have employees: If you filed at least one W-2, yourself included, you’ll need to submit your 2019 940, 941 (quarterly forms), 944, or W-3 tax forms, or your 2019 payroll statements. If you’re a Square Payroll customer, we will use the payroll expense information we already have on file. We are not accepting 2020 tax forms or payroll statements.
    • If you are self-employed: You’ll need to submit your 2019 1040 Schedule C form. Please note: on March 3, the SBA released new PPP application forms allowing applicants who file Form 1040 Schedule C to use gross income as an alternative to net income to determine their PPP loan amount. We are currently working to incorporate these changes into our application, and anticipate rolling out this update in mid April. Until then, you can still apply using our existing form if you need funds more immediately, but we will use the net profit listed on your Form 1040 Schedule C to calculate your loan amount. As stated above, PPP funds are limited and may run out before the May 31st program deadline.
    • If you received a PPP loan last year: You may be asked to provide proof that your business experienced at least a 25% revenue decline in a quarter in 2020 relative to a quarter in 2019 (or in the year 2020 as compared to the year 2019). Please have your business’s 2019 and 2020 quarterly financial statements or annual tax returns handy, in case you need them. See here for information on how to calculate this decline.

  • Make sure your bank account information is updated
    • Check your Square Dashboard to see if your linked bank account is correct. This is where your PPP funds will be deposited if you’re approved.

 

For more details about the documents and information you’ll need to apply, check out our application guide.

We'll reach out to you if we need any additional information after your application is submitted. Please note that due to SBA requirements, application review will take some time. We will keep you updated on the status of your application. 

 

If you have any additional questions that are not covered on the resources linked, please let us know below!

________________________________________________________________________
Square, the Square logo, Square Capital, and others are trademarks of Square, Inc. and/or Square Capital, LLC. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are subject to the terms of the SBA Paycheck Protection Program. Square Capital, LLC is the servicer of your PPP loan and is a licensed servicer and debt collector with the following License Information.



 

Ani
Gestora de la Comunidad de Vendedores / Seller Community Manager, Square
Message 1 of 37
10,521 Views
1 Best Answer
Best Answer

Square seems to be looking toward mid-april to have the application adjusted to be able to use gross according to this thread here

View Best Answer >

Message 10 of 37
7,778 Views
36 REPLIES 36
Beta Member

What happened to Square offering first round PPP loans (was supposed to be rolled out in March) ?

Message 2 of 37
9,080 Views

I was wondering the same thing!!!

 

Message 3 of 37
8,794 Views

Hey @jkoontz2 @LMTDougC 

 

Thanks for taking the time to reach out to us! 

 

Please contact us so we can take a look at your account and assist. 


Olivia
Square Capital Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Capital, and others are trademarks of Square, Inc. and/or Square Capital, LLC. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are subject to the terms of the SBA Paycheck Protection Program. Square Capital, LLC is the servicer of your PPP loan and is a licensed servicer and debt collector with the following License Information

Message 4 of 37
8,216 Views

would love to answer that but you should ask them. Go directly to their customer support and pose that question. PPP 1 can still be applied for if you never received from any bank's or credit unions that work with the SBA. 

Message 5 of 37
5,732 Views

Im just waiting now just got confirm no. 

Message 6 of 37
2,220 Views

I called them and they told me it ended months ago? I'm a little confused about that because other companies are doing 1st and 2nd draws together??? I did my first draw with square a couple of weeks ago and was funded for it but I thought that was my first draw! I did not do last spring, or with anyone else, so that was very disappointing and they used the old format of the net not gross and that caused a major drop in money. 😢 I am not sure why womply, lendio and bluevine are able to do both at the same time but I couldn't here? Good luck with it all. 

Message 7 of 37
3,780 Views

I agree

Message 8 of 37
3,244 Views

When I went in to apply for a ppp loan it said we should/could wait so they will be able to use our gross income, does anyone know when the process should start?

Message 9 of 37
7,743 Views
Best Answer

Square seems to be looking toward mid-april to have the application adjusted to be able to use gross according to this thread here

View Best Answer >

Message 10 of 37
7,779 Views

I hope they hurry up with that before the funds run out (also expected to happen mid to late April)

Message 11 of 37
3,833 Views

Did you call them. The fastest way to find out were they are at is to call them directly. Don't wait until mid or late April. 

 

Best to you. 

 

Taxhelp LLC

Message 12 of 37
3,792 Views

I came here to ask the same question. I would like to apply with my gross which makes far more sense. Also, I didn't get any info on the first PPP loan and would appreciate any help from others or support if I am still able to get that started.

Message 13 of 37
3,337 Views

Can you apply with square for the second PPP2, since it’s be extended if you didn’t do your first PPP with them? 

Message 14 of 37
7,705 Views

Hey @Tressy Thanks for reaching out! 

 

We appreciate your interest in applying for a PPP loan through Square Capital.

 

Unfortunately, Square Capital’s second-draw PPP loan application is only available to borrowers who obtained a first-draw loan through Square Capital.

 

If you obtained a first-draw PPP loan from another lender and are interested in applying for a second PPP loan, you may be able to apply with another lender, for instance the one through which you obtained your first PPP loan. However, we cannot guarantee that your application will be approved with that lender. Please keep in mind that the Paycheck Protection Program will be available until May 31st 2021 or when funding runs out.

 

If you have any other questions, please feel free to contact us directly!


Olivia
Square Capital Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Capital, and others are trademarks of Square, Inc. and/or Square Capital, LLC. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are subject to the terms of the SBA Paycheck Protection Program. Square Capital, LLC is the servicer of your PPP loan and is a licensed servicer and debt collector with the following License Information

Message 15 of 37
7,260 Views

Good Afternoon Olivia, 

They applicate may apply with another lender, that didn't fund their PPP 1 application. To do this they need to be sure they go to a bank that regularly works with the SBA and they have their first PPP 1 SBA loan number, exact amount, and day that loan was funded to their account. They can get the amount and the day the loan funded from their bank statement, but the only source they can get the SBA loan number is from the bank or service provided who funded the first PPP 1 or the SBA. 

 

They may also be asked for additional verification information for the PPP 2 application. 

 

Ask the bank, credit union or any other service provider first prior to submitting an application if they will handle the PPP 2. You shouldn't have a problem if you have this information noted above. 

 

RMMTAX

Taxhelp LLC

Business Advisory Services LLC  

Message 16 of 37
4,582 Views

Why can't they go back and adjust the applications that were made prior to the Gross calculation but in the "small business window" we were recommended to apply in. It's such a sham to switch calculations mid-process and still not allow for an adjustment. 

Message 17 of 37
7,636 Views
Beta Member

You need to adjust the applications for small businesses who applied before the Gross calculation was changed.  Many local banks adjusted the amount for people I know, even after the first one had been processed (just not forgiven).  To many, like myself, there was a HUGE difference between line 7 and line 31 on our Schedule C!! And it is not fair to those of us who applied during the window we were suggested to use. 

Message 18 of 37
7,456 Views

It should be that easy! Last I talked to square they weren't interested in implementing a retroactive change. I already have my funds but the difference would be 2x as much. 😶

Message 19 of 37
7,425 Views

They still aren't going off line 7.  Applied today and they went off line 31.  

Message 20 of 37
6,288 Views

Under the SBA guidelines you can't change an application already filed but if it hasn't been filed or completed you can redo that application to adjust for the new guidelines. 

Message 21 of 37
5,772 Views