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!
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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
