Hey Seller Community,
We appreciate your patience while waiting for an update about PPP Round 2! Applications for second loans through Square Capital are now rolling out, and applications for first loans through Square Capital are expected to become available in March.
Due to demand for PPP loans, we’re slowly rolling out access to applications in batches to make sure we can manage processing applications. So, it’s possible you might not get access right away. The current batches consist of sellers that received a PPP loan through Square Capital in the first round.
We want to make sure all the small businesses that we serve have a fair shot, so we cannot expedite applications to any one seller at this time.
Once applications are ready, you’ll get an email and a Square Dashboard notification if you’re eligible to apply.
Check your Square Dashboard to see if you’re eligible to apply.
Thanks for your questions and posts about deposit timing. We wanted to help clarify what you can expect in terms of receiving your funds:
- From the date the SBA approves your PPP loan, we will deposit the funds into your linked bank account within two to ten calendar days. Most funds will arrive within three calendar days, but this can be slower depending on a few variables, including your bank, any issues that might have occurred with your linked bank account (such as incorrect account information or your bank account becoming unlinked), or if your loan was approved by the SBA close to a weekend or holiday (we only send PPP loan proceeds on business days).
- You will still see your Dashboard note ‘Deposit’ on the date the SBA approves your PPP loan. We have included details there regarding the two to ten calendar days deposit timeline.
- Interest does not accrue on your principal amount (which is the PPP loan amount for which you were approved) until we have initiated the deposit to your account. When you look at your loan balance in your dashboard, you can see the date interest begins accruing in the ‘Loan details’ section.
If you still have not received your PPP loan deposit ten calendar days after you see the “Deposit” notice in your dashboard, please contact our team here! It is possible there has been an issue with your linked bank account. However, please note that if we do detect an issue, we will proactively reach out to you to update your account information.
Appreciate you reaching out, great question! We are aware of the recent changes announced by the Biden administration related to the Paycheck Protection Program. If you have 20 or more employees, we will not be able to submit your application to the SBA during a two-week window, starting on Feb 24th, 2021.
We are still waiting for clarification from the SBA on how to implement the other changes announced. Once we have more information, we will make any necessary changes and notify the affected sellers by email and through the Square Dashboard.
If you have any other questions or concerns, don't hesitate to contact us directly! Thanks.
I wonder if Square uses a different type of EFT for the transfer of the credit card sales. And, maybe they are using actual ACH to send the loan amounts. So, if they actually went out Friday after the standard banks cut-off time, we may not see them in our accounts until tomorrow.
when I get ACHs sent on Fridays, they are usually in my account on Tuesday mornings, I was thinking the same thing. however I hate to think they are making a ton of interest of all the loans that have already approved but holy heck it doesn't sound like they have sent any money out. And from the wording of the last update it sounds like they have rolled out the application to nearly everyone who got the first one. I know others that went elsewhere for the second PPP and the process went just as smooth as the first one🤔. Sad to see square fumble the ball on this one, maybe it is time to check out one of the million card processing ads we all get on social media🤣
My funds say there were sent as well on Friday, nothing in my account either, I called Capital and they told me they do not process PPP funds over the weekend, but today, mine is still not showing, however the PPP loan is showing as complete.
same here i think later gtonite or in moirning it seems everyone that got funded friday the 19th is getting same messege. i hope there not delaying cuz stock market down today and square is down in stocks?
@richdave1 No it has nothing to do with the stock market. The deposit system for SBA loans is different from Squares normal deposit system. The money transfers to Square from SBA then from Square to you. It takes 2-5 days longer. Those with a 19th deposit date should start seeing money tomorrow.
ok thats what i thought cuz in may it was 5/1/20 then hit bank 5/5/20 do you have deposit date of 2/19 as well? and waitying? or did you get funds in bank today? i think your right everyone with 2/19 will get tonite or tomorrow i hope
@klynnfrench77 yes that was me. I posted about it right after I applied. I had checked at 6:30 and it wasn't there and then at 7:30 it was. No email at all except the confirmation after I had applied. Hope you get yours soon!
same here, 2/6 applied, 2/19 approved by sba, 2/23 says no payments due at this time" complete. the 1st one it took about 4 to 5 days to hit our bank. i believe it was 5/1 to 5/5 in bank, does this mean we will all get tomorrow the 24th? if in same situation? thats what i keep seeing on here?
do you know of anyone on square capitol ppp 2nd round loan getting funded yet? or was the 19th of feb the date everyone got funds depoisted? and still waiting to hit there bank? also your friends that went with other banks were there fintech companies or big banks or credit unions? cuz this time my cfedit union is offering them and last year they were not. anyway just seeing if your friends from other banks already got the funds in bank and if so how long?
i think tomorrow the 24th. if approved the 19th after hours. but its not biz days its calender days. last 1 we got apprved on 5/1/20 a friday and 5/5/20 funds in bank account. but there is not a time stamp so cant see the times only dates. called my bank they said nothing pending through ach. and give it a day or 2. since square says 1 to 10 calender days. any advise or updates would be cool! thanks