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.
Hey we will know more here in the next week or so I am sure stay positive my friend!! As we are all struggling in the time of uncertainty, I also am waiting to see if I will be approved for the 2nd round of ppp we all want to know more hopefully we will find out soon !!!
I’m not yet to that step because square hasn’t yet notified me (and many others) with access to PPP2. But that’s good to know you’re working your way through the process. Chances are you’ll be funded soon:)
I submitted my application for round 2 PPP 8 days ago. I found this online.
How long does the SBA take to process the application once submitted by a lender?
Once a lender submits a PPP application through the SBA’s system (E-Tran), the SBA’s decision is fairly immediate. The delay comes from thousands of banking and other financial institutions submitting thousands of applications to the system all at once. This has led to the E-Tran system being shut down for periods of time. If the loan receives preliminary approval, the borrower is issued an SBA loan number, which indicates that funds are reserved for them.