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Square Community Moderator

Square Loans and COVID-19

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

 

As you may have heard, eligibility for loans through Square Loans was paused temporarily so we could address how COVID-19 has impacted our sellers’ businesses, as well as our own. As of now, some business markets have stabilized so we can responsibly provide access to loans to some businesses once again.

 

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for loans through Square Loans is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans loans can be found here.

 

If you do not currently have an offer available for a loan through Square Loans, please know that we will continue to check your eligibility on an ongoing basis. If you’re eligible for a new loan through Square Loans, you’ll be notified directly on your Square Dashboard and via email.

Laura
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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We understand that this time of uncertainty is challenging, especially for business owners affected by COVID-19. We hope you all are continuing to stay safe and healthy. 

 

Please refer to our COVID-19 FAQ as well as our Support Center article Square Loans COVID-19 Business Financing Resources for details on some relief available to you. We have heard from many of you and hope that these can help in addressing some of the questions you might have.

 

Many of you have reached out regarding accessing capital or previously available, but expired, offers. Please know that your business will continue to be reviewed for eligibility for loans through Square Loans. If your business becomes eligible again, you will see loan offers in your Dashboard. We are actively working on ways to continue to support you and will update you when we have other options. 

 

If you currently have an active loan through Square Loans, and are concerned about loan repayment, please reach out to us so we can better assist you. Again, we will continue to look for potential solutions to best assist Square businesses moving forward.

 

Thank you for your patience and understanding and for being a Square Customer.

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I just finished paying off a loan on June 29th and still see no new loan offer....we have all the criteria to get one but I worried with all the COVID stuff they are not offering anymore. Anyone else experiencing this? If this keeps up we might need to go to a different POS system. 

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WE ARE WITH YOU!!! I KNOW OF SERVERAL OTHER PEOPLE IN THE SAME BOAT AS YOU AND I.  WE HAVE ALL BEEN TRYING TO FIND OUT WHAT IS GOING ON.  I WISH SOMEONE WOULD REACH OUT AND LET US KNOW, SO WE CAN MAKE AN INFORMED DECISION ON TO STAY WITH SQUARE OR MOVE TO ANOTHER SYSTEM THAT OFFERS LOANS.  I AM HAPPY WITH SQUARE, I JUST WISH THERE WAS MORE COMMUNICATION.

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Admin

@Moonlightbridal I moved your question to this relevant thread where our Capital team shared an update on the first page about Capital loan statuses during this time. If you have other questions, you can reach out to them directly.

Bea_
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Hey Everyone!

 

I was curious if with COVID and such, if Square Capital was still rolling out new loans? A comment if someone has gotten an offer recently would be awesome! We finished paying off our third loan about a month ago and our sales have increase by around 150-200% in the past 4-5 months with no new offers. We're just curious if this is a common thing right now with everything that's going on in this crazy world, or if there's any recommendations!

 

Austin

 

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hey Austin, 

I'm sitting in basically the same spot as you with square capital. Just completed my third loan, business is doing great but not seeing any offers from Square Capital. In the past I would get new offers well before being payed off but for some reason they don't seam to be providing loans anymore. The only information I have found on the subject is Don't ask them but check in the seller community. 

 

Gunner

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Square Community Moderator

Hi there, @AustinL92893 & @3gundiesel 👋 Thanks for reaching out to us here on the Seller Community! Happy to have you join us.

 

I've gone ahead and merged your post into an existing thread of Sellers who were also looking for more detailed information regarding Square Capital loans during the time of COVID. We recommend taking a look at this main post from Regina for more insight.

 

Feel free to reach out to our Capital Team directly if you have any questions!

Joe
Community Moderator, Square
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Ive paid back 7 loans over past 2.5 years.  Always early.  Now all I hear is crickets.  Wonder if turning down their PPP offer is hurting my chances.  Turned it down because it was 25% less than another bank.

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Any updates on Capital Loans?

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@Gunsmith12 Check the first page of this thread that has some more info.

Bea_
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Has anyone been offered a loan? I have paid 4 loans and i haven't gotten a offer ...is it due of the covid that they r not 

Offering loan??

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I would also like to know. Paid off my loan early and was wondering why i havent had an offer.

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I also like to know why we are not getting any loan offers.

Are they shut done for good because of covid

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@Dianariv @Kackie13 @elmosgaragellc Check the first page of this thread for some more info.

Bea_
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Just chiming in here to add to what has been said so many times, I have used Square for years and have had a Square Capital loan throughout much of that time.  The loans have been paid back early, each time and I always have an offer for a higher amount once the loan is nearly paid off.  I have never had a failed debit and my business revenue has grown.

 

I am shocked to find that now when I really could use the assistance that Square Capital is silent.  When I reached out I got a canned response about how "your account is always being reviewed for an offer". I know you are running a business too but some transparency would have been nice about how you all are scaling back your lending. 

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Interesting article. Square's Cash App, for consumers, seems to be getting a lot of time and attention, as well as funding. What about the Capital Loan Program, for loyal, dependable, profitable business owners?

https://www.marketwatch.com/story/square-stock-slumps-as-losses-unexpectedly-grow-in-preparation-for...

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I received a Square Capital Loan offer today. I’m sure a few of you probably did as well. It was for a lower amount than previously but an offer nonetheless. 

Just thought I’d keep you all updated!

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Thanks - I havent yet but more optimistic now, hearing that, than I was yesterday...

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Well, it is interesting.  I am a bit surprised I didn't get one yet as my sales are pretty steady (actually rising overall) but then again, they just started up the program again, so they're probably rolling out offers over the next few days/weeks. Good luck everyone!

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Did your status show as ineligible before getting the offer?  Just noticed my status said ineligible and I cant remember if that was there before or not...

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Yes, but the status changes constantly. 

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Yes my status was that I was ineligible for the last month since paying off my last loan before I got my offer today. It was due to a temporary closing of the Square Capital Program. I can't disclose personal information on here I think, but my sales increased by around 30-50% since COVID and I think Square is working quickly now to service their loyal customers.

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