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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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👋Hey @Thefermentedpig. I am Regina reaching out on behalf of the Square Capital team. Thanks so much for your post. We understand that this is a concerning time, especially for business owners. If you have any questions regarding loan eligibility, you can find information on our Support Center. You can also reach out to us here. Please continue to stay healthy and safe!! 

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You post the same EXACT sentence. "Stay safe", "Our team is looking into it", "Troubling times". Blah blah blah! What don't you give us a answer, instead of the run around. 

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Square Community Moderator

Thanks for hanging tight with us here, @jaechandler68 - we are trying to adapt and react to all of the moving pieces caused by Covid-19, and we are trying to find creative ways to assist Sellers during this time. I apologize if anything from us came off as canned or unhelpful. We truly do wish for you to stay safe!

Joe
Community Moderator, Square
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Screenshot (35).png

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Square Community Moderator

Hi there, @jaechandler68 - are you having issues accessing Square's site? If so, would you mind trying a separate browser. Let me know the exact issue you are seeing! 

Joe
Community Moderator, Square
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99D2D297-8CFD-4DCF-B260-43787F92DBD1.png

I have no problem accessing the dashboard. 

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Square Community Moderator

Hey @jaechandler68. Stepping in for @Joe here.

 

This is a common error with mobile devices/Safari that I've seen before.

 

I'd recommend completing your form from another device so you're able to get through if you're still seeing this error.

Ashley C
Community Moderator, Square
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I know that each loan is carefully considered and that square evaluates daily, however with the virus, it seems it's been an unusually slower than ever.  My sales are up and loan is at 81% paid.  Any news on anything?

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Hey @cedarsacademy, Regina from the Square Capital team here. Thanks so much for your post. We understand that this is a concerning time, especially for business owners. If you have any questions regarding loan eligibility, you can find information on our Support Center. You can also reach out to us here. Please continue to stay healthy and safe!

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Beta Member

Please let us know what the status is on new loans when you can - a lot of people are wondering.

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@newsandinfo 

Have you received anything by way of an offer from Square Capital?? Just looking for an update to this thread. 

Thanks in advance😊

 

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Paid down an 8k loan from February. As of today no offer. Sales are up over 300% in april. I've checked every possible scenario and I'm doing exactly what I was doing when I received the 4 previous loans that have been paid. Much to my chagrin I believe square is giving a canned response instead of being transparent. There wont be any loan offers anytime soon. The risk is too great so yes we're on our own. A little consistency goes a long way with me. Doubt I will entertain another offer and simply transfer my 16.25% to savings. 

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Square doesn't lend money. They go through another lending institution like Celtic Bank. Those lending institutions are only processing PPP loans at the moment. Be thrilled your business is up 300%. For some of us, we have nothing coming in. 

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Hi I’m over the 80% payback of my loan right now a lot of businesses our suffering do to the epidemic as customers that been with your company for a awhile and has paid off two loans already I’m wondering about how your company will help with offering news loans 

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@Patiencepatienc 

Have you received anything by way of an offer from Square Capital?? Just looking for an update to this thread. 

Thanks in advance😊

 

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Regina or whomever from square Capital - I do understand that this pandemic has forced square to rethink their loan program ... however what I DO NOT understand ( and I sincerely HOPE you are a REAL person and NOT a computer robot that will issue a usual “canned response”) 1. Why Square WILL not be totally transparent with the REAL status of the program ie. will it ever return? 2. Square MUST have a team actively working on this issue, why can’t they COMMUNICATE to CUSTOMERS putting $$ into Squares pocket on a daily basis thru processing fees, just WHEN is a realistic date that Capital program will resume issuing loans? 3. A square rep used the word unprecedented at least 5 Times in a discussion as to why they “temporarily paused” the program, since it is sooo unprecedented AND Square refuses to offer loans, WHY must we with loans continue to payback a loan during these unprecedented times? Why no “temporary pause” In PAYMENTS as well ? I was offered repayment at 50% of the normal repayment % which actually does me no good, I feel IF I MUST repay 50% I might as well pay it all, and IF you are only offering a 50% reduction, THEN WHY cannot Square AT LEAST offer a 50% capital program? Please do us all a favor and answer my questions transparently, if you give a “CANNED” response OR DO NOT OFFER ANY reply ... then the seller community WILL SEE B.S. response from SQUARE to hard working people supporting and paying SQUARE $$, I look forward to your answers immediately Thank You

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Square Community Moderator

Hi there, @danengine2004 - stepping in here in for our Capital Team members, who do not actively respond to posts here on the Community due to high case volume and Capital core work. I would ask that if you have feedback to share concerning Capital and Covid Response that you reach out to our Capital Team directly. 

 

There truly is no other way to describe the current season we are in other than describing it as unprecedented. I understand that any change from normal will cause frustration, but I would submit that every single Seller has been affected by Covid-19, and while your frustration is palpable, it is important to posture a perspective that every one is currently struggling.

 

You should feel empowered to do what is best for your business - and we understand that you will. We field thousands of requests each week here on the Seller Community, and bringing helpful answers, new features to fruition, and tailored service to each of our Sellers often takes an ample amount of time and effort from our moderators and engineers. Each of our Team Members is an actual individual - meaning that we review each case individually and put in specific time and energy for each issue, and we take our work seriously and do so with pride.  

 

Again, I would encourage you to - like many above in this thread - to reach out to our Capital Team directly to get specific answers to your questions. We are more than happy to oblige. 

Joe
Community Moderator, Square
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We’ve gotten a new loan offer every time we hit 65-70%. We hit 75% and now offer. I’m sure what’s going on has a lot to do with it. 

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Beta Member

What they are not telling you is that they have revoked all offers. 

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They revoked mine and I was depending on it since I only owe $75 on current one. It was there a few days ago then removed completely 

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@Kelzey 

 

Have you received anything by way of an offer from Square Capital?? Just looking for an update to this thread. 

Thanks in advance😊

 

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