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Square

Square Capital and COVID-19

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 Capital 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 Capital. 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 Capital, 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.

Message 1 of 241
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1 Verified Answer
Verified Answer

Square Capital and COVID-19

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 Capital 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 Capital. 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 Capital, 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.

240 REPLIES 240
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Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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?

Message 2 of 241
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Square

Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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!

Message 3 of 241
5,830 Views
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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

Message 4 of 241
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

@newsandinfo 

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

Thanks in advance😊

 

Message 5 of 241
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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. 

Message 6 of 241
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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. 

Message 7 of 241
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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 

Message 8 of 241
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

@Patiencepatienc 

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

Thanks in advance😊

 

Message 9 of 241
2,196 Views
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Re: Has SQUARE slowed there Capital Loan offers due to the Corona Virus?

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

Message 10 of 241
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