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Square Capital 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 Capital 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 Capital 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 Capital loans can be found here.

 

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

Laura
Square Capital Team
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Square Capital and COVID-19

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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 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.

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Square

Square Capital and COVID-19

Best Answer

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.

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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?

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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 4 of 374
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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.

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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😊

 

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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. 

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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. 

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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 

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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😊

 

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