Square Loans and COVID-19

[Laura123]

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.

[cedarsacademy]

Hey there, no I haven’t gotten any new offers. I have $2400 remaining left to pay. But I’m a private school and the state has shut me down due to COVID19 so I haven’t had any sales for 4 weeks.  They said they won’t charge my account my payment until May.  But from the looks of it I won’t have sales the either. 

[Kelzey]

No I’ve had zero response and have since completed paying off the loan with what little business I’ve had. So they keep profiting off me in my daily sales but have given no support or contact. You’re on your own with using square. Looking into switching to PayPal like so many others. Years of supporting square as a start up and have brought them many investors on top of just being a loyal user. To remove loan offers and no communication says a lot. 

[MCPC]

Square is not offering any capital loans. They are working out payback plans with businesses. 

They are participating in the PPP program asa broker to Celtic Bank. 

I went to Celtic Bank directly weeks ago. They will not process sole proprietors but other small businesses may want to try. 

[softwashpros]

I agree, they are most certainly holding out on capital loans. I have had 2 loans a year and have paid them back everytime early.  Square is showing their true colors right now when business needs this the most right now. The only reason I use square is for this feature. If I pay off the remainder of this loan without an offer I will be moving to another vendor for processing. They are quick to take our money in normal times and now have frozen their program. 

[ecantiques5]

@softwashpros 

It is a shame that as much as you valued your relationship with Square it was not reciprecated on their end. They have let countless sellers down during covid 19 with their lack of action.

[ecantiques5]

@cedarsacademy 

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

Thanks in advance😊

[cedarsacademy]

No nothing yet. 

[ecantiques5]

@cedarsacademy 

Thanks for the reply. I am sorry we have to experience such disheartening treatment. I wish you success in all your future endeavors.

[lilstyler]

I’m curious to know, if you don’t mind sharing, what ever happened with you getting another loan offer after you put in this inquiry. I’ve had numerous capital loans through square and always get an offer around 75%...this time I’m at 81% and still no offer. Getting a bit frustrated and wondering if something is going on? Thanks! 

[Dannypallet]

No luck. I have had it paid off for a couple months now and sales nearly double what the we’re when I got my last offer back in December or so. All it says is our business in not eligible at this time.

[Kimmiekay]

Same thing here. All my loans am gave always been paid off in 6 months and I guess since I’m not 50,000 plus a month we’re to little to get new offers. 

[lilstyler]

Well crap this sucks really bad. I wish they would come out and tell us this? 

[Letskissandcake]

Not a **bleep** thing:(

[Letskissandcake]

😕 same 

[Jennnicwat]

• Do you mind me asking if they offered you another loan yet?

[Sleek207]

They gave me an offer that’s so insulting. It’s 3x less than what I’m use to 😔

[ianssoph]

I got an offer at 90% paid that was about 40% of my usual offer. 

[Jenjer20]

Did anyone else receive an email offer from Square capital  yesterday about not having to repay any of your loan through the end of March? Like they won't take your percentage out of your daily sales through the end of March if you caught up? because I got this email and I chose this option because they shut my salon down, as of tomorrow, and I did a couple of clients today and sure enough,they took out the 19%<  that's money I needed today

[Spatrendz]

Hello is there a possibility for additional funds to be added to my loan?

[ldisbrow63]

Is it possible to get a loan? Add it on to current loan?

[Bunnyxoxo]

Ok so I’ve almost been with them for a little under a year.  In that time I’ve sold almost 26 k through them. I’ve only been offered a loan once. It was for 900$ when I accepted they then turned me down for failed debuts. The only problem Is the failed debits aren’t my fault, I have the square business debit card and it’s definitely not accepted everywhere. It’s declined with plenty of money at gas stations and on websites. Because I got turned down, now that’s effecting my eligibility for who knows how long. Meanwhile I barely sell on PayPal and they keep offering me loans! I don’t get it. Offer your good sellers a low interest loan at this time. Most of the brick and mortar stores are gonna get the loans from the small business administration. Help us or we’ll fail in retail at this time