What's new with Square Capital?

[Empress]

I've heard rumors that Square Capital has new guidelines for eligibility and is more strict in terms of eligibility.  Normally, I would get an offer after paying 78%.  I'm now at 87% paid off.  Is anyone else experiencing this?  What are the stricter guidelines for eligibility? What's new with Square Capital?  

[KatieW]

Hey @Empress , thanks for reaching out! 

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.

To account for local and state restrictions related to COVID-19, eligibility criteria has been tightened. Due to evolving health guidelines, your offer may be smaller than expected or the offer amount may shift in real-time. 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.

Feel free to check out this post for more information on COVID-19 and Square Capital!