The Congress and Senate pass the COVID rescue package and will Square offer another round of PPP money for businesses?
The bill contains $280 Billion dollars for small businesses.
Thank you for all your questions! While we are not ready yet, we expect to start accepting applications for this latest round of PPP soon. Click here to view our newly updated PPP FAQ Thread for more information on who is elgible to apply, how the funds can be used, how to prepare, and what to expect from our Capital team.
Thank you for your patience. We will notify you via email and your Square Dashboard once we are ready to start accepting applications.
I don’t know why it’s so hard for Square to answer this question directly. Because funding goes very quickly. Please answer this question because if you decide you’re not going to offer a second round of PPP financing then these customers need to quickly find another bank that will do so before funding runs out so if you could kindly answer the question yes or no are you going to offer another round of PPP financing
Marc Grant at Lendio has just indicated that they will provide the PPP Loan financing as soon as SBA issue the rules for the PPP. Now Square has indicated that they too are waiting on SBA to update the rules, however Square has not stated (YES or NO) if they have a bank who will provide the PPP financing. Square's stated on the dashboard stated that their banking partner will not be providing funding. Remember what happened during the first round of PPP funding; the BIG banks preferred to submit funding for their BIG clients and everyone else had to wait for the second round. Don't put your employees back in that predicament, have a primary and a backup plan.
On Square's twitter they indicated on a Dec 27th tweet that they will be offering this new round of PPP. I am sure like with everyone else they are waiting for the proper guidance from the SBA that's supposed to be out by Jan 6th.
From Square via Twitter:
"Back in the spring, we got PPP funds to over 80,000 businesses in all 50 states, and ensured they reached the actual small businesses they were intended for. We’re ready to do that again. To our sellers: we’re working to get this money to you as quickly as possible. We will keep you updated on timing as we learn more."
Just saw an email from Square stating they will be offering the new round PPP and some quick details on who can apply, and what will be needed. Email was sent Dec 25th check your inbox.
That is an old email however if you look at the current conversation you’ll see that square intends to offer some PPP financing and funding and I think that what they’re doing now is looking for a bank that they can partner with to do it.
Im confident Square will be offering another round of PPP as soon a ms they can. I was one of the small businesses who received funding thru Square in the first round when other banks turned me down. I've been with Square almost 10 years now and they have always come thru for my small business. Not only with the PPP funding when I couldnt get it elsewhere, but I've also had multiple capital loans that have helped me grow my business. THANKS SQUARE!