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.

[585Print]

We received a small capital loan a few weeks ago.  We're at 75% paid today.  I'm curious to see if we get offered a 2nd (larger) loan soon.  I'm tempted to pay this one off.

[Floodvalleyb]

Sales are coming up and have repaid yet another capital loan way ahead of schedule moths ago yet no word on another. Would be great to know that our good business relationship can continue but if i remain ineligible much longer i will very likely look for a new processing  

[southlakeCPA]

When did you receive your last offer? (the one you just paid off)

I paid off in July from late 2019, and received the most recent one on  Sept 11. 

[Dee39]

You guys are all crying about getting a square loan like they owe it to you or something !! It's a PlANdemic going on right now...threating to leave and give your business else where...like what other credit card company lends out money ? That's what makes square so unique..just be grateful that they even do it !! So stfu about it already !! Square don't owe you **bleep** !! 

[ecantiques5]

@Laura123 

Thank you very much for posting this update. We have been with Square since 2013 and back in May 2020 paid off our 10th Square Capital Loan. Would you believe in February of 2020 we opened a high end Brick & Mortar Antique shop in addition to maintaining our very strong vibrant online site and social media presence. Well who would have thought that 4 weeks after opening we would be forced to close the door to our beautiful newly opened( truly a life long dream) Antique Shop due to Ohio's covid response. But we were quickly able to pivot back to online & social media sales. And they were strong & brisk as folks were "locked down" so to speak and " online antiquing " was the only way to get a ( what we enduringly refer to as an " Antique Fix " Thankfully in May 2020 we were given the ok by Governor to reopen our shop and things are really moving so well for our business. 

I was really concerned and honestly frustrated with Square's Capital situation during the last few months, but this(Covid) has been an experience like never before. 

Today I did receive a very welcomed Capital Offer lower than what would have been offered in the past for sales of $30,000+ over the last 6 months....but it is a sign of things becoming normal again.

I wish all my fellow small business friends nothinb but the best as we move forward in 2020😊

Faye

WWW.EARLYCOUNTRYANTIQUES.COM 

[rzrshop]

ARE THEY OFFERING IN FLORIDA YET???

[Jblack2327]

Anyone gotten one at 50% paid?

[Soulsquad]

You reaching here. Why would they?! I’ve gotten offers at 68% but if you just at the half mark; focus on completing rather then when you’ll get another, it will drive u crazy lol

[Jblack2327]

I know, it’s a loss cause lol 

[Soulsquad]

No I don’t think it’s a lost cause, whatever you are doing, it will come back around, just gotta have Faith! 

[Rasco]

Ok Square, listen up! I have had GREAT sales, even when COVID shut everything down. I own a cleaning supplies business so I am doing better than ever. I am finally at the point that I could open a brick and mortar store and do really well (I have been operating out of my home and storage). I could use some capital to help back this dream of mine. I wish you all would at least allow us to apply for capital. I keep checking my dashboard for an offer. I read the letter that you are rolling out more offers with tighter rules. I want the chance. Just waiting on that offer to pop up....help a sister out here! 

[Mansellmc]

I hope you get it!!!  I'm on my 7th and nearly paid off.  Usually get an offer by 85%. Still haven't.  We shall see.  I'm needing supplies, equipment and inventory and it would be nice if I wasn't having to struggle out of pocket for business stuff.  My business savings is about depleted and I have to of course maintain home needs like the rest of everyone.  It's very frustrating.  Business here has been pretty good.  Apparently dogs still need to be groomed.  I've always paid minimums well before due dates, never skipped a beat.   

[BodyandSoul]

@rzrshop Yes to Florida. I received an offer around the 3rd week of Aug. (Smaller than usual as the others have mentioned). I was 100% paid off on old loan (my 5th). Always paid off very quickly.

[rzrshop]

thank you that gives me hope

[NRVGuru]

Have there been any new offers sent to anyone in Virginia yet? We've been paid off for a while and things have been booming. Just seeing what's happening in our neck of the woods.

[rzrshop]

is Square offering capital loans even if you received the PPP loan thru them?

[Laura123]

Hey @rzrshop , thanks for your question! 

The Paycheck Protection Program (PPP) loans are not related to the normal Square Capital business loan program, so you can have both loans at the same time.

The PPP is a government relief program that provides small businesses, sole props, self-employed individuals, and individual contractors with forgivable loans to support payroll expenses and other expenses like mortgage, rent and utilities. All PPP requirements and guidelines are determined by the Small Business Administration (SBA). If the loan is used as specified by the SBA, 100% of your loan can be forgiven which means that your business wouldn’t need to pay it back. Please visit our Paycheck Protection Program FAQ for more information.

Our regular loans through Square Capital are business loans that can be used for any business purposes, such as to purchase inventory or replace equipment. Loans through Square Capital are repaid through a fixed percentage of your daily card processing through Square. The Square Capital program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. To learn more about Square Capital eligibility, visit our Support Center. 

Hope that helps clarify, let me know if you have any other questions! 

[newsandinfo]

Hi Laura, it would be great if you all would let us know what states you're currently not providing offers to.  Here in NYS, I've had great sales throughout the pandemic, always paid back loans before they were due, but nothing at all is coming through.  Based one the above it seems you all are not extending loans to certain companies in certain states, and it's a little disconcerting not knowing. 

[585Print]

I'm in NYS and received a loan about 3 weeks a ago.  It was much smaller than my last loan from earlier this year.  I just paid this one off today and am curious to see if I get another offer and how much.

[Mansellmc]

I finally received one today.  It was exactly half of what I got the last time.  I was paid in about 88%.  But I did email them Monday, got the same ole script response, and the next day I had an offer.  Coincidence, maybe.  I took what I could get.  I would be upset if they were offering loans to completely new merchants and not taking care of the ones they have an established relationship with.  The one I just received will be paid off pretty quick. So hopefully they will send another one.  I still didn't receive enough to make a dent in what I need.  I'll have to order supplies in smaller orders than normal only to breeze thru them in no time.  

[585Print]

Our sales have been through the roof the past month, so I'm hoping for a decent loan soon.  We already paid off the September loan on Wednesday.  In the past we were offered a new loan after 75-85% repayment.  I hate seeing the "your business isn't eligible" message.  We hit all the categories they're looking for with repeat sales, new sales, daily processing, our location is pretty open during covid.