Solved: Square Loans and COVID-19 - Page 10

Laura123 · ‎09-15-2020

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.

Laura
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Regina_B · ‎03-19-2020

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 Loans 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 Loans. 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 Loans, 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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Sleek207 · ‎10-16-2020

Hey, did you ever get another offer? Just curious because I’m at 90%

Soulsquad · ‎10-16-2020

Not yet, paid off fully, so i anticipate, another Next week 😃

Sleek207 · ‎10-17-2020

🤞🏽🤞🏽I’m right behind you!

585Print · ‎10-17-2020

Don't hold your breath about a new loan. I received a new loan in September and paid it off 10 days ago. I've done $20k in sales over the past 30 days, but received no new offer.

Sleek207 · ‎10-17-2020

Aw wow 😫

585Print · ‎10-17-2020

I'm hoping they are just taking longer to evaluate businesses for a new loan.

lashedbyronni · ‎06-07-2020

I've emailed Square 4 times with no luck so I figured I'd try my hand here with other sellers - I've paid my current loan down 91% in just about 5 months, even through the pandemic and I've received no new offers yet.

My business has remained consistent.

I've had several loan offers from Square, all coming in when I've had much more left to pay on the loan than I do now so my question is, is Square still offering loans during the pandemic? 🤔

It seems like they may not be .

Has anyone else received an offer since this all starte ?

Ronni M.

WandasCafe · ‎06-07-2020

They seemed to have pulled all offers when COVID hit hard back in March. I was solicited quite often, and then nothing.

I'm sure they will return. It's a huge part of what they do. They are just limiting their exposure to risky loans since no collateral is required and payback comes from credit card receipts. Even for those of us that never closed, they know the increased risk of default still exists.

Joe · ‎06-08-2020

Hi there, @lashedbyronni - thanks for reaching out here on the Seller Community! Good to hear from you again.

I've gone ahead and merged your post into an existing thread of Sellers who also had questions regarding new Capital Loans in the age of Covid. Take a look at this Best Answer from Regina - she will share some helpful information concerning Loans during this season.

Let us know if you have any clarifying questions. We are here to help!

Joe
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.

nikikostrova · ‎06-10-2020

I agree. I have paid off 7 loans and am 81% paid on my 8th in only 5 months. I have always paid off early and my sales have quadrupled over this last year. During the pandemic I never missed a payment . I was relying on my next capital offer because I expanded services. I received a small PPP but it is not enough. I hope Square will start to offer capital to their loyal customers. Some of us need them right now.

Ecsmw · ‎06-10-2020

Lashed, I've emailed them at least that much, they dont give a sh%$. We are in the same situation, overall sales have been up. I dont need PPP, but finally just applied for it. I just wanted the regular capital loan.

vitamingal · ‎06-09-2020

Just curious,

Has ANYONE in the past few months who had PAID OFF Square Capital, ahead of schedule (which I ALWAYS DO)....been offered another loan?

PPP was approved but the amount really didn't help us during this pandemic. We are very grateful for it....but not enough to help.

Very patiently waiting for an offer, but nothing yet.....

what about everyone else?

ecantiques5 · ‎06-10-2020

@vitamingal

Absolutely NOTHING. We successfully paid off our 10th loan with continuous sales processing during covid. We stay in good standing. Applied for PPP through Square but thankfully our local bank got their approval in before Square as their calculated amount was several thousand dollars less than what the true SBA ppp guidelines allowed for our business.

It has been heart breaking to see how Square has recklessly abandoned our partnership.

But the best part of it is not having so much coming out of our processing now. Its just the flat 2.95% when we had active loans we were at like 18%-20% out of every sale going for fee & capital repayment. So....I really hate they did this....but it does have a good side.

Wishing you all the best as you navigate your business forward in 2020.

jaechandler68 · ‎06-11-2020

@vitamingal @Regina_B @nika @ecantiques5

As of today, we only owe Square $592.14 what will be my last and final Square transaction. Square has abandon us! Its really funny that the admin stated "Paused our Capital Loans". That should pretty much sum it up for us. No help is coming anytime soon.

Letskissandcake · ‎06-11-2020

I've feeling the same way. I think I will finally make my switch over to PayPal. This is the time they should be helping and over largest and more capital loans... this is my last straw

Jblack2327 · ‎06-11-2020

Ugh same! My ppp loan was a measly $1000 just enough to barely

cover overhead for a month 🤦🏼‍♀️🤦🏼‍♀️🙄

trudy · ‎06-11-2020

Nope!!! I paid off my second capital loan last week, 10 months early and nothing! My sales have so doubled since my last loan.

I’m certain they are NOT reviewing accounts and offering loans at this time,

IronPaws · ‎08-21-2020

I just got offered a loan about half of last one been with square since 2010 I have 3 loans prior paid in good standing got 99% of this one done in about 9 months. I didn't think they were doing them from what I read here and checked frequently but I went into my capital tonight and says that had an offer. My sales have doubled during this time I own a small auto repair shop in upstate NY. SO YES SQUARE IS PROCESSING LOANS BUT JUST NOT AS MUCH CAPITAL-SO PLEASE HOLD ON AND BE FAITHFUL.

Jblack2327 · ‎06-09-2020

Is square capital offering loans during COVID 19?

ecantiques5 · ‎06-10-2020

@Jblack2327

Sorry that one of the admins have not responded to your post, but Square is NO LONGER offering their traditional Capital program. It was abruptly ended when the covid experience began. No matter if your business was still processing sales, no matter how many previous loans you may have had with them, no matter if you were algorithm eligible (as they withdrew (vanished)standing offers sellers had earned and were showing available to them.

So very sorry they have not honored the partnership we once utilized and grew our businesses with.

Jblack2327 · ‎06-11-2020

@ecantiques5 WOW so they will never bring it back??? What’s another platform we can go to? For some reason PayPal said I’m not eligible for their PayPal here POS... I need something that will offer capital overtime I AM DONE WITH SQUARE