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.

[nika]

@Jblack2327 We've paused Capital loans for the time being. You can take a look at Regina_B's answer at the beginning of this thread for some more info. 

[jaechandler68]

Good luck to all of you! Paid Off and We are off! Thanks but no thank you too @Regina_B @nika 

[murrietaPC]

I have a feelign that Square used their capital money to fund the PPP loans, and when they get disbursed back from the SBA, will have capital money again.. but by then many small business will probably be either gone to other merchants or sadly out of business

[Jblack2327]

Where are you going for your cc payments?? I’m looking for a good company that will

offer capital. Sad thing is i know we will have to show sales for a while and build a relationship with a new company before getting a capital loa .

[Jblack2327]

@nika  so like forever? No more capital loans??? I will definitely be taking my processing elsewhere 

[Kimmiekay]

Did Square Capital quit offering loans? We have had 2 prior and paid second off 2 weeks ago and no offers since. We have customers often still, no charge backs nothing. So wondering if they stopped due to Covid 19. 

[nika]

@Kimmiekay Check out Regina_B's answer on this thread.

[MCPC]

Standard answer they have been issuing since March. 

Nobody is being issued Capital loans right now, if you look at the threads. Celtic Bank runs the loans, not Square. I spoke with a loan officer at CB at the end of March when PPP was evolving. She also said they refused to process PPP for sole proprietors and independent contractors.  Not sure if that is accurate.

I do feel like they should resume loans to businesses that have not had an interruption in business, but so many have had to close. 

[MCPC]

Square never made the Capital loans. They were made by Celtic Bank. CB has been exclusively making PPP loans since March. 

I'm sure once PPP end and businesses across the board get back to work, Square Capital loans will resume.

[RivalsGaming]

I just finished my 6th Capital Loan, and I usually get an offer by now. Has anyone got a new offer during the Pandemic? I was told that the program is affected but still running. Thanks guys

[nika]

@RivalsGaming I moved your post here so you can check out Regina_B's answer. We've momentarily paused Capital loans.

[danengine2004]

what EXACTLY DOES momentarily mean to you? to me it means for a short period of time - the reality is that Square has PERMANENTLY shut square capital down with NO answer about when it will come back - Pretty bad of you to just blow us off like this 

[newsandinfo]

I agree - momentarily seems to be permanent. Capital loans are always conditional, but it seems like it would be good business for Celtic Bank (who's actually doing the loans) to start again with at least those of us who've continued to have good numbers during the pandemic.  The fact that Square just obfuscates whenever it's asked this question is not a good sign in general.  On the one hand, in April there were articles all over the place about how Square CEO Jack Dorsey has invested $1 Billion of his own money into a coronavirus relief fund, then on the other, on the ground with actual Square customers, there are no Capital loans and we're all told to apply for a PPP loan - which many of us either cannot get or get in a much reduced amount compared to what's usually available for capital loans.  So which is it Square?  

[Tritter82]

My post may not be popular but I understand in these crazy times there needs to be some cautiousness on Square & Celtics bank's end. Sure in the perfect world we would all get loans but there is more of an element of risk and as business people we need to understand that. I hope your customers don't stop coming to you because you were unable to provide a service during the pandemic. We all need to understand and be a bit more patient during these uncharted times. 

As businesses yes, we lost sales, revenue etc. but at the end of the day I'm certain square did too. 

I'm sure as soon as they are able loans will be offered again. In the meantime try to be patient and kind

[Jblack2327]

That’s fine

they abandon people in a time of need 

my loan  will Soon be paid and square will loose yet another client! IM OUT!

[cdmull]

Me too. I run very few cc through Square since the shutdown. If you go to Messenger there are 4 dots on the very left bottom. You can request payment from customers there and in goes straight to your PayPal....the best part..NO FEES FOR YOU THE SELLER!!

[Jblack2327]

SQUARE HAS OFFICIALLY LOST MY BUSINESS 

[Jblack2327]

Yep IM OUT! Told my clients I no longer accept square! I can not support a company that abandons loyal clients 

[Gunsmith12]

I understand that Square is not offering Capital Loans due the processing of PPP Loans.  Has anyone received word of when they might reinstate these? Has anyone gotten one in the last couple weeks?

[danengine2004]

Well after sending an email ... with no response ... chat supervisor could not tell me anything - so again after a 45 min wait on hold for Capital representative - then getting the "courteous" and no clear answer - I finally asked - "just answer this question with a yes or no answer - Is square capital offering new loans? first answer was "your account is constantly being reviewed", I said just answer with a yes or no answer - REP FINALLY said NO, program is on pause, So I asked if Square and an idea of WHEN - answer NO. he used the word UNPRECEDENTED TIMES about 20 times tho. I believe SQUARE has no intentions ofbringing the program back, they just want to collect open loans   

[alexandriak]

To add to this their installments program is also stopped. I use Affirm on my website and they've never stopped offering loans to my customers to purchase items this entire time.