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.

[Jblack2327]

Ok, so they do not offer an instant option? 
what other processors are out there that offer capital?

[ianssoph]

Just updating that I received an offer at 90% paid. It was around 40% of what my last offer was. Located in Ar.

[Sleek207]

Awesome! I’m at 90% now 

[rzrshop]

I am in Florida and our sales have not changed and it still says we are ineligible and I do not understand why, loan has been paid off since 09/19

[Rasco]

I'm in Tennessee and doing great. Would love to get another offer, but still ineligible. 

[585Print]

Is good to hear they are still offering loans.  I thought they stopped again.  I'm still waiting for a new one.

[Myc]

I also received an offer it to was significantly less the the last two loans but I also appreciate the offer will let you know how it goes if approved or not I'm still rocking with square

[Twpchair]

What state are you in? We're essential and never had to shut down, that's why people are so confused obviously you can see us processing.

[ianssoph]

I’m in Arkansas and was shut down for 7 weeks. It was my 9th loan.

[Twpchair]

Ok, thank you, I'm in Michigan, and we never shut down and I haven't seen one person on here from Michigan state  they received an offer. 

[Surfergirl1775]

I'm wondering if the algorithm is taking into account that we were closed for nearly two months do to no fault of our own? I'm in SC and we have gone back to business as usual, but Covid-19 has caused new client acquisition to become a very difficult task. I've have had one charge back in six years, so I'm a little confused because the past I was offered another loan at 75% ( four times ) and now I'm sitting at 82% thinking anyday now . . . Should I give up hope for a loan in  2020? 

[Twpchair]

I'm in Michigan and we're retail and deemed essential so we stayed open. I did email them and got an email back. I'm at 90% ish they said my ”current” loan wasn't paid for yet, and will or do monitor daily. Our state is a hot mess state and unfortunately regardless of your business I feel that does play a factor in it. My main reason for the comment was it's so talked about it was brought up at our chamber of commerce meeting 😆 many businesses use it and have many years. We thankfully didn't see a drop in sales in fact business picked up but I commented a couple of months back if people were noticing a big spike of cash sales all of sudden? We normally do more swipes but still, people are spending more in cash than cards? I wish you all the best and hoping for a much better 2021!!!! Please keep me posted and I will do you as well!

[Stefaniej82]

I paid off my Capital loan early because in the past when paid off I got another loan offer quickly. I am so annoyed they have “paused” the program I would  not of paid early, I should of paid a credit card off at least then I would have access to emergency funding even if it’s from a credit card. I did the PPP, but you can’t really pay all your biz expenses with that.  14 months in everything is becoming too little too late. If I am able to stay open I will be moving my credit card processing to Stripe or Quickbooks as the only reason I stayed with Square for so long was the great capital loans and how easy they are to pay back. Such a shame that when **bleep** hits the fan literally NOONE has small biz backs even though we have been lining their pockets this whole time. I mean they make a profit off these loans and still they turn their back on us. 

[bsa77]

When was the last time that you were approved? I too am waiting on a new loan offer but we were given a new loan offer a few months ago and more than 81% paid back. Have they completely done away with the square capital? If so I am moving on. I myself and tired of the uncertainty with the credit card processor that I pay and in return nothing back. If I don’t get an offer this week I will be leaving square after all of these years. My loans are always repaid early 

[Jblack2327]

I left! Was tired of them not helping us out. After 10+ years

of a loyal customer paying all the fees they abandoned us.

[Myc]

Recently I was approved back in March for a square capital loan ..Square has not abandoned you. But can I say it does not read anywhere that they have to.give you another loan or extend another offer in fact they always tell you another loan offer isn't guaranteed...Also if changing to another credit card processor is the aim and a merchant capital loan is the goal by starting off with a new card processor you still might  have to.wait and who knows how long that is going to take My suggestion just be patient all things happen in their own time

[Mansellmc]

I agree with a different processor! I was with square a couple of years before I got an offer. Going on 8 years now I think. The last offer I got was as much as pre-COVID, but I think with things finally finding somewhat of a normalcy all will get back on track again. 

[Sleek207]

Hi, they lowered it by half since Covid so now it’s only $1400.00. It popped up at 90%

[Myc]

They did to me to but don't be alarmed it will get better think of it like this covid happened and we weren't making payments the same way they weren't receiving any payments because most of the world were locked down and now we are just trying to get back .... consider it btesting the waters

[Mansellmc]

Hi there. They finally offered me another one this year. Not quite the amount pre-COVID but an offer none the less. They also have their own bank now and not using Celtic as they did before.  I feel confident that it will get back to normal. So confident that I started using Square Payroll this year. Do as they say, keep processing normally and once you trigger the algorithm you’ll get another offer. Hopefully a larger one than before as things try to find their normalcy again. 

[ianssoph]

They have consistently offered me new loan offers at 70% paid back since they started back after Covid. I am on my 3rd loan and they have progressed each offer by $3k-$4k so just hang in there and keep processing. They’re back on track!