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.

[jaechandler68]

@AustinL92893 

What is your association with Square? Your profile said BETA? 

Anyone else? Anyone else beside Austin? I'm afarid not.

[alexandriak]

No offer yet which is kinda of surprising considering I was still bringing in sales, even when my storefront was closed to the public (FB live sales) and my June and July were greatly up over last years numbers. Hoping there's an offer for me soon, even though at this time I wouldn't take it. it's nice to know it's there. 

I am very disappointed that they got rid of their installments program. I understand but still disappointed. 

[Jblack2327]

See I stopped using square for my sales and just been making payments because I was POed that they did this to us, so I doubt I get a new offer anytime soon. 

[AustinL92893]

Yeah my sales did rise about 30-50% and they did decrease my offer by a little bit from my previous basically stating COVID is still messing with things but they are at least wanting to offer loans. My offer was slightly (10%) smaller from my last offer, I was more so just pleased to see it in my dashboard this morning.

[Jblack2327]

Well I’m a hairdresser so I was shut down for 2 months but I’ve been back up for a couple of months but I did stop processing with square just to save the fees since they weren’t offering loans. So I doubt I’ll get one. I am caught up on payments 

but I’m only at 50% paid 

[AustinL92893]

Well hey, I know normal doesn't exist anymore, but I'm sure if you process with them now - you may see one in your near future.

[Jblack2327]

How far along was your loan paid when you got your offer today?? 

[AustinL92893]

My loan has been paid off for about 1 month, and this morning I received my offer. Square also alerted me that their Square Capital Program was closed to new offers and they just recently reopened it. They also alerted me that offers will most likely be smaller than past ones (mine was, but not by much) and that they are going to continue to do whatever they can to offer loans to sellers and they will have more clear communication from this point on.

It seemed like a genuine response from Square, and seems as though they are working hard to offer businesses the funding they need.

[Jblack2327]

Ok see I don’t have much left $2000 but I quit using square for sales since they kind of abandoned us and I’ve just been making my payments.... 

[AustinL92893]

I would say just keep processing through Square now if you want to receive an offer from them - they understand stressed sellers I'm sure.

[Kimmiekay]

Did you use square for a Ppp loan? Wondering if they will use that against people. I’ve been paid off since May and sales have been up consent and no offers still shows ineligible. 

[Jblack2327]

Hmmm I got $1000 PPP but I’m not asking for forgiveness as it was only enough to cover my rent while the salon was closed... but I wonder if they will use that against us. I plan to pay mine back ASAP 

[Costa]

Same, got my first offer today after months of my previous offers being withdrawn, however the amount is negligible to what was previously available. My previous loan offers combined to over $150,000 the loan offer I got today with literally 50k more in monthly sales - $7500. Meh

[Jblack2327]

I’m a small hair stylist my highest Loan has ever been $6000

[lilstyler]

So you actually got an offer? Were you paid off or what % was it paid off? My highest offer as a stylist has been $10k but the last one was less than that one. I really hope they’re starting them again 😩

[ianssoph]

As a stylist my highest offer has been $20k I’m at 65% paid on my last loan but am not holding my breath for another offer since we were shut down for 7 weeks.

[Jblack2327]

Wow I’m a stylist and never have had $20k offer my highest was $8k I’m at 43% paid in my current and honestly I would be further but I Was  shut down for 8 weeks and when they stopped capital I stopped processing with them because I thought it was crap

i have started back but I doubt I’ll ever get one again they won’t offer it to me 

[ianssoph]

I processed over 100k with them last year so that’s probably why I received a higher offer. Hopefully being shut down for 7 weeks won’t affect getting another loan!

[TrudyLynn]

I’ve been processing steady $20k-$30k/month. My last Capital loan was $28k and paid off in a few months. Most recent offer is much lower. Thankfully I don’t need capital right now, but certainly grateful to have an offer there again. 

[Soulsquad]

We got an offer Sunday, Square Capital is back Hoping all who need it, will get it. As we are still in uncertain times.

[rzrshop]

What state are you located?