Can I apply for the Covid19 loan if I don't have employees?

[Yemisi]

[The title of this thread has been edited from the original: SBA Covid Loan]

Can I apply for the Covid19 loan if I don't have employees

[#2]

Hello @Yemisi

Thank you for posting in the Seller Community. 

While your business may be eligible for a loan through the SBA Paycheck Protection Program for payroll and other business expenses, we're evaluating how to make this program available to you as soon as possible. We aren't able to accept applications at this time, so we ask you please not send any SBA forms at the moment.

We want to help get this money into your hands as quickly as possible. Keep an eye on your inbox for updates. For businesses not currently on Square, check out our Capital page for more updates.

[mattd]

Hi @Yemisi,

The short answer is yes! Starting April 10, independent contractors and self-employed individuals will be able to apply for the SBA Payment Protection Plan. See this thread for more information.

[Yemisi]

Hi I @mattd Matt , I applied through square some days ago, I was  approved today. Thank you

[Alex_]

Hello @Yemisi

Thank you for posting in the Seller Community. 

While your business may be eligible for a loan through the SBA Paycheck Protection Program for payroll and other business expenses, we're evaluating how to make this program available to you as soon as possible. We aren't able to accept applications at this time, so we ask you please not send any SBA forms at the moment.

We want to help get this money into your hands as quickly as possible. Keep an eye on your inbox for updates. For businesses not currently on Square, check out our Capital page for more updates.

[mattd]

Hi @Yemisi,

I also encourage you to look at the Economic Injury Disaster Loan Advance (EIDL) program too. "The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic." This is a loan advance and it is also forgivable. It applies to sole proprietorships, independent contractors and self-employed persons.

@Alex_, just to clarify, you mean to say, to not send SBA forms to Square at the moment?

[Yemisi]

Thank you

[Yemisi]

Hi @mattd, thank you for your response, SBA website said loan applications will be open tomorrow, square is saying they are not accepting applications now. Should I go with another lender, I like to go through square since I already have a relationship with square

[mattd]

Hi @Yemisi,

It's not my place to tell you who to get a loan from. I do not know the upcoming offerings Square will provide, however, I do very much like a lot of services Square provides.

What I can say is, recently the Square Industrial Bank Charter was approved by the FDIC. I cannot speculate any further than that.

You can also find eligible lenders for the SBA Paycheck Protection Program here.

[mattd]

Hi @Yemisi,

I wanted to follow up on this conversation, as I saw Jakie Reses's tweet, it looks like Square will begin rolling out their PPP applications this week. The interface looks really nice for Square sellers like yourself.

[Joe]

Thanks for jumping back in and clarifying your posts, @mattd!

[Yemisi]

Thanks, matt for this information.