Solved: Are Square Loans for personal usage accounts?

AYT843 · ‎08-03-2024

Can you qualify for a square loan with a Personal account usage or it has to be a Business account usage?

TheRealChipA · ‎08-04-2024

Hey @AYT843. Like all business loans, Square Loans are for business purposes only. This is not just a Square thing, and it is regulated by current tax and IRS regulations about business financial transactions. I am including a screen shot from the Loan Agreement of a past Square Loan that I received for confirmation. Beyond that, you would need to reach out to your CPA/accountant as we — as fellow sellers — are prohibited by the Community’s TOS from offering professional tax/legal advice.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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TheRealChipA · ‎08-04-2024

Hey @AYT843. Like all business loans, Square Loans are for business purposes only. This is not just a Square thing, and it is regulated by current tax and IRS regulations about business financial transactions. I am including a screen shot from the Loan Agreement of a past Square Loan that I received for confirmation. Beyond that, you would need to reach out to your CPA/accountant as we — as fellow sellers — are prohibited by the Community’s TOS from offering professional tax/legal advice.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!