Square loan 2020

[Platinum1k]

Anyone Got a new loan offer this month? I have had about 7 previous loans and have usually been offered a new loan around 68-75%... but I'm at 84% now and nothing. This most recent loan was double then last? Kinda curious before I look for other options

[justamymarie]

I also had a loan offer like that that disappeared the day the POTUS announced the State of Emergency. Reading through the Forums it appears that it's possible square has pulled loan offers for the moment. I actually came on the forms to see if anyone else had noticed the same.

[Teatalk18]

I just paid off my loan on Thursday and still nothing! I am impatient so I emailed them and he said the exact same thing you can read and did not mention anything more or less.  Almost like he read the entire thread to me about waiting to see if another loan becomes available and if so it will be sent via email and also on the homepage (square)  I havent seen anyone that has gotten a loan recently and most believe it has something to do with the Coronavirus.  If you hear anything would you please keep us informed and updated? Thanks!

[Platinum1k]

any new offers yet? 

[Platinum1k]

@Teatalk18 @justamymarie 

[justamymarie]

@Platinum1k  Nothing here. And we finished paying our current loan last Friday. Was due to be paid in full around April 2021. 

[murrietaPC]

I was supposed to be paid in September, but I been so busy the last 7 weeks that I am done 100% today.

I have cash on hand to buy inventory, but if I was to get a loan, I could increase my volume 2x than ever before

[Kassi_]

Hey there, @murrietaPC - 

Thank you for reaching out! It would be best to reach out to our Capital Team directly about this, since it's account specific.

Use this link to reach out: http://squ.re/ccode

[ecantiques5]

@Kassi_ @murrietaPC @Platinum1k @justamymarie @Teatalk18 

I do not see why you would refer these sellers to contact the capital team, when most likely all they will get is the standard business numbing reply " keep watch of your dashboard, keep processing " These sellers are just asking if Square was indeed still supporting a capital program to algorithm qualified sellers.  Are they being offered or not? 

I am disappointed that Square has not offered your sellers a direct path to the SBA EDIL /PPP loan programs. Both Paypal & Clover were able to get their clients set up with an application process. Now the funds are gone there will be no more until Congress approves more. We have been with Square since 2013. Been through all the waiting and hanging on for an algorithm offer for 11 loans. All have been paid ahead of time through processing revenue. We are at 80% paid back on our 11th or 12th loan, and have sales to date of nearly 100,000.00 since Jan. 20,000.00 even so far in this unprecedented month. Nothing from Square Capital. It just gets old!

[murrietaPC]

The last 3 loans I got..were paid way before the projected time and I was getting offers right after the 80% paid mark. I am now fully paid and still processing and nothing,. and yea... those generic replies from the square auto-bots get me mad.. all I want is a yes or no answer so I can proceed accordingly

[ecantiques5]

@murrietaPC @Platinum1k @Kassi_ @justamymarie @Teatalk18 

Good Saturday afternoon I wanted to give an update to some information I was able to research today. I did call in to Square Customer Service today, and the lady I spoke to, ( although not from the capital dept. Just regular customer service) did assure me that Capital Loan offers were still going out to Algorithm eligible sellers. She was very nice, understanding and seemed to have valuable verified knowledge. She did recommend that I reach out to the capital dept on Monday. So that is my plan. Then while doing google research I did see that Square was approved to work with their sellers on SBA grants/loans. I have just not received an email indicating the steps I needed to take. 

I really do appreciate the Square ecosystem and I do not want to excessively negative or disgruntled as we have been loyal, honest, revenue producing sellers for a long time.

Wishing blessings & brighter days to all ❣

[Joe]

Thanks for sharing your experience and insight with fellow Sellers, @ecantiques5. 

For those who are interesting in learning about loans extending through the Paycheck Protection Program, you can view our Resource Center here.

[ecantiques5]

@Joe 

Joe thank you for your reply.  I do hear discussions that additional funding for the SBA's PPP / EDIL is moving through congress at this very moment. Which I am thankful & grateful for. 

My direct question though would be this.

Are Sellers that are determined to be proprietary algorithm eligible AND STILL Processing revenue due to economic agilty and adaptability during covid 19 receiving and being granted Capital Loans. Yes or no. 

If the Square Capital program has been halted/revoke to all sellers. Regardless of meeting the algorithm & being able maintain processing.

Thanks in advance 

Ecantiques5

[Joe]

Hi there, @ecantiqes5 - thanks for the quick reply! I would need to defer this to our Capital Team directly. You can reach out to them for more clarity here.