What happens when you don't pay designated amount by square payment date

[Cdubbaby]

I'm unable to pay my minimum amount by square payment date on my loan what will happen?

[jaykay515]

I found this on Square capital:

What assistance is Square Capital providing?

If you have a minimum payment due during March 21 through July 19, we will not debit your bank account or increase your repayment rate during this time. You may also refer to the banner in the Capital section of your Square Dashboard for more information.

[jaykay515]

If you sign into your account and go to capital there is a message on Covid-19 help which says

Loan payment relief

If you’re unable to make your minimum payments due from March 21 through July 19, your linked bank account won’t be debited during this time. This will be applied automatically.

• Your minimum payment is 1/18th of your initial loan balance due every 60 days.
• Your repayment rate (the percentage of daily card sales used to repay the loan) is still in place and can’t be changed. You’ll continue to make daily payments toward your loan if you’re making sales.
• Your loan may appear past due, but we’ll only debit your account on your usual due date after July 19 if a payment needs to be made.
• The loan will still need to be fully repaid by the original maturity date.

Questions? Check out our COVID-19 relief FAQ. Or visit this regularly updated list of national and state business financing resources for more options.