My PPP Loan experience

[appleseedphilli]

Hello, 

I just wanted to share my experience so far.  A little background I have been using Square since April 2018 for my child care business.  I do not have any employees currently.   I have used payroll previously but not continuously to pay my 1099 contractors.  So I hope this helps.

5/5 11:26PM- PPP application received

5/5 11:58PM-PPP loan application has been verified by Square Capital

5/6 12:10AM- PPP loan has been approved by the SBA (Funds will be deposited in the next 1-10 calendar day)

Surprisingly the process was fairly quick.  Not sure how long it will take to deposit funds but I applied with Kabbage and I keep having to send more verification document.  Good luck everyone.  Stay uplifted during these unsure time.  God Bless!

Appleseed Preschool/ Phillips Family Child Care

[ashc]

Hey @appleseedphilli and welcome to the Community!

Thanks for much for sharing your experience and well wishes to other sellers! I'm glad it was quick and painless for you.

I know other sellers have asked for posts like this within the Community on other existing posts so if I come across any I'll move them here. 

[Lisa22]

I am very concerned about the status of my PPP loan.  I just happened to look at my dashboard to see a message that the SBA approved my loan.  However, I did not receive an email with documents nor a deposit.  I've been trying to get in touch with Square capital for two days now.  I have messages with the Square team and I have tried to get through on the phone but I'm not allowed.  I need to know if this is official or do I apply though another bank?  Time is running out. It's very upsetting not to hear back from Square Capital.  My experience has not been positive at this time. 

[sayra]

Hello @Lisa22. 

Thank you for posting in our seller community. 

I understand your concern. Our Square Capital team is doing everything they can give the influx in contacts they receive on a daily due to PPP Loans. If you were invited to apply via your Square dashboard, the application is official. 

Every case is unique, this is why we continue to suggest our Capital Team as the best resource during this time. I would try to reach them via email here: https://squ.re/contactemail.

[Hardwood72]

This has been my issue as well. However being very persistent has helped some. However I still haven't received the deposit but was able to get in touch with someone this past Friday that informs me that my bank had not been verified, only for instant transfers . so they verified my bank. It has been 13 days since I was approved ..

[agriverinc]

We have been a square user since 2012,  we applied for a loan through square.  My husband ignored a phone call while working and a few min later we recevied an email stating we did not get loan because they couldnt not verify his identity.  He trashed the email before I could read it.  is there anyone I can talk to too see why and what happened. 

Thanks

AG River Wood Windows

A legacy Business 😉

[ThePauls]

Hey. I got the same reply about an hour ago after missing a phone call yesterday. I am on hold with them now. Not sure how they can't verify our identities???? 

Have you tried to call? If so what did they say?

[ThePauls]

Got to talk to someone, and it wasn't really clear how to proceed. Was told to reply to the email with a photo of my ID. 

Or reapply, but there is no option to reapply on the site

[agriverinc]

My email said nothing, no contact anything. Good luck to you.

[sreengazer]

I am happy for your PPP experience, appleseedphilli!

Here is mine:

Applied 05/02

Today 05/06 -- not a peep! No review completed, not forwarded to SBA. No action, whatsoever! 

[ashc]

Hey @sreengazer,

Please keep in mind we're receiving a large amount of applications at this time and our Capital team is working extra hard to review them as well as the wait time that comes once they're passed off to the SBA. 

Here's an existing thread on the process if you want to read more about what factors go into the process.

And keep an eye out in your emails for updates!

[boudoirbeauty]

Hey there everyone.  I just wanted to give my experience with applying for the PPP.  I applied through Square 2 weeks ago. I received notification on last Friday, 5/1 that SBA approved loan.  My background, I only employee myself, my business is registered in my state as S-Corp., I completed my Sche. C and submitted that with a copy of ID.  On 5/1 I just so happened to look at my Square dashboard and it said I was approved.  Just yesterday, 5/5 in the afternoon, I received an official email from Square saying that I was approved with the attached loan document which includes the date to start repaying and the monthly amount to repay.  There is no "wet" signature that is required.  And if anyone has every received loan from Square Capital, you know they NEVER do a "wet" signature.  Any how, I received my loan today (this morning, 5/6) directly in my business bank account.  I tried to be as thorough as I could because I know when I was anxiously waiting for some sort of communication from Square and SBA I sat in the dark.  I am hoping this information helps someone.  Stay safe, use the money as wisely as possible - they are saying another phase of COVID-19 is expected to return around fall and we cannot afford to rely on waiting for funding assistance. 🙂

[LoveA]

I received my loan today 5/06/2020 also after submitting my application 2 weeks, therefore when I calculate my ppp loan based on the method of calculation I’m supposed to receive more than what I already received today so don’t know if I have to contact them or just leave it like that well for the amount to be forgiven based on the calculations I’m supposed to repay only $194 back which is great otherwise use it for utilities.

[dclcsw]

Same here - approved and deposited, but amount is completely wrong according to SBA formula and unable to get anyone at Square to explain/respond.

[maryamnh]

thank you for sharing your experience. I am self employed, just as an independent contractor and square sales are deposited into my personal checking account. I have been wondering how I should start documenting my spending. 

[boudoirbeauty]

@maryamnh I was wondering the same as well.  I am keeping ALL receipts. I have always used a system whenever I spend anything from business checking account.  I'm hoping someone else on this thread can shed some light on that as well.

[maryamnh]

@boudoirbeauty I think it would probably be best to open a business account?

[boudoirbeauty]

@maryamnh oh YES!  Absolutely.  You should definitely want to open a business checking account for lots of other reasons.  You shouldn't want to mix your personal monies with your business monies.  If you want, we can discuss this through the private messaging here.  

[sreengazer]

I understand, ashc, that Square is very busy with flood of applications. What I have an issue with is irregular, haphazard process whereby some get approved in a day, the others wait for weeks. I uploaded the exact 3 docs I was asked for and haven't heard back in 4 days, haven't received any follow-up requests, either, or any status notifications, for that matter.

Also, some applications that are erroneous on its face get approved, like the one posted here by boudoirbeaty who claims to be an S-Corp but submitted Schedule C (S-Corp needs payroll records, Schedule C is for sole proprietorships).

[Lhtolentino]

So I originally applied thru my bank - Wells Fargo...and we all know how things are going with them....so applied thru Square when I saw that they were accepting applications.  Had to wait for the 2nd set of PPP funds to be approved by Congress. Because my application was already in, I was approved within 2 weeks for PPP.  The money was deposited into my account on 5/4/20...however, what was deposited does not reflect the documents that I signed from the bank that I was suppose to receive. There's over $2000 missing.  Since we are unable to call, I sent an email last night asking where the remainder of my money had gone and am waiting for a reply. Were there suppose to be fees taken out for processing this loan? Fees taken out by the bank that Square worked with and then Square itself?  If so, it should have been in the loan documents, but weren't.  My accountant brought this to my attention. 🤔

Waiting to here.

[maryamnh]

@Lhtolentino did you accept a loan through EIDL? I remember reading that if you took out a loan  from the SBA through EIDL, they repay it from the PPP funds.