Square Loans and COVID-19

[Laura123]

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

As you may have heard, eligibility for loans through Square Loans was paused temporarily so we could address how COVID-19 has impacted our sellers’ businesses, as well as our own. As of now, some business markets have stabilized so we can responsibly provide access to loans to some businesses once again.

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for loans through Square Loans is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans loans can be found here.

If you do not currently have an offer available for a loan through Square Loans, please know that we will continue to check your eligibility on an ongoing basis. If you’re eligible for a new loan through Square Loans, you’ll be notified directly on your Square Dashboard and via email.

[Miguel817]

Nothing yet hellorobo - Texas

[alexandriak]

Received a loan offer a few weeks ago slightly smaller than what I had before. It's nice to know the offer is there.


I'm in York Pa

[Tritter82]

Was your previous loan paid in full? That's if you had a previous loan. Just curious because I'm at 84% paid and usually have an offer by now. It definitely makes sense for them to wait until they are fully paid though. 

[Miguel817]

Yes, the loan is 100% paid. Usually we will get an offer before it’s paid off but not this time. So don’t rush to pay it off because it might be a really long time before they make you an offer again.  Though many people on the thread state they were offered a loan but less what was offered before. But I will believe it when I see it. I’m on the search right now for another processing merchant that will offer me a better deal with less headache. 

[rzrshop]

Any capital offers in Florida?  I have been luckly to still operate normal speed and no offers last loan was 4/19

[april84]

Just checking for those of you who use capital, are you seeing any new activity? Is Capital still suspended?

[Soulsquad]

Someone else on board Got 1 last week, so it seems they are continuing, I’ll alert you when mine comes; good luck and positive vibes to you 

[Tritter82]

I just received an offer today and it was approved within a few minutes.

- I was at 85% paid off.

- From PA

- Processed normally through Covid shut down with online sales

- Sales are up approximately 10% over last year

- Offer was somewhat less than previous offers

- I wanted to let everyone know, they are still giving loans and I was not completely paid off yet. Best of luck everyone 

[TrudyLynn]

Also in PA and received an offer over the weekend. It’s a fraction of previous offers even though my sales are higher than they’ve ever been. Assuming they’re just starting off with caution. I didn’t move forward with my offer but it’s nice to have it there.

[ianssoph]

Just curious if any hair stylists have received a capital offer since they reopened?

[lilstyler]

I am a stylist and have had 9 loans. I still have not received an offer since they started giving them again. 😞

[ianssoph]

@lilstyler Are you paid off currently?

[rzrshop]

Anyone receive a loan offer in Florida?

[lilstyler]

@ianssoph No, I’m currently at 89% paid off. 

[Ms_Misty]

I’m a hairstylist in CO and I received one two weeks ago.

I was $150 away from paying off my last one. The offer they sent me was very low. I’ve done 5 or 6 loans with them. This one was on par with my very first offer. 

I have a very steady clientele and have paid off early every single time. 

On other threads, businesses that were doing OVER what they normally do, were getting 60-90% of what they used to get. 

So be prepared. 

[ianssoph]

@Ms_Misty  I have had 10 loans and my last was $20k. I’m at 72% paid so hopefully they don’t offer me $900 as that was my first offer ever with square capital lol. Either way glad they are still giving us stylists love!

[Jblack2327]

My highest as a stylist as ever been $7500 $2500 was mt first... TBH I stopped taking square when they abandoned us so my sales now look low as I’ve refused to use square... just trying to get this last loan paid and move on. I don’t want to continue with a company who abandons loyal long term customers when we need them most. 

[cdmull]

You are not the only one walking away from Square. I took.out my first loan.ever with them mere days before the shutdown. Ive been paying my minimum due but don't expect to get another offer, im 50% paid off, but ive found PayPal pay via messenger to be quick, convenient and NO FEES. Ive also started to accept Cashapp and Venmo as payments. 

[585Print]

I'm in NY State and finally received an offer today... yes, it's about 60% of my last loan (which was paid off in April).  At least they're offering loans again.  This one is less money but I think it's also less % payback than normal.  I might accept this loan just to pay it back and see what the next one will be.

[PV4U]

I recieved a small loan 3k. About 2 weeks ago. It is already 33% paid off. I'm interested to see what the next will be. 

[ErinAkey]

Just received first offer since COVID started.  A lot smaller than last but not as bad as I thought it would be.  Curious to see how long before it is approved.  I am glad they are at least offering them again.  We are over 85% paid off on last one and way ahead of schedule for sure. Praying for all to make it through this.