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My Square Loan is 90% paid off. Why haven't I received a new offer? Is it b/c of Covid?

We usually receive loan offers after paying off around 85% of our loan. We're at 90% with no new offer. I've read into it, and a few people have said they are not doing new loans b/c of Covid. Is this still true currently (March of 2021)? 

tiffany campbell
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Super Seller

I'm in the same boat as you, at 89%. This is my first capital loan with Square They are still giving them out, as of late November 2020 when I received this one.  However I did just get an email, as I'm sure you may have as well about the new Square Financial Service Charter bank opening up in March.  So I'm going to just assume that could play a small temporary factor in all of this, but maybe not.  

 

Dan
Scorpion Coating Plus,LLC
Square Super Seller
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Beta Member

My most recent loan offer did not populate until about two weeks after I had fully paid off my previous capital loan. I am sure that doesn't help you much. I paid off the last in January and the most recent became available the first week of February.

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Square Community Moderator

Hi @Tiffany0707

 

Thank you for reaching out. That's a great question and I can help explain. 

 

While offers through Square Capital may be available to some businesses, we are still actively making updates based on the current state of COVID-19 and changing public health guidelines. The status of restrictions and reopening in your location and industry may impact your eligibility. To account for local and state restrictions related to COVID-19, eligibility criteria has been tightened. Due to evolving health guidelines, your offer may be smaller than expected or the offer amount may shift in real-time.

 

We understand that funding is important to businesses now more than ever, and we are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan through Square Capital.

 

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. To learn more about Square Capital eligibility, visit our Support Center.

 

If you’re eligible for a new loan through Square Capital, you’ll be notified directly on your Square Dashboard and via email.

 

I hope you find this helpful. Please feel free to contact us, if you have any additional questions.

 

Thanks,

Cameron
The Square Banking Team
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