Information Requested for Square Loan Application FAQ
Your business name and taxpayer information will be used to verify you and your business in connection with your loan request.
If your personal or business information cannot be verified or if additional information about you or your business is required, we’ll reach out through your Square Dashboard and via email. Here, you’ll find steps on how to upload the requested documents.
Requests for Additional Information
How to Upload Documents
You can upload the requested documents from a mobile device or a desktop via the link within your email, on your Square Dashboard, or in the Square app. If you are having trouble, please refer to our browser troubleshooting tips.
Desktop Upload
Log in to your online Square Dashboard.
Click on Start > Upload the requested items.
Mobile Upload
Tap on More from the navigation bar at the bottom of your screen
Tap on Settings > Information Requests
In Active requests, you’ll see a list of the requested items
What documents are considered acceptable?
Personal Information
If we are unable to verify your legal name, Social Security number and/or date of birth, we may request:
| A government-issued ID (e.g. driver’s license, passport, etc.) |
In addition to one of the documents below:
| Social Security card |
| Your recent personal tax return, such as last year’s return |
| Individual Taxpayer Identification Number (ITIN) letter from the IRS |
Business Information
If we are unable to verify your legal business name and/or TIN, we may request one of the following:
| Your business’s government issued SS-4 (EIN confirmation letter) |
| Your most recent business tax returns confirming your business name and TIN |
| Secretary of State documents that contain your business TIN |
If you misplaced your SS-4 confirmation letter, you can call the IRS and reach their Business and Specialty Tax Line at 800-829-4933. For additional tips, visit the IRS online.
Note: If you are a sole proprietor, your business name is the same as your first and last name and your TIN will be your Social Security number. Some sole proprietors may also register DBA (doing-business-as) names. If you have a DBA, you’ll be asked to provide it in the application. Find out your business entity type by taking a look at your tax returns.
Address Verification
If we’re unable to verify the business address on your Square loan application, we may request the following:
| Utility bill for your business |
The document will need to include either the applicant’s name or business name, and a complete address (address, city, state, and zip code).
If you’re unable to provide a utility bill, you can submit one of the following documents: a business tax return, lease agreement, bank statement, billing statement, court documents (jury duty summons), Tribal ID, or any other government issued document. At this time, we are unable to accept P.O. boxes and international addresses.
Business Ownership Information
Depending on your business type we may need to verify any beneficial owners or business managers who are a part of your business. If we are unable to verify the information provided for any of the listed beneficial owners or business managers, we may request one or more of the following documents. For more information about beneficial owners, take a look at our Square Loans FAQ.
| Social Security card |
| A recent personal tax return, such as last year’s return |
| Passport |
| Individual Taxpayer Identification Number (ITIN) letter from the IRS |
Business Registration
If we are requesting additional information about your business registration, you may submit one of the following:
| Articles of incorporation |
| Tax return |
| Articles of organization |
| Secretary of State business registration |
| Business license |
If you are a sole proprietor, you may be asked to submit a copy of your government-issued ID and your Social Security card.
Bank Account Verification
If we are requesting additional documents to verify the bank account linked to your Square account, you may submit the following document that shows your full name, last 3 digits of your bank account, and current bank transactions:
| Your most recent bank statement or screenshot of bank statement |
If you opened a new bank account recently, you can submit a confirmation letter or document showing the opening of the account with the business name, account owner name, and account number.
Note: If you are a sole proprietor, the bank account owner’s name must match the name of the loan applicant.
Transactions
If we are requesting additional information about a transaction, you may submit one of the following:
| Invoice |
| Service contract |
| Purchase Order |
| Signed credit card authorization form |
| Detailed Receipt |
| Bill of Sale |
| Email correspondence with the buyer |
If you do not have any of the above, please provide a detailed description of the goods and/or services sold.
UCC Financing Statement
A UCC financing statement is a notice that a lender has a security interest in one or more of your assets. If you are asked to provide additional information about a UCC lien, we will provide you with the date, filing number, and the name of the secured party.
If we are requesting additional information about a UCC lien, you may submit one of the following:
| Payment statements indicating the current status of the underlying loan or obligation |
| A letter from the secured party stating that the merchant is current on repayment |
| A letter from the lienholder that the loan has been satisfied |
| A filed UCC termination statement (UCC-3) |
Sometimes, institutions will use a third-party to file, track, and maintain lien positions as the registered agent of the institution. Corporation Services Company is a common third-party representative. If you are unsure of what institution the third party is acting on behalf of, best practice is to reach out directly to the third party.
Frequently Asked Questions
When you apply for a Square loan, certain information as it relates to your identity and/or business will need to be verified. This means that sometimes we require supplemental information in order to proceed with your loan application. For more information on acceptable information you can provide, check out our complete list above.
There are multiple reasons why you may be required to send in additional information when you didn’t have to previously. One common reason is to verify the identity of the individual applying for the loan, as well as the business information listed on the application. If additional information is requested, we will need it in order to move forward with processing the loan application.
Your loan application will not be reviewed if the request is incomplete. Please complete the request in full to the best of your ability. If the submitted information isn’t sufficient, we will be in touch via email and your Square Dashboard.
You will have until the date specified in the email notification to complete the information request. If you do not provide all of the requested information on time, your application will be canceled. If that happens, please visit your Square Dashboard to see if you are eligible to apply for another Square loan.
Typically, you will be notified of your application status within one to three business days. If you don’t receive a decision within this timeframe, it may be because we still need additional information from you. Be sure to check your Square Dashboard and email inbox for any notifications asking you to provide additional information.
When you apply for a Square Loan, we need to verify some details about your business. If you’re unsure of your business entity type, please confirm with your most recent tax records or consult a local tax advisor.
When you apply for a Square Loan you’ll need to provide your TIN for business verification purposes.
If you’re applying as a:
- Sole proprietor: You are required to enter a Social Security number (SSN) or Individual Taxpayer Information Number (ITIN).
- Limited Liability Company, a Partnership, a C Corporation, or S Corporation: You’ll be required to enter an Employee Identification number (EIN).
- Single Member LLC: You can use the business owner’s SSN OR the business’s Employee Identification number (EIN) as the tax identification number (TIN) on the application. However, if we are unable to verify your business’s EIN, we may request an SS-4 (EIN confirmation letter) for verification.
Missing Requested Documents?
Sometimes, institutions will use a third-party to file, track, and maintain lien positions as the registered agent of the institution. Corporation Services Company is a common third-party representative. If you are unsure of what institution the third party is acting on behalf of, best practice is to reach out directly to the third party.
If you misplaced your EIN, you can call the IRS and reach their Business and Specialty Tax Line at 800-829-4933. For additional tips, visit the IRS online.
If you do not have a government-issued photo ID to verify your date of birth, you can submit one of the following documents: Birth Certificate, U.S. Certificate of Naturalization (Form N-550), valid Employment Authorization document (I-668B or I-766), Tribal-issued photo ID, Military ID, DHS trusted traveler cards, or an ITIN Letter.
If you can’t provide your Social Security card, you can submit one of the following documents along with a government-issued photo ID: most recent personal tax return, your Individual Tax Identification Number (ITIN) letter from the IRS, a W-2, Military Discharge documents, or an Unemployment Benefits letter. Please be sure the document clearly displays your full legal name and Social Security number.
You may submit a copy of your recent business tax return, such as last year’s return. If you do not have an SS-4 or a business tax return, we may be able to accept a Secretary of State document that contains your business TIN.
Note: If you are a Single Member LLC, and don’t have an EIN — please clarify your entity type in the information request and submit a copy of your most recent Schedule C (Form 1040).
Square Loans are underwritten and issued by Square Financial Services, a Utah-Chartered Industrial Banks, Members FDIC.