PPP Loan Repayment FAQ
When do I start repaying my loan?
Repayment of any remaining balance will begin as early as 15 days after you receive your final forgiveness decision from the SBA. We’ll let you know by email and in your Square Dashboard if you have a remaining balance and when the first payment is due. On each payment due date, we’ll automatically debit the amount due from the same bank account your PPP loan funds were deposited into.
If you don’t apply for forgiveness, repayment will begin 16 months after your loan origination date.
How do I know on what day of the month my payments are due?
The dates of your payments are determined based on the origination date listed in your loan agreement. For example, if your loan originated on April 15th, your payment date will be on the 15th of every month. If it lands on the 29th, 30th, or 31st of the month, it'll be on the 28th of every month. You will receive email notifications for any upcoming payment due.
How do I repay my PPP loan?
On your payment due date, we’ll automatically debit the amount due from the same bank account your PPP loan funds were deposited into . If you need to update your bank account, please contact us for assistance.
Can I prepay my PPP loan?
If you need to make a prepayment or pay off your PPP loan, please contact us for assistance. Please know that any partial prepayments will only be applied toward the current month’s payment and cannot be applied towards future payments due. If you apply for forgiveness and the forgiven amount is more than your current remaining balance, you will receive a refund to the same bank account your PPP loan funds were deposited into.
Can I change my payment date going forward?
At this time, we are unable to change the payment date of your loan. If you would like to make another payment at any other time, please contact us to make a payment.
Can I repay through my card sales?
No, we are unable to apply card sales processed on Square to repay your PPP loan.
I also received an EIDL advance. Do I need to pay off the EIDL advance as well?
Based on the recent legislative changes to PPP laws, EIDL advances are no longer required to be deducted from the PPP forgiveness amount. This change is retroactive to the beginning of PPP. If you submitted your forgiveness application and had your EIDL advance deducted from your forgiveness amount, your loan balance will be appropriately adjusted. We are waiting for the SBA to issue guidance on how to properly adjust PPP loans with an EIDL advance balance and how to issue refunds for payments made towards PPP loan balances due to EIDL advances, if any. Once your balance has been adjusted, you will be able to reference it on your Square Dashboard.
I’ve already made payments or paid off my PPP loan. Can I still apply for forgiveness?
Yes, you can still apply for forgiveness if you made payments towards your loan. If you apply for forgiveness and the forgiven amount is more than your current remaining balance, you will receive a refund to the same bank account your PPP loan funds were deposited into.