How can these funds be used?
- Payroll costs (salary, wages, commission, tips)
- Employee benefits (healthcare and retirement benefits)
- Mortgage interest payments (not including payments on the mortgage principal)
- Property damage caused by public disturbances in 2020
- Operations costs (software or cloud computing service)
- Worker protection expenses (masks, plexiglass shields, gloves, and more)
- Supplier costs
Loans used to cover these costs are eligible for forgiveness, if at least 60% of the loan is used toward qualifying payroll costs and the rest of the loan is used toward the other uses listed here. Any funds going toward non-covered expenses will not be forgiven. Note: If you’re self-employed with no employees, your full loan is eligible for forgiveness regardless of how the funds are spent.
What to expect from Square Capital
We’ve designed an easy, intuitive application experience:
We’ll reach out via email and your Square Dashboard if you’re eligible to apply. Then you can complete the PPP loan application on your Square Dashboard.
Applications will then be reviewed by Square Capital. Next, the Small Business Administration (SBA) reviews applications on their own timeline.
If your application is approved by the SBA, funds will then be deposited into your linked bank account in 1 to 10 calendar days after SBA approval.
Square, the Square logo, Square Capital, and others are trademarks of Square, Inc. and/or Square Capital, LLC. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY.
All loans are issued by Square Capital, LLC, a PPP lender licensed by the SBA. The individual authorized to act on behalf of the business must be a U.S. citizen or permanent resident and at least 18 years old. Valid U.S. bank account and Social Security number or Individual Taxpayer Identification Number are required. Eligibility for the Payment Protection Program or any other loan product is not guaranteed. All loans, if offered, will be subject to approval and qualification under the program standards.