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)
Loans used to cover these costs will be 100% forgiven 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. If funds go toward any non-covered expenses, then that portion will not be forgiven.
We’re working on an easy loan forgiveness application and will notify you when it’s ready. No action is needed from you right now for loan forgiveness. Our Support Center article has more details about loan forgiveness. Be sure to keep checking back for the latest updates, or visit the SBA’s PPP website.
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 Paycheck 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. Square Capital, LLC is a licensed servicer and debt collector with the following License Information.