Square's Square Capital Business Gets OK to Be PPP Lender
14 April 2020 - 4:27AM
Dow Jones News
By Stephen Nakrosis
Square Inc. on Monday said its Square Capital Business would
begin to offer loans under the U.S. government's Paycheck
Protection Program.
The company said it isn't accepting applications yet, as it is
"working with our partners to understand when we're able to help
distribute this money."
The Paycheck Protection Program is run by the U.S. Small
Business Administration, and is intended to provide relief to
companies suffering from the impact of the ongoing coronavirus
pandemic.
"A PPP loan is designed to provide a direct incentive for small
businesses to keep their workers on the payroll," Square said. "The
SBA will forgive loans if all employees are kept on the payroll for
eight months and the money is used for payroll, rent, mortgage
interest or utilities."
Square said it plans to reach out to potential applicants via
email, and will allow PPP applications to be completed on the
Square Dashboard. Once a loan is approved by the SBA, money will be
deposited into an applicant's linked bank account, the company
said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 13, 2020 14:12 ET (18:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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