The San Francisco based merchant services aggregator and fintech company announced on Monday that it would begin rolling out small business stimulus loans.
Rolling out small business stimulus loan applications this week for Square sellers https://t.co/3Bbf9X5a4s
— jack (@jack) April 13, 2020
Having recently received approval as a PPP (Paycheck Protection Program) lender, the company will soon be accepting loan applications from small businesses and existing square sellers. The loans will provide businesses which maintain payrolls, with cash-flow assistance during this period of emergency.
Given current circumstances, and global lockdowns, small businesses have suffered from a constriction in demand, shut down of logistics and subsequent lack of reliable revenue streams. Loan programs such as these could very well help facilitate their survival.
3/4 We know sellers need financial support now more than ever, and we’re committed to making funding accessible to as many small businesses as possible.
— Jackie Reses (@jackiereses) April 13, 2020
Founder, Jack Dorsey, announced the program only days after his $1 Billion allocation of funds to the global COVID-19 battle. The said donation was made out of funds drawn from his existing equity in Square Inc.
The loan program too seems to be yet another initiative by the philanthropic CEO of Twitter to help ease the economic burden placed on many during these trying times.