Charlie Wagner

Little by little one travels far | currently @square | ex Citi Global Markets | $wags9

[Jackie Reses @jackiereses]

We hope there will be enough funds to go around, and we'll continue to send as many apps to SBA as we can. In addition > apps, we are especially focused on helping sellers with incomplete apps/wrong forms get those submitted. As soon as disbursements start, we’ll let you know.

[Jackie Reses @jackiereses]

It’s a slow process. After our first upload, we’re sending small batches through every hour. SBA is metering to manage the extremely high demand, so it seems further approvals will take some time. We don’t know how long. We haven't seen any disbursements yet.

[Jackie Reses @jackiereses]

Here’s what we’ve seen so far from the opening of PPP2:
We have thousands of applications in the queue with SBA, and we know some have been approved! The @SBAgov indicated they have approved 100,000 loans thus far. @Square

[Jackie Reses @jackiereses]

5/5 PPP reopens Monday morning. We’re doing our part at @Square to help thousands of small businesses access stimulus funds that may save their livelihoods. Our average loan size is 1/10th the avg from PPP phase 1. Here’s hoping the little guys get their fair share in phase 2.

[Jackie Reses @jackiereses]

4/5 In particular, helping sellers understand how to qualify for the promised forgiveness has been murky. Navigating this challenge with them — what will be required, and how they’ll repay a loan when their business is closed — has caused anxiety.

[Jackie Reses @jackiereses]

3/5 We hope we’ve made the application more clear and less painful — we automated some components (like auto-filling payroll info when we have it) to ease the burden for our sellers, who’ve had a lot of hoops to jump through and plenty on their minds.

[Jackie Reses @jackiereses]

2/5 Demand has been huge, despite the fact this is a hard process for many sellers — many of whom haven’t yet filed taxes, don’t have accountants to do this for them, and are struggling with the insecurity of whether they’ll ever get the funding they desperately need.

[Jackie Reses @jackiereses]

1/5 @Square Capital PPP update: we’ve been rolling out applications all week to help our sellers be ready when PPP resumes. Our average loan size is around *$25,000*! This comparatively small amount makes a massive difference to real small businesses right now.

[Jackie Reses @jackiereses]

1/3 At Square Capital we’ve seen that the top reason PPP loan applications get held up is because of document issues. To our @Square sellers, you can expedite your applications by preparing at least one of the following documents:

[Jackie Reses @jackiereses]

Next steps coming from @SBAgov @SBAJovita

[Randy Garutti 🍔 @randygarutti]

@"Shake Shack is returning its PPP Loan. Here’s why:"https://t.co/hbqcIBmKT2 on @LinkedIn

[Cash App @CashApp]

Don't sleep on https://t.co/305rwTJPfx

[Jackie Reses @jackiereses]

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]

We will notify sellers when their application is available via Square Dashboard, starting with employers whose application data we can verify automatically. We expect to expand access to more small businesses soon.

[Jackie Reses @jackiereses]

1/4 Square Capital has received U.S. Treasury and SBA approval to be a PPP lender, and we will start rolling out our PPP loan applications this week. We continue to work with our partner Celtic Bank as they have existing expertise as a leading SBA lender.

[Cash App @CashApp]

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