Companies affected by Covid-19 can apply for new loans under the Payment Check Protection Program through Square’s control panel.

Square Capital announced earlier this week that it will become part of the group of companies that are approved to offer small business loans that require operational funds and can thus survive the global crisis caused by the corona virus.

He also pushed through a Tweet which has been approved by the United States Department of Treasury and the Small Business Administration to process the Treasury’s loan applications Payment check protection program (PPP) this week.

This payment protection program is part of one $ 2 trillion aid initiative that the North American government has made to deliver $ 350 billion in loans to mitigate the economic impact of the pandemic, better known as Covid-19.

The people or companies who made their requests can access the Control Panel from place to automatically process and check the status of your request.

This program provides small businesses with a fixed 1% interest rate on loans and up to 2.5 times the average monthly salary and monthly income, with six months for payments and debt relief if they meet the qualification requirements for such end .

Small businesses and independent contractors can also use the funds to cover wages, some employee benefits, mortgage payments, rents, public services and interest income, as well as those who receive at least 75% of these funds to cover labor costs .

In this way, Square becomes another company PayPal y Quickbook Intuit that were the first companies Fintech Approved by the United States government to provide assistance and credit to small businesses.

Likewise the application Cash appDorsey’s mobile payment service was also recently approved to cancel a stimulus check for US citizens and permanent residents $ 1,200.

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