Square, the credit card payment tool, said Monday it will launch an application process for the Paycheck Protection Program.
Jack Dorsey, CEO of Square and Twitter, announced the rollout yesterday on Twitter after already pledging to donate $1 billion of his savings to the coronavirus relief effort, according to USA Today. Square is the latest fintech company, along with PayPal and Intuit, to gain approval by the Treasury Department to participate in the Paycheck Protection Program.
Square will alert users via its dashboard when a loan application is available. The company will fasttrack users whose application data is easily verifiable. How soon Square users will see the cash remains to be seen, but traditional banks have been slow to disburse funds to business owners, most saying they have yet to receive a deposit from the stimulus program.