- Jack Dorsey’s Square to help distribute emergency Coronavirus funds
- Square joins Paypal and other fintech companies assisting with Coronavirus emergency funding
Jack Dorsey’s Square Capital announced in a tweet that the company is approved to be a PPL, Payment Protection Lender. This will allow further access to the new Payment Protection Program while bolstering the platform’s use.
Paycheck Protection Program
The Paycheck Protection Program is part of the recent $2 Trillion stimulus bill which includes a $350 billion loan program.
The Paycheck Protection Program has a lot to offer to small businesses.
- 100% loan forgiveness in certain circumstances
- 1% fixed interest rate (significantly lower than typical bank loans)
- 24-month loan term
- Targets the most vulnerable: small business
- 6-month first payment deferment (businesses will have 6 months to make their first installment)
The PPP is a first-of-its-kind stimulus program, and details are developing daily. The Square Capital team has been busy behind the scenes sorting through the details for you. Right now, we’re working closely with our partners to understand when we’re able to help distribute this money, so we aren’t accepting applications yet.Square Capital
The company will start accepting PPP (Paycheck Protection Program) loan applications this week as they are still figuring out the details.
What is Square?
Put simply. Square offers payment processing services to small businesses and startups. The platform already has over 24 million active users.
Square Capital’s existing lending platform makes it an ideal candidate to help distribute funds under the Paycheck Protection Program.
As Jack Dorsey’s Square is to help distribute emergency funds in the US, other countries are opting for different solutions.
These solutions involve the use of digital currency. Amid COVID-19 China has prioritized the development of the national digital currency. With a digital currency, countries will be able to efficiently track and disburse government funds. Furthermore, the government will be able to track whether or not these funds are being used responsibly.
However, digital currencies are still in development have shown no real promise to date.
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