In good company
Jackie Reses, head of Square Capital, tweeted on April 13th, that the firm will start to roll out PPP loan applications this week.
Square Capital is a crypto-friendly payment firm founded by Twitter CEO, Jack Dorsey. They will be the first Bitcoin-related company to join the US federal emergency lending program in collaboration with their existing SBA lending partner, Celtic Bank. This is part of the Corona relief package voted through in congress before easter.
Help for everybody
This is after it received approval from the U.S. SBA (Treasury and Small Business Administration) to be part of the PPP (Paycheck Protection Program). By obtaining approval, Square is officially authorized to support small businesses. They help them by providing them with low-interest loans that can be 100% free if used to cover approved costs.
On April 7, Dorsey himself launched a new fund to fight the covid-19 pandemic—donating 28% of his wealth to the fund.