PPP Extraction

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# XYZ — PPP disclosure extraction (auto)
Verbatim windows around 'Paycheck Protection Program' that also contain a $/fee/forgiveness/risk token. Curate before quoting.

### 10-K 2021-02-23 (0001512673-21-000008) — 81 PPP+figure windows
> and through contactless commerce, including curbside pickup and delivery for Square Online and a website for customers to purchase eGift Cards from sellers. We also temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2020, Square Capital had facilitated approximately $857 million of PPP loans, excluding cancelled loans, providing access to a financial lifeline to over 80,000 small businesses. For our Cash App customers, we published educational materials to help the
> rce, including curbside pickup and delivery for Square Online and a website for customers to purchase eGift Cards from sellers. We also temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2020, Square Capital had facilitated approximately $857 million of PPP loans, excluding cancelled loans, providing access to a financial lifeline to over 80,000 small businesses. For our Cash App customers, we published educational materials to help them und
> lso temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2020, Square Capital had facilitated approximately $857 million of PPP loans, excluding cancelled loans, providing access to a financial lifeline to over 80,000 small businesses. For our Cash App customers, we published educational materials to help them understand the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") stimulus programs. We expanded direct deposit access to
> stors who purchase these loans on a forward-flow basis. This funding allows us to mitigate our balance sheet and liquidity risk. Since its public launch in May 2014, Square Capital has facilitated more than 1.2 million loans and advances, representing more than $8.1 billion. This includes approximately $857 million in Paycheck Protection Program (PPP) loans, excluding cancelled loans, to more than 80,000 sellers, which Square Capital facilitated in 2020. • Square Payroll allows sellers to easily hire and onboard employees, pay wages and associated employee taxes, and offer employee benefits (e.g. 401(k) accounts). The Square ecosystem drives competitive diffe
> s on a forward-flow basis. This funding allows us to mitigate our balance sheet and liquidity risk. Since its public launch in May 2014, Square Capital has facilitated more than 1.2 million loans and advances, representing more than $8.1 billion. This includes approximately $857 million in Paycheck Protection Program (PPP) loans, excluding cancelled loans, to more than 80,000 sellers, which Square Capital facilitated in 2020. • Square Payroll allows sellers to easily hire and onboard employees, pay wages and associated employee taxes, and offer employee benefits (e.g. 401(k) accounts). The Square ecosystem drives competitive differenti
> a whole. However, the effects could have a 18 material impact on our results of operations and heighten many of the known risks described throughout this Risk Factors section. Our participation in government relief programs set up in response to the COVID-19 pandemic, such as facilitating loans to businesses under the Paycheck Protection Program or unemployment benefits and stimulus payments to individuals through Cash App, may subject us to new risks and uncertainties. Federal, state, local, and foreign governmental authorities have enacted, and may enact in the future, legislation, regulations, and programs in response to the COVID-19 pandemic intended to p
> y enact in the future, legislation, regulations, and programs in response to the COVID-19 pandemic intended to provide economic relief to businesses and individuals. Our participation in, or facilitation of, such programs may expose us to new risks and uncertainties. Square Capital is an approved participant under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. Recently, the PPP was extended until March 31, 2021 and an additional $284 billion was allocated to fund a second
> tion, regulations, and programs in response to the COVID-19 pandemic intended to provide economic relief to businesses and individuals. Our participation in, or facilitation of, such programs may expose us to new risks and uncertainties. Square Capital is an approved participant under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. Recently, the PPP was extended until March 31, 2021 and an additional $284 billion was allocated to fund a second round
> s and uncertainties. Square Capital is an approved participant under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. Recently, the PPP was extended until March 31, 2021 and an additional $284 billion was allocated to fund a second round of PPP loans. The PPP was intended to provide funding for businesses so they can retain employees and includes initial loan repayment deferrals and debt forgiveness provisions for eligible borrowers. Additionally, bor
> administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. Recently, the PPP was extended until March 31, 2021 and an additional $284 billion was allocated to fund a second round of PPP loans. The PPP was intended to provide funding for businesses so they can retain employees and includes initial loan repayment deferrals and debt forgiveness provisions for eligible borrowers. Additionally, borrowers may now qualify for a “second-draw” loan generally under the same terms and conditions as their initia
> the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. Recently, the PPP was extended until March 31, 2021 and an additional $284 billion was allocated to fund a second round of PPP loans. The PPP was intended to provide funding for businesses so they can retain employees and includes initial loan repayment deferrals and debt forgiveness provisions for eligible borrowers. Additionally, borrowers may now qualify for a “second-draw” loan generally under the same terms and conditions as their initial loans. Small
> unding for businesses so they can retain employees and includes initial loan repayment deferrals and debt forgiveness provisions for eligible borrowers. Additionally, borrowers may now qualify for a “second-draw” loan generally under the same terms and conditions as their initial loans. Small businesses who received a PPP loan previously can apply for a second loan if they: (i) employ fewer than 300 employees, (ii) experienced at least a 25% decrease in revenue in any quarter in 2020 relative to same quarter in 2019, and (iii) have already used or will use the full amount of their first PPP loan. Under the program, Square Capital, thro

### 10-K 2022-02-24 (0001628280-22-003825) — 58 PPP+figure windows
> and through contactless commerce, including curbside pickup and delivery for Square Online and a website for customers to purchase eGift Cards from sellers. We also temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2021, we had facilitated approximately $1.5 billion of PPP loans, excluding canceled loans, providing more than 150,000 loans to small businesses. As of December 31, 2021, approxim ately $725.9 million in the aggregate of PPP loans had been forgiven by
> rce, including curbside pickup and delivery for Square Online and a website for customers to purchase eGift Cards from sellers. We also temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2021, we had facilitated approximately $1.5 billion of PPP loans, excluding canceled loans, providing more than 150,000 loans to small businesses. As of December 31, 2021, approxim ately $725.9 million in the aggregate of PPP loans had been forgiven by the S
> ellers. We also temporarily offered our sellers free marketing campaigns to update their buyers on recent changes and to promote their businesses. As a participant in the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2021, we had facilitated approximately $1.5 billion of PPP loans, excluding canceled loans, providing more than 150,000 loans to small businesses. As of December 31, 2021, approxim ately $725.9 million in the aggregate of PPP loans had been forgiven by the Small Business Administration, of which, $679.6 million was forgiven in 2021. We approved and funded the last remaining P
> the Paycheck Protection Program (PPP), we distributed loans to Square sellers. As of December 31, 2021, we had facilitated approximately $1.5 billion of PPP loans, excluding canceled loans, providing more than 150,000 loans to small businesses. As of December 31, 2021, approxim ately $725.9 million in the aggregate of PPP loans had been forgiven by the Small Business Administration, of which, $679.6 million was forgiven in 2021. We approved and funded the last remaining PPP applications on May 21, 2021 upon exhaustion of the funds in the program. For our Cash App customers, we published educational materials to help them understand the
> P loans, excluding canceled loans, providing more than 150,000 loans to small businesses. As of December 31, 2021, approxim ately $725.9 million in the aggregate of PPP loans had been forgiven by the Small Business Administration, of which, $679.6 million was forgiven in 2021. We approved and funded the last remaining PPP applications on May 21, 2021 upon exhaustion of the funds in the program. For our Cash App customers, we published educational materials to help them understand the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") stimulus programs. We expanded direct deposit access to many of our Cash App customers, a
> oans on a forward-flow basis. This funding allows us to mitigate our balance sheet and liquidity risk. Since its public launch in May 2014, Square Loans has facilitated more than 1.6 million loans and advances, representing more than $11.3 billion in principal amount loaned. This includes approximately $1.5 billion of Paycheck Protection Program (PPP) loans, excluding canceled loans, providing more than 150,000 loans to small businesses. • Square Payroll allows sellers to pay wages and associated employee taxes, and offer employee benefits (e.g. 401(k) accounts). The Square ecosystem drives competitive differentiation for our Payroll product with the ability
> This funding allows us to mitigate our balance sheet and liquidity risk. Since its public launch in May 2014, Square Loans has facilitated more than 1.6 million loans and advances, representing more than $11.3 billion in principal amount loaned. This includes approximately $1.5 billion of Paycheck Protection Program (PPP) loans, excluding canceled loans, providing more than 150,000 loans to small businesses. • Square Payroll allows sellers to pay wages and associated employee taxes, and offer employee benefits (e.g. 401(k) accounts). The Square ecosystem drives competitive differentiation for our Payroll product with the ability to us
> confidence in and use of our products and services. If we do not successfully maintain, protect or enhance our brands, our business could be materially and adversely affected. Our participation in government relief programs set up in response to the COVID-19 pandemic, such as facilitating loans to businesses under the Paycheck Protection Program or unemployment benefits, stimulus, and child tax credit payments to individuals through Cash App, may subject us to new risks and uncertainties. The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act provided for stimulus funds
> lus, and child tax credit payments exposes us to operational, compliance, reputational, and legal risks, which could result in governmental action, litigation, or other forms of material and adverse loss. Moreover, as such stimulus measures have ended, growth in new Cash App customers may slow. As a participant in the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the CARES Act in response to the COVID-19 pandemic, Square Capital provided small businesses two-year or five-year PPP loans. Square Capital approved and funded the last remaining PPP loan applications in May 2021 upon ex
> ents exposes us to operational, compliance, reputational, and legal risks, which could result in governmental action, litigation, or other forms of material and adverse loss. Moreover, as such stimulus measures have ended, growth in new Cash App customers may slow. As a participant in the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the CARES Act in response to the COVID-19 pandemic, Square Capital provided small businesses two-year or five-year PPP loans. Square Capital approved and funded the last remaining PPP loan applications in May 2021 upon exhausti
> have ended, growth in new Cash App customers may slow. As a participant in the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the CARES Act in response to the COVID-19 pandemic, Square Capital provided small businesses two-year or five-year PPP loans. Square Capital approved and funded the last remaining PPP loan applications in May 2021 upon exhaustion of the funds in the program. In the event that it is determined that a borrower does not qualify for loan forgiveness or if a borrower defaults on its PPP loan, Square Capital is at risk to the extent the SBA
> cipant in the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the CARES Act in response to the COVID-19 pandemic, Square Capital provided small businesses two-year or five-year PPP loans. Square Capital approved and funded the last remaining PPP loan applications in May 2021 upon exhaustion of the funds in the program. In the event that it is determined that a borrower does not qualify for loan forgiveness or if a borrower defaults on its PPP loan, Square Capital is at risk to the extent the SBA may decline to honor its guarantee or to forgive the loan due to

### 10-Q 2020-05-06 (0001628280-20-006688) — 9 PPP+figure windows
> rests of our sellers in the long term, including refunding software subscription fees to sellers during the months of March and April 2020. Additionally, we have introduced options for sellers to temporarily suspend subscriptions based on their circumstances. Square Capital has also been approved as a lender under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) that was enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. The PPP is intended to provide funding for eligible businesses that includes certain of our sellers to help t
> ng term, including refunding software subscription fees to sellers during the months of March and April 2020. Additionally, we have introduced options for sellers to temporarily suspend subscriptions based on their circumstances. Square Capital has also been approved as a lender under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) that was enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. The PPP is intended to provide funding for eligible businesses that includes certain of our sellers to help them re
> as a whole. However, the effects could have a material impact on our results of operations and heighten many of the known risks described throughout this Risk Factors section. Our participation in government relief programs set up in response to the COVID-19 pandemic, such as facilitating loans to businesses under the Paycheck Protection Program or stimulus payments to individuals through Cash App, may subject us to new and uncertain risks. Federal, state, local, and foreign governmental authorities have enacted, and may enact in the future, legislation, regulations, and programs in response to the COVID-19 pandemic intended to provide economic relief to busi
> d, and may enact in the future, legislation, regulations, and programs in response to the COVID-19 pandemic intended to provide economic relief to businesses and individuals. Our participation in, or facilitation of, such programs may expose us to new and uncertain risks. Square Capital is an approved lender under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. The program is intended to provide funding for businesses so they 55 can retain employees and includes initial loa
> , legislation, regulations, and programs in response to the COVID-19 pandemic intended to provide economic relief to businesses and individuals. Our participation in, or facilitation of, such programs may expose us to new and uncertain risks. Square Capital is an approved lender under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) and enacted in March 2020 under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. The program is intended to provide funding for businesses so they 55 can retain employees and includes initial loan repa
> cluding payroll and benefit costs, rent payments, utilities, and mortgage and certain interest expenses; provided that at least 75% of the loan proceeds are utilized for qualifying payroll costs and the borrower maintains or rehires employees during the specified periods. Square Capital intends to retain some of these PPP loans in its portfolio, but also to sell 100% participations in PPP loans to institutional third-party investors. As a participant in the Paycheck Protection Program, Square Capital is exposed to new and uncertain risks since the requirements and processes are still being developed and have not yet been tested, which
> tgage and certain interest expenses; provided that at least 75% of the loan proceeds are utilized for qualifying payroll costs and the borrower maintains or rehires employees during the specified periods. Square Capital intends to retain some of these PPP loans in its portfolio, but also to sell 100% participations in PPP loans to institutional third-party investors. As a participant in the Paycheck Protection Program, Square Capital is exposed to new and uncertain risks since the requirements and processes are still being developed and have not yet been tested, which exposes us to risks related to verification, forgiveness, and servic
> n proceeds are utilized for qualifying payroll costs and the borrower maintains or rehires employees during the specified periods. Square Capital intends to retain some of these PPP loans in its portfolio, but also to sell 100% participations in PPP loans to institutional third-party investors. As a participant in the Paycheck Protection Program, Square Capital is exposed to new and uncertain risks since the requirements and processes are still being developed and have not yet been tested, which exposes us to risks related to verification, forgiveness, and servicing of such loans. In the event that it is determined that a borrower does not qualify for loan fo
> cesses will be subject to scrutiny, and we could be subject to litigation arising as a result of our participation in this lending or we could incur losses if we fail to comply with the SBA requirements. There can be no assurance that Square Capital will be successful in mitigating all of the risks associated with the PPP or that this lending will not have a negative impact on Square Capital’s business and results of operations. Separately, Cash App has been facilitating the payment of stimulus funds, called economic impact payments, to individuals under the CARES Act by offering account and routing numbers that customers can use to de

### 10-Q 2020-08-05 (0001512673-20-000005) — 47 PPP+figure windows
> on-current assets 166,449 196,388 Total assets $ 7,812,272 $ 4,551,258 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 2,568,418 $ 1,273,135 Settlements payable 179,131 95,834 Accrued expenses and other current liabilities 393,576 297,841 Operating lease liabilities, current 43,627 27,275 PPP Liquidity Facility advances 447,764 — Total current liabilities 3,632,516 1,694,085 Long-term debt 1,778,428 938,832 Operating lease liabilities, non-current 384,801 108,830 Other non-current liabilities 90,220 94,461 Total liabilities 5,885,965 2,836,208 Commitments and contingencies (Note 17) Stockholders’ equity: P
> which mitigates the associated risk of concentration. The associated risk of concentration for loans held for sale is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and ongoing performance monitoring of the Company’s loan customers. The risk associated with the PPP loans is considered low due to government guarantees on those loans. Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses , which requires the
> ns outstanding as of June 30, 2020, the Company considered other relevant market data in developing such estimates and assumptions, including the impact of the COVID-19 outbreak, as well as the conditions and uncertainty experienced during similar historical periods of recessionary economic conditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of June 30, 2020, $ 465.5 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if cer
> riods of recessionary economic conditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of June 30, 2020, $ 465.5 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses were immaterial as of June 30, 2020. If applicable, the Company will recognize transfers into and out of levels within th
> ic conditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of June 30, 2020, $ 465.5 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses were immaterial as of June 30, 2020. If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at th
> e "2020 Credit Facility") maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit facility to permit the Company’s wholly owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for suc
> pital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for such borrowing. Loans under the 2020 Credit Facility bear interest at the Company's option of (i) a base rate based on the highest of the prime rate, the federal funds rate
> uant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for such borrowing. Loans under the 2020 Credit Facility bear interest at the Company's option of (i) a base rate based on the highest of the prime rate, the federal funds rate plus 0.50 %, and the adjusted LIBOR rate plus 1.00 %, in each case, plus a margin ranging from 0.25 % to 0.75 % or
> type of borrowing arrangements that are permitted. The Company incurred $ 0.1 million in unused commitment fees for the three and six months ended June 30, 2020 and June 30, 2019, respectively. As of June 30, 2020, the Company was in compliance with all financial covenants associated with the 2020 Credit Facility. 24 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital LLC was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-re
> redit Facility. 24 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital LLC was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan
> quare Capital LLC was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness rei
> s credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPP

### 10-Q 2020-11-05 (0001512673-20-000012) — 46 PPP+figure windows
> on-current assets 169,582 196,388 Total assets $ 8,114,276 $ 4,551,258 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 2,723,083 $ 1,273,135 Settlements payable 150,705 95,834 Accrued expenses and other current liabilities 427,386 297,841 Operating lease liabilities, current 51,041 27,275 PPP Liquidity Facility advances 473,496 — Total current liabilities 3,825,711 1,694,085 Long-term debt 1,758,611 938,832 Operating lease liabilities, non-current 384,983 108,830 Other non-current liabilities 82,136 94,461 Total liabilities 6,051,441 2,836,208 Commitments and contingencies (Note 17) Stockholders’ equity: P
> which mitigates the associated risk of concentration. The associated risk of concentration for loans held for sale is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and ongoing performance monitoring of the Company’s loan customers. The risk associated with the PPP loans is considered low due to government guarantees on those loans. Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses , which requires the
> tstanding as of September 30, 2020, the Company considered other relevant market data in developing such estimates and assumptions, including the impact of the COVID-19 outbreak, as well as the conditions and uncertainty experienced during similar historical periods of recessionary economic conditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of September 30, 2020, $ 462.1 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness i
> of recessionary economic conditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of September 30, 2020, $ 462.1 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2020 were immaterial. If applicable, the Company will recognize transfers into and out of levels with
> nditions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of September 30, 2020, $ 462.1 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2020 were immaterial. If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy
> e "2020 Credit Facility") maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit facility to permit the Company’s wholly owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for suc
> pital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for such borrowing. Loans under the 2020 Credit Facility bear interest at the Company's option of (i) a base rate based on the highest of the prime rate, the federal funds rate
> uant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913, as discussed below. The PPPLF permits participants which have originated or purchased PPP loans to borrow from an applicable Federal Reserve Bank in an amount up to 100% of the principal amount of the PPP loans pledged as collateral for such borrowing. Loans under the 2020 Credit Facility bear interest at the Company's option of (i) a base rate based on the highest of the prime rate, the federal funds rate plus 0.50 %, and the adjusted LIBOR rate plus 1.00 %, in each case, plus a margin ranging from 0.25 % to 0.75 % or
> during the three and nine months ended September 30, 2020, respectively, compared to $ 0.1 million and $ 0.4 million during the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, the Company was in compliance with all financial covenants associated with the 2020 Credit Facility. 24 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recour
> 20 Credit Facility. 24 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan
> 0, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco, at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness rei
> s credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital up to an aggregate principal amount of $ 500.0 million. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPP

### 10-Q 2021-05-06 (0001512673-21-000013) — 67 PPP+figure windows
> -current assets 352,056 499,250 Total assets $ 11,348,720 $ 9,869,550 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 4,028,859 $ 3,009,051 Settlements payable 263,926 239,362 Accrued expenses and other current liabilities 448,624 360,850 Operating lease liabilities, current 55,485 52,747 PPP Liquidity Facility advances 764,208 464,094 Total current liabilities 5,561,102 4,126,104 Long-term debt 2,980,202 2,586,924 Operating lease liabilities, non-current 400,369 389,662 Other non-current liabilities 92,674 85,291 Total liabilities 9,034,347 7,187,981 Commitments and contingencies (Note 16) Stockholders’ e
> ities held as collateral and their short-term nature. The associated risk of concentration for loans held for sale is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and ongoing performance monitoring of the Company’s loan customers. The risk associated with the PPP loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and included in sales and marketing expense in the condensed consolidated statements of operations. Total advertising costs for the three months ended March 31, 2021 and 2020, we
> sale is as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 742,378 $ 851,262 $ 462,665 $ 467,805 As of March 31, 2021, $ 692.4 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of March 31, 2021 were immaterial. As of March 31, 2021, approximately $ 201.7 million in PPP loans held for sale have
> sands): March 31, 2021 December 31, 2020 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 742,378 $ 851,262 $ 462,665 $ 467,805 As of March 31, 2021, $ 692.4 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of March 31, 2021 were immaterial. As of March 31, 2021, approximately $ 201.7 million in PPP loans held for sale have been forgiven by the SBA, o
> table to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of March 31, 2021 were immaterial. As of March 31, 2021, approximately $ 201.7 million in PPP loans held for sale have been forgiven by the SBA, of which $ 155.3 million have been forgiven in the three months ended March 31, 2021. The loan forgiveness resulted in the recognition of $ 9.4 million revenue associated with the forgiveness of the PPP loans for the three months ended March 31, 2021. For the three mo
> mmaterial. As of March 31, 2021, approximately $ 201.7 million in PPP loans held for sale have been forgiven by the SBA, of which $ 155.3 million have been forgiven in the three months ended March 31, 2021. The loan forgiveness resulted in the recognition of $ 9.4 million revenue associated with the forgiveness of the PPP loans for the three months ended March 31, 2021. For the three months ended March 31, 2021 and 2020, the Company recorded a charge for the excess of amortized cost over fair value of the loans of $ 0.9 million and $ 22.0 million, respectively. To determine the fair value of the loans held for sale, the Company utilize
> periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding as of March 31, 2021, the Company considered other relevant market data in developing such estimates and assumptions, including the continuing impact of the COVID-19 pandemic. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of March 31, 2021, there were no material changes to our estimates, and the Company will continue to evaluate facts and circumstances that could impact our estimates and affect
> maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit Facility (the "Credit Agreement") to permit the Company’s wholly owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913. In connection with its convertible debt offerings in November 2020, the Company entered into a second amendment to the Credit Agreement on November 9, 2020 to permit convertible debt in an aggregate principal amount not to exceed $ 3.6 bill
> ricts the Company and certain of its subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions, enter into restrictive agreements, enter into agreements with affiliates, and make certain investments and acquisitions. 23 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under
> ycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the dat
> roved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PP
> ) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPP

### 10-Q 2021-08-02 (0001628280-21-015094) — 68 PPP+figure windows
> -current assets 382,604 499,250 Total assets $ 13,815,688 $ 9,869,550 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 3,993,164 $ 3,009,051 Settlements payable 257,008 239,362 Accrued expenses and other current liabilities 515,813 360,850 Operating lease liabilities, current 57,102 52,747 PPP Liquidity Facility advances 823,683 464,094 Total current liabilities 5,646,770 4,126,104 Long-term debt 4,841,277 2,586,924 Operating lease liabilities, non-current 404,571 389,662 Other non-current liabilities 186,369 85,291 Total liabilities 11,078,987 7,187,981 Commitments and contingencies (Note 18) Stockholders’
> re. The associated risk of concentration for loans held for sale and loans held for investment are partially mitigated by credit evaluations that are performed prior to facilitating the offering of and origination of loans and ongoing performance monitoring of the Company’s loan customers. The risk associated with the PPP loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and included in sales and marketing expense in the condensed consolidated statements of operations. Total advertising costs were $ 87.4 million and $ 173.3 million for the three
> or sale is as follows (in thousands): June 30, 2021 December 31, 2020 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 807,402 $ 912,254 $ 462,665 $ 467,805 As of June 30, 2021, $ 690.7 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of June 30, 2021 were immaterial. As of June 30, 2021, $ 336.6 million in PPP loans held for sale have been forgiven b
> ousands): June 30, 2021 December 31, 2020 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 807,402 $ 912,254 $ 462,665 $ 467,805 As of June 30, 2021, $ 690.7 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of June 30, 2021 were immaterial. As of June 30, 2021, $ 336.6 million in PPP loans held for sale have been forgiven by the SBA, of which $ 134.9
> sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of June 30, 2021 were immaterial. As of June 30, 2021, $ 336.6 million in PPP loans held for sale have been forgiven by the SBA, of which $ 134.9 million and $ 290.3 million have been forgiven in the three and six months ended June 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 14.9 million and $ 24.3 million revenue associated with the forgiveness of the PPP loan
> n in PPP loans held for sale have been forgiven by the SBA, of which $ 134.9 million and $ 290.3 million have been forgiven in the three and six months ended June 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 14.9 million and $ 24.3 million revenue associated with the forgiveness of the PPP loans for the three and six months ended June 30, 2021, respectively. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. For the three and six months ended June 30, 2021, the Company recorded a charge for the excess of amortized cost
> hree and six months ended June 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 14.9 million and $ 24.3 million revenue associated with the forgiveness of the PPP loans for the three and six months ended June 30, 2021, respectively. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. For the three and six months ended June 30, 2021, the Company recorded a charge for the excess of amortized cost over fair value of the loans of $ 0.7 million and $ 1.6 million, respectively. For the three and six months ended June 30, 2020, the
> f periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding as of June 30, 2021, the Company considered other relevant market data in developing such estimates and assumptions, including the continuing impact of the COVID-19 pandemic. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of June 30, 2021, there were no material changes to our estimates, and the Company will continue to evaluate facts and circumstances that could impact our estimates and affect o
> maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit Facility (the "Credit Agreement") to permit the Company’s wholly owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913. In connection with its convertible debt offerings in November 2020, the Company entered into a second amendment to the Credit Agreement on November 9, 2020 to permit convertible debt in an aggregate principal amount not to exceed $ 3.6 bill
> ricts the Company and certain of its subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions, enter into restrictive agreements, enter into agreements with affiliates, and make certain investments and acquisitions. 28 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under
> ycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the dat
> roved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PP

### 10-Q 2021-11-04 (0001628280-21-021782) — 60 PPP+figure windows
> -current assets 384,508 499,250 Total assets $ 13,909,426 $ 9,869,550 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 3,858,708 $ 3,009,051 Settlements payable 249,802 239,362 Accrued expenses and other current liabilities 654,495 360,850 Operating lease liabilities, current 60,482 52,747 PPP Liquidity Facility advances 725,658 464,094 Total current liabilities 5,549,145 4,126,104 Long-term debt 4,737,829 2,586,924 Operating lease liabilities, non-current 390,690 389,662 Other non-current liabilities 227,048 85,291 Total liabilities 10,904,712 7,187,981 Commitments and contingencies (Note 18) Stockholders’
> re. The associated risk of concentration for loans held for sale and loans held for investment are partially mitigated by credit evaluations that are performed prior to facilitating the offering of and origination of loans and ongoing performance monitoring of the Company’s loan customers. The risk associated with the PPP loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and included in sales and marketing expense in the condensed consolidated statements of operations. Total advertising costs were $ 123.1 million and $ 296.4 million for the three
> (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 708,086 $ 824,640 $ 462,665 $ 467,805 Loans held for investment 79,482 83,760 — — Total $ 787,568 $ 908,400 $ 462,665 $ 467,805 As of September 30, 2021, $ 605.4 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2021 were immaterial. As of September 30, 2021, $ 434.2 million in PPP loans held for sale have been
> ir Value (Level 3) Loans held for sale $ 708,086 $ 824,640 $ 462,665 $ 467,805 Loans held for investment 79,482 83,760 — — Total $ 787,568 $ 908,400 $ 462,665 $ 467,805 As of September 30, 2021, $ 605.4 million of the carrying value of loans held for sale was attributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2021 were immaterial. As of September 30, 2021, $ 434.2 million in PPP loans held for sale have been forgiven by the SBA, of whic
> ttributable to loans under the PPP. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2021 were immaterial. As of September 30, 2021, $ 434.2 million in PPP loans held for sale have been forgiven by the SBA, of which $ 97.6 million and $ 387.9 million have been forgiven in the three and nine months ended September 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 13.3 million and $ 37.6 million revenue associated with the forgiveness of the PPP
> PPP loans held for sale have been forgiven by the SBA, of which $ 97.6 million and $ 387.9 million have been forgiven in the three and nine months ended September 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 13.3 million and $ 37.6 million revenue associated with the forgiveness of the PPP loans for the three and nine months ended September 30, 2021, respectively. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. For the three and nine months ended September 30, 2021, the Company recorded a charge for the excess of amo
> e months ended September 30, 2021, respectively. The loan forgiveness resulted in the recognition of $ 13.3 million and $ 37.6 million revenue associated with the forgiveness of the PPP loans for the three and nine months ended September 30, 2021, respectively. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. For the three and nine months ended September 30, 2021, the Company recorded a charge for the excess of amortized cost over fair value of the loans held for sale of $ 4.4 million and $ 6.0 million, respectively. For the three and nine months end
> iodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding as of September 30, 2021, the Company considered other relevant market data in developing such estimates and assumptions, including the continuing impact of the COVID-19 pandemic. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of September 30, 2021, there were no material changes to our estimates, and the Company will continue to evaluate facts and circumstances that could impact our estimates and aff
> maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit Facility (the "Credit Agreement") to permit the Company’s wholly owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913. In connection with its convertible debt offerings in November 2020, the Company entered into a second amendment to the Credit Agreement on November 9, 2020 to permit convertible debt in an aggregate principal amount not to exceed $ 3.6 bill
> ricts the Company and certain of its subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or 29 make certain dispositions, pay dividends and make distributions, enter into restrictive agreements, enter into agreements with affiliates, and make certain investments and acquisitions. Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under
> ycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the dat
> roved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”) at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PP

### 10-Q 2022-05-05 (0001628280-22-012707) — 43 PPP+figure windows
> current assets 471,354 370,535 Total assets $ 29,127,467 $ 13,925,764 Liabilities and Stockholders’ Equity Current liabilities: Customers payable $ 4,634,657 $ 3,979,624 Settlements payable 264,971 254,611 Accrued expenses and other current liabilities 934,364 639,309 Operating lease liabilities, current 71,393 64,027 PPP Liquidity Facility advances 124,636 497,533 Total current liabilities 6,030,021 5,435,104 Deferred tax liabilities 238,683 15,236 Warehouse funding facilities 208,141 — Long-term debt 4,561,911 4,559,208 Operating lease liabilities, non-current 395,602 395,017 Other non-current liabilities 242,717 207,610 Total liabil
> ted risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and included in sales and marketing expenses in the condensed consolidated statements of operations. Total advertising costs were $ 156.3 million for the three months end
> associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and included in sales and marketing expenses in the condensed consolidated statements of operations. Total advertising costs were $ 156.3 million for the three months ended Mar
> l 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 357,115 $ 386,169 $ 517,940 $ 574,982 Loans held for investment 90,051 93,851 91,447 95,746 Total $ 447,166 $ 480,020 $ 609,387 $ 670,728 As of March 31, 2022, $ 105.6 million of the carrying value of loans held for sale was attributable to loans under the Paycheck Protection Program ("PPP"). The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify
> (Level 3) Loans held for sale $ 357,115 $ 386,169 $ 517,940 $ 574,982 Loans held for investment 90,051 93,851 91,447 95,746 Total $ 447,166 $ 480,020 $ 609,387 $ 670,728 As of March 31, 2022, $ 105.6 million of the carrying value of loans held for sale was attributable to loans under the Paycheck Protection Program ("PPP"). The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for fo
> Loans held for sale $ 357,115 $ 386,169 $ 517,940 $ 574,982 Loans held for investment 90,051 93,851 91,447 95,746 Total $ 447,166 $ 480,020 $ 609,387 $ 670,728 As of March 31, 2022, $ 105.6 million of the carrying value of loans held for sale was attributable to loans under the Paycheck Protection Program ("PPP"). The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness i
> tion Program ("PPP"). The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of March 31, 2022 were immaterial. As of March 31, 2022, the Company had facilitated the issuance of $ 1.5 billion of loans in the aggregate under
> rough the Small Business Administration ("SBA"), the related credit losses as of March 31, 2022 were immaterial. As of March 31, 2022, the Company had facilitated the issuance of $ 1.5 billion of loans in the aggregate under the program, of which it had sold $ 399.1 million to an investor since the commencement of the PPP. As of March 31, 2022, $ 1.0 billion in PPP loans held for sale have been forgiven by the SBA, of which $ 299.7 million have been forgiven in the three months ended March 31, 2022. Overall, in the three months ended March 31, 2022, the Company recognized $ 51.5 million of revenue associated with PPP loans, primarily a
> A"), the related credit losses as of March 31, 2022 were immaterial. As of March 31, 2022, the Company had facilitated the issuance of $ 1.5 billion of loans in the aggregate under the program, of which it had sold $ 399.1 million to an investor since the commencement of the PPP. As of March 31, 2022, $ 1.0 billion in PPP loans held for sale have been forgiven by the SBA, of which $ 299.7 million have been forgiven in the three months ended March 31, 2022. Overall, in the three months ended March 31, 2022, the Company recognized $ 51.5 million of revenue associated with PPP loans, primarily as a result of forgiveness. The Company appro
> ommencement of the PPP. As of March 31, 2022, $ 1.0 billion in PPP loans held for sale have been forgiven by the SBA, of which $ 299.7 million have been forgiven in the three months ended March 31, 2022. Overall, in the three months ended March 31, 2022, the Company recognized $ 51.5 million of revenue associated with PPP loans, primarily as a result of forgiveness. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation modeling, taking into account
> y the SBA, of which $ 299.7 million have been forgiven in the three months ended March 31, 2022. Overall, in the three months ended March 31, 2022, the Company recognized $ 51.5 million of revenue associated with PPP loans, primarily as a result of forgiveness. The Company approved and funded the last of its remaining PPP applications upon exhaustion of the funds in the program on May 21, 2021. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expec
> ing into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data in developing such estimates and assumptions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of March 31, 2022, there were no material changes to the Company's estimates of fair value and the Company will continue to evaluate facts and circumstances that could impact it

### 10-Q 2022-08-04 (0001628280-22-021091) — 28 PPP+figure windows
> able $ 4,545,675 $ 3,979,624 Settlements payable 264,936 254,611 Accrued expenses and other current liabilities 989,335 638,854 Current portion of long-term debt 459,984 455 Safeguarding obligation liability related to bitcoin held for other parties 507,533 1,100,596 Operating lease liabilities, current 125,107 64,027 PPP Liquidity Facility advances 68,416 497,533 Total current liabilities 6,960,986 6,535,700 Deferred tax liabilities 189,198 15,236 Warehouse funding facilities 192,618 — Long-term debt 4,104,664 4,559,208 Operating lease liabilities, non-current 332,768 395,017 Other non-current liabilities 213,515 207,610 Total liabili
> ted risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and in cluded in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $ 157.7 million and $ 314.0 million for
> associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and in cluded in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $ 157.7 million and $ 314.0 million for the t
> Loans held for sale $ 465,693 $ 493,180 $ 517,940 $ 574,982 Loans held for investment 93,372 97,980 91,447 95,746 Total $ 559,065 $ 591,160 $ 609,387 $ 670,728 As of June 30, 2022 and December 31, 2021, $ 61.3 million and $ 364.8 million of the carrying value of loans held for sale was attributable to loans under the PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qu
> 465,693 $ 493,180 $ 517,940 $ 574,982 Loans held for investment 93,372 97,980 91,447 95,746 Total $ 559,065 $ 591,160 $ 609,387 $ 670,728 As of June 30, 2022 and December 31, 2021, $ 61.3 million and $ 364.8 million of the carrying value of loans held for sale was attributable to loans under the PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness i
> he PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of June 30, 2022 were immaterial. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation mode
> ing into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data in developing such estimates and assumptions. With respect to PPP loans, the Company also considers the impact of government guarantees and loan forgiveness on the timing and amounts of future cash flows. As of June 30, 2022, there were no material changes to the Company's estimates of fair value and the Company will continue to evaluate facts and circumstances that could impact its
> maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit Facility (the "Credit Agreement") to permit the Company’s wholly-owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913. In connection with its convertible debt offerings in November 2020, the Company entered into a second amendment to the Credit Agreement on November 9, 2020 to permit convertible debt in an aggregate principal amount not to exceed $ 3.6 bill
> the term of the availability period. In addition, each facility requires payment of immaterial commitment fees. The table below summarizes the amounts drawn on these facilities by year of maturity (in thousands): June 30, 2022 2023 $ 44,543 2024 148,075 Total funding debt, net of deferred debt issuance costs $ 192,618 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances unde
> check Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the dat
> oved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PP
> , at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPP

### 10-Q 2022-11-03 (0001628280-22-028213) — 27 PPP+figure windows
> 891,015 $ 3,979,624 Settlements payable 329,796 254,611 Accrued expenses and other current liabilities 968,495 638,854 Current portion of long-term debt (Note 15) 460,170 455 Safeguarding obligation liability related to bitcoin held for other parties 527,669 1,100,596 Operating lease liabilities, current 70,304 64,027 PPP Liquidity Facility advances 31,116 497,533 Total current liabilities 7,278,565 6,535,700 Deferred tax liabilities 159,498 15,236 Warehouse funding facilities 479,422 — Long-term debt (Note 15) 4,107,245 4,559,208 Operating lease liabilities, non-current 369,798 395,017 Other non-current liabilities 196,466 207,610 Tot
> ted risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and in cluded in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $ 91.6 million and $ 405.6 million for
> associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers. The risk associated with the Paycheck Protection Program ("PPP") loans is considered low due to government guarantees on those loans. Sales and Marketing Expenses Advertising costs are expensed as incurred and in cluded in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $ 91.6 million and $ 405.6 million for the th
> held for sale $ 462,980 $ 494,934 $ 517,940 $ 574,982 Loans held for investment 130,509 137,085 91,447 95,746 Total $ 593,489 $ 632,019 $ 609,387 $ 670,728 As of September 30, 2022 and December 31, 2021, $ 32.4 million and $ 364.8 million of the carrying value of loans held for sale was attributable to loans under the PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qu
> $ 494,934 $ 517,940 $ 574,982 Loans held for investment 130,509 137,085 91,447 95,746 Total $ 593,489 $ 632,019 $ 609,387 $ 670,728 As of September 30, 2022 and December 31, 2021, $ 32.4 million and $ 364.8 million of the carrying value of loans held for sale was attributable to loans under the PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness i
> he PPP, respectively. The PPP was intended to provide relief to eligible businesses impacted by COVID-19, and to incentivize businesses to keep their workers on the payroll. These loans are guaranteed by the U.S. government and are eligible for forgiveness if the borrowers meet certain criteria. As the loans under the PPP qualify for forgiveness if certain criteria are met or are guaranteed by the U.S. government through the Small Business Administration ("SBA"), the related credit losses as of September 30, 2022 were immaterial. If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy
> maturing in May 2023. On May 28, 2020, the Company amended the credit agreement for the 2020 Credit Facility (the "Credit Agreement") to permit the Company’s wholly-owned subsidiary, Square Capital, LLC (“Square Capital”), to incur indebtedness in an aggregate principal amount of up to $ 500.0 million pursuant to the Paycheck Protection Program Liquidity Facility (“PPPLF”) authorized under the Federal Reserve Act of 1913. In connection with its convertible debt offerings in November 2020, the Company entered into a second amendment to the Credit Agreement on November 9, 2020 to permit convertible debt in an aggregate principal amount not to exceed $ 3.6 bill
> rm of the availability period. In addition, each facility requires payment of immaterial commitment fees. The table below summarizes the amounts drawn on these facilities by year of maturity (in thousands): September 30, 2022 2023 $ 120,000 2024 359,422 Total funding debt, net of deferred debt issuance costs $ 479,422 Paycheck Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances unde
> check Protection Program Liquidity Facility On June 2, 2020, Square Capital was approved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the dat
> oved to borrow under the PPPLF with the Federal Reserve Bank of San Francisco (“First PPPLF Agreement”), at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PP
> , at an annual interest rate of 0.35%. The PPPLF extends credit to eligible financial institutions that have originated or purchased PPP loans. Advances under the PPPLF are non-recourse and are secured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPP
> ecured by a pledge of PPP loans held by Square Capital. The maturity date of any PPPLF loan will be the maturity date of the PPP loans pledged to secure such PPPLF loan. The maturity date of any PPPLF loan will be accelerated on and to the extent of (i) the date of any loan forgiveness reimbursement by the SBA for any PPP loan securing such PPPLF loan; or (ii) the date of purchase by the SBA from Square Capital of any PPP loan securing such PPPLF loan to realize on the SBA’s guarantee of such PPP loan. The maturity date of all PPPLF loans shall be accelerated upon the occurrence of certain events of default by Square Capital, including

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