Block also noted the extension of the federal filing deadline until July 15 and extensions by states already implemented or being considered.

“In addition, small business owners are being impacted by the pandemic which will likely result in lower volume through Wave’s payments platform?", the company said in a prepared statement.

The company also drew on its full $2-billion revolving credit facility, which was previously undrawn on March 25, in order to strengthen liquidity. Combined with cash, Block’s cash position is now in excess of $2.6 billion“. Maintaining adequate liquidity has always been a top financial priority, which is why we have the credit facility in place, and regularly draw on the line to fund operations outside of the tax season,” CEO Jeff Jones said.

Block is also evaluating all discretionary expenditures, including capital spending, and has not purchased any shares during its current quarter.