It shouldn't cause any problems. As other have said you will lose some, what you lost will be replaced fairly quickly.
OP why would you squeeze the sponge in the tank?
Seems to me to defeat the purpose, making water clouding, and having the sponge get gunked up with the same stuff you just squeezed out?
I usually squeeze the sponge in a bucket of old tank water, dump the water on the garden, and return the sponge to its spot.
This allows old weak bio bacterial film being smothered by gunk, to be replaced with newer more robust bacteria.
OP why would you squeeze the sponge in the tank?
Seems to me to defeat the purpose, making water cloudy, and having the sponge just get gunked up with the same stuff you just squeezed out?
I usually squeeze the sponge in a bucket of old tank water, dump the water on the garden, and return the sponge to its spot.
This allows old weak bio film to keep from being smothered by gunk, allow more robust bacteria, to be in a more aerated situation.