The comedic timing on Patrick dropping the bomb was on point, and Squidward's nose coming around his neck in that one scene got a chuckle out of me, but overall I think you let some jokes go on too long. The Mr. Krabs bit would have been a lot funnier if you sped it up a tad.
Also I legitimately thought that was Patrick's real voice until he said "Dumbass School", and even then I couldn't tell if the stuff he was saying afterwards was from existing audio or not. Overall, keep up the good work! Three stars might seem bad, but that just means you have talent, you just need to improve. Keep at it!