The U.S. Small Business Administration confirmed it continues to approve loans for Puerto Rico and U.S. Virgin Islands small businesses during the second round of SBA’s Paycheck Protection Program, with more than $120 billion still available.
“We encourage small business owners in Puerto Rico and the USVI to take advantage of this opportunity to keep their employees on the payroll by applying for a PPP loan today,” said SBA Acting District Director María de los Ángeles de Jesús.
“Our local banks and certified credit unions are readily available to continue processing applications and supporting our small businesses, as they strive to maintain the livelihood of their employees,” she said.
As of Friday, May 8, the SBA had approved 24,700 PPP loans in Puerto Rico and the USVI for $1.1 billion, a 21% and 7.28% increase, respectively, over PPP loan approvals in the district during the first five days of the second round.
A component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP was designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.