Popular Inc. opens 2nd round of PPP loan applications
Popular Inc. announced it is now receiving Paycheck Protection Program applications from commercial customers and nonprofit organization, following an additional $284 billion in program funding from the U.S. Congress.
Applications will be serviced throughout Popular’s three geographic regions, including Puerto Rico, the US Virgin Islands and the mainland United States, the bank said.
“Since the program began last year, we have supported thousands of merchants and non-profits. This time, we invite eligible businesses to apply and benefit from this program that could help them to continue their operations,” said Eli Sepulveda, executive vice president of Commercial Credit at Popular.
As part of the second round of PPP, eligible businesses that participated in the program in 2020 may qualify to reapply for assistance in the second round.
Clients who obtained a loan with Popular in the first round and began the process of forgiveness online can access the platform with their previously created credentials, bank officials said.
Last year, Popular processed more than 29,000 loans for small- and medium-sized businesses totaling more than $1.4 billion. These include $1.2 billion in Puerto Rico (63% of PPP loans disbursed on the island), $240 million in the mainland United States, and $27 million in the USVI.
The program is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), federal legislation designed to help businesses affected by the COVID-19 pandemic.