Popular Inc. originated $2.1B in loans under SBA Paycheck Protection Program
Popular Inc. announced that, upon completion of the second round of the Paycheck Protection Program (PPP) on May 31, 2021, it had processed nearly 50,000 loans, originating $2.1 billion in both rounds of the program.
Popular said during the second PPP round, which began on Jan. 19, it processed approximately 20,500 loans totaling $673 million throughout its footprint in Puerto Rico, the continental United States, and the US Virgin Islands.
Popular’s average loan size was $32,800 compared to the national average of $42,000. In Puerto Rico, the average loan was $29,000.
The businesses that benefitted from these PPP loans employ approximately 136,000 people across many industries including food and lodging (28%), retail (12%), health and social assistance (12%), and professional services (8%).
“Our engagement in this program reflects our commitment to promote the well-being of the communities we serve and allowed us to support tens of thousands of small and medium-sized businesses in times of great economic hardship caused by the pandemic,” said Popular Inc. CEO Ignacio Álvarez.
“We’re grateful for their trust and for our colleagues’ efforts during this historic time which allowed us to provide essential assistance to so many customers,” he said.
“A hundred percent of loan requests in the second round were processed through our website, enabling us to originate, review for approval and disburse these loans digitally,” Álvarez added.
Popular was the main bank in Puerto Rico in terms of loans processed in both PPP rounds, with a total of $1.7 billion or 62% of the total loans originated on the island.
The PPP loan program was created by the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a federal legislation designed to help individuals and businesses affected by the coronavirus pandemic.
In a report provided to News is my Business, the SBA confirmed that as of May 31, the total impact of activity generated during both funding rounds in Puerto Rico was $2.7 billion, and 70,284 loans. In the USVI, the numbers were $202.5 million and 3,430, respectively, as of that date.