The financial institution claims the defendants orchestrated a fraudulent scheme to obtain PPP funds by submitting falsified applications and misusing the proceeds for personal gain. #NewsismyBusiness
SBA launches 60-day goodwill exception period, expands hardship accommodation plans. #NewsismyBusiness
The US Small Business Administration will launch a streamlined Paycheck Protection Program forgiveness application website to allow some 6.5 million borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA, it announced. On Aug. 4, the site will begin accepting applications from borrowers that have a PPP loan with […]
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 […]
The US Small Business Administration’s Paycheck Protection Program (PPP) has ended, as funding has run out more than two weeks before the program’s official May 31 deadline, sources have confirmed to News is my Business. Sources not authorized to speak publicly have confirmed the information that was first reported by The New York Times. According […]
The US Small Business Administration’s Paycheck Protection Program has approved close to $500 million in loans in Puerto Rico and more than $36 million in the US Virgin Islands, the agency announced in its March 7, 2021 report. Moreover, the SBA has approved 12,154 PPP loans for businesses and nonprofits in Puerto Rico, a 10.9% […]
Oriental announced it will expand access to loans for small and medium-sized businesses (SMEs) under the US Small Business Administration’s new guidelines for the Payroll Protection Program (PPP). Oriental has already awarded some $300 million in loans to more than 3,500 businesses between the first round and so far in the second round of this […]
The U.S. Small Business Administration is making a number of temporary and permanent changes to the Paycheck Protection Program (PPP) to increase funding received by smaller businesses, including a 14-day period during which only businesses and nonprofits with fewer than 20 employees will be able to submit applications. The program’s exclusive period for smaller businesses […]
The U.S. Small Business Administration’s Paycheck Protection Program has approved $283.8 million in loans in Puerto Rico and another $171.2 million in the US Virgin Islands through the week of Feb. 15, it confirmed in a report. The second round of funding began on Jan. 11, and so far, participating local credit unions and banks […]
The number of loans that the U.S. Small Business Administration has approved so far through its second round of Paycheck Protection Program funding doubled in Puerto Rico to 4,740 during the week of Feb. 1-8, from the 2,595 OK’d the prior week. In its weekly update, SBA officials also confirmed that those applications approved so […]
Department of Economic Development and Commerce Secretary Manuel Cidre urged Puerto Rican businesses and self-employed individuals to participate in the second round of the U.S. Small Business Administration’s Paycheck Protection Program, which so far has approved $88.4 million in loans. In a report issued late Monday, the federal agency confirmed it has given its support […]
The Arecibo Savings and Credit Cooperative (known as CooPACA in Spanish) has started to receive loan applications for the reopened Payroll Protection Program (PPP) that is administered by the U.S. Small Business Administration. The credit union is also processing applications for forgiveness of first round of PPP loans, it confirmed. CooPACA has already processed 250 […]
The U.S. Small Business Administration has approved 516 loans worth some $16.8 million through its Paycheck Protection Program to eligible operations in Puerto Rico and the US Virgin Islands in the first two weeks of the second round of funding. The emergency financing program re-opened Jan. 11 and the numbers provided are through Jan. 24, […]
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 […]
The U.S. Small Business Administration (SBA), in consultation with the US Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open this week for new borrowers and certain existing PPP borrowers. To promote access to capital, only community financial institutions will be able to make the initial PPP loans starting today, and a second […]
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