Who is eligible
Small or Tribal businesses, eligible nonprofits, Veterans organizations, as well as certain individuals who are self-employed or independent contractors and meet program size standards.3
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What the CARES Act means for your business
While the effects of COVID-19 have dramatically reshaped our economic landscape, we remain committed to helping communities rebuild and thrive, one business at a time. Because businesses are the heartbeat of every community, we offer Small Business Administration Paycheck Protection Program (PPP) loans at Popular Bank. As an approved SBA lender, we are committed to helping both current and new small business clients.1
This historic program has been extremely popular. Congress recently allocated an additional $310 billion for PPP. This new infusion of funds continues to provide small businesses 100% guaranteed government-backed loans to cover operating expenses and maintain payroll during this challenging time.2
As the SBA continues to process new applications, we are working diligently to complete applications to the SBA for our clients as quickly as possible.
Apply for a Paycheck Protection Program Loan
Funding is in high demand and small business owners are encouraged to act quickly. Start your SBA Paycheck Protection Program loan application2 below.
Loan use
These funds can be used to meet operating expenses, including payroll and employee retention, rent or lease payments and utilities.3
Loan amount
You may be eligible to receive up to $10 million based on certain criteria.3
Rates and payments
Low rates and no payments for at least the first six months.3
Stay on the lookout for relief-related fraud
Given the severe financial impact of COVID-19, your business may be especially vulnerable to fraud schemes related to the CARES Act or other relief measures. Guard yourself against loan or grant fraud and phishing scams.
Learn how
Our support remains steady
While the effects of COVID-19 have dramatically reshaped our economic landscape, we remain committed to helping communities rebuild and thrive, one business at a time. Because businesses, like yours, are the heartbeat of every community. For additional funding measures, learn about our financial relief options, which may help your business navigate the impact of COVID-19.
Learn more
1Please note that all new small business clients will be required to visit a Popular Bank branch location to open a deposit account.
2IMPORTANT REMINDERS: Before you submit your information please note the following:
APPLICATION DEADLINE: The deadline for applications is June 30, 2020. The program will be available as long as funds authorized by the CARES Act are available.
IF YOU ARE AN AUTHORIZED REPRESENTATIVE: Only an authorized representative of the business may sign on behalf of the business. When you sign as an Authorized Representative of Applicant, you represent to the United States Government and Popular Bank that you are authorized by each business and each business’ equity owner of 20% or more, to provide all certifications in the application.
SBA'S ELIGIBLE BUSINESSES: Only SBA Eligible Businesses can apply under the PPP. See sba.gov for further information. By filing an application for a PPP, you certify that the business meets the eligibility requirements.
IMPORTANT NOTICE TO ALL APPLICANTS: No funded proceeds from PPP loans may be used to pay the fees of any third party agent (including attorneys, accountants, brokers or other third parties) (as applicable, “Third Party Agents”) assisting applicants with their loan applications or otherwise serving as an intermediary or broker to submit loan applications to Popular Bank on an applicant’s behalf. Third Party Agents are not permitted to collect fees from, or be paid out of, any PPP loan proceeds. Popular Bank will not accept any unsolicited PPP loan application referrals or submissions from any Third Party Agents, and will not pay or be liable for any Third Party Agent fees unless such Third Party Agents referring or submitting PPP loan applications are pre-approved by, and expressly authorized to collect fees from, Popular Bank.
THIRD PARTY AGENT: All applicants must clearly understand that by submitting a PPP application to Popular Bank, applicants expressly agree that they will be solely responsible for any fees, expenses or charges claimed by Third Party Agents assisting customers with their PPP applications or otherwise serving as an intermediary or broker submitting PPP applications to the Bank. This also applies to all customers who have already submitted applications.
3For complete details and any further updates, please visit the SBA at https://www.sba.gov or the U.S. Department of the Treasury at https://home.treasury.gov.
