PPP Loan Forgiveness
Learn more about PPP loan forgiveness and apply online.
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The PPP loan application period has closed.
As of 12pm ET on Friday, May 28, 2021 we are no longer accepting SBA Paycheck Protection Program (PPP) loan applications. Thank you for your interest in the Paycheck Protection Program and for choosing Popular Bank for all your lending needs.
If you have already submitted your PPP application for review, please sign in to our online platform to verify the status of your application. Loan applications approved by the SBA will still be able to receive PPP loan disbursement and remain eligible for loan forgiveness.
If you have already submitted your application:
Sign in to our online platform to verify your application status and provide any additional information or documentation required.
If you have previously received a PPP loan through another lender:
Please submit your second draw application to your original lender.
Please check this page to stay informed about latest updates to the Paycheck Protection Program and to learn about Popular Bank’s final deadline for application submissions. Our deadline gives us the time we need to review and finalize all steps for application submission to the SBA. It also provides sufficient time for the SBA to review your application.
Businesses continue to remain the heartbeat of our communities. Our team stands ready as a PPP partner and provider to help support your business in any way we can.
Our PPP loan application window has now closed.
Popular Bank's online Paycheck Protection Program (PPP) portal is closed and we are no longer accepting applications. This will enable our team to review existing applications for submission to the Small Business Administration (SBA) before funding closes on March 31, 2021.
If you are a PPP loan recipient, your business may be eligible to receive forgiveness for your loan. Learn more and apply below.
We remain committed to supporting you and your business. Thank you for your participation in the PPP program and for your continued patience.
Before you start your application
First- and second-time borrowers2,3 may be eligible to apply for this new round of PPP funding.
First-time borrowers
If this is your first time applying for a PPP loan, review important requirements and details.
Who is eligible
Businesses with up to 500 employees, eligible nonprofits as well as certain individuals who are self-employed or independent contractors who meet program size standards.4
Loan use
These funds can be used to meet operating expenses, including payroll and employee retention, rent or lease payments and utilities.4
Loan amount
You may be eligible to receive up to $10 million based on certain criteria.4
Rates and payments
Low rates and no payments for at least the first 16 months after loan disbursement.4
Second-time borrowers
If you received a PPP loan in 2020, you may be eligible to apply for a second PPP loan.
Who is eligible
Businesses with up to 300 employees, eligible nonprofits as well as certain individuals who are self-employed or independent contractors who meet program size standards.4,5
Loan use
These funds can be used to meet operating expenses, including payroll and employee retention, rent or lease payments and utilities.4
Loan amount
You may be eligible to receive up to $2 million based on certain criteria.4
Rates and payments
Low rates and no payments for at least the first 16 months after loan disbursement.4
Apply for PPP loan forgiveness
PPP loan forgiveness is not automatic; you need to apply. To better serve you, we have created an online platform so you can sign up for an account and apply for the relief you need. If you have questions, please contact your relationship manager for more information.
Get started
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 PPP funding 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. Learn about additional financial relief options which may help your business navigate the impact of COVID-19.
Learn more
1All loans are subject to credit review and approval, as well as to availability of funds under the SBA program. Funds are limited.
2Please note that all new small business clients will be required to visit a Popular Bank branch location to open a business deposit account.
3If you are a second-time borrower of a PPP loan that was previously secured from another financial institution, please submit your second draw application with the original lender.
4For 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.
5Eligible businesses are those in operation as of February 15, 2020 and had a reduction in gross revenue of at least 25% from 2019 to 2020. Other restrictions apply.
6IMPORTANT REMINDERS: Before you submit your information please note the following:
APPLICATION DEADLINE: The SBA deadline for PPP applications is Monday, May 31, 2021. The program will be available as long as funds authorized by the Economic Aid 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, loan forgiveness applications, applications or requests to amend the terms of an existing PPP loan or otherwise serving as an intermediary or broker to submit loan applications, loan forgiveness applications and/or applications or requests to amend the terms of an existing PPP loan 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, loan forgiveness application or amendment application/request 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 loan forgiveness applications and/or amendment applications/requests 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. For purposes of this paragraph, PPP applications refers to loan applications, loan forgiveness applications and applications or requests to amend the terms of an existing PPP loan.
