PPP Loan Application
PPP loan funding is in high demand. Apply online today.
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PPP loan forgiveness is now available
An important feature of the SBA Paycheck Protection Program is loan forgiveness. Businesses may be eligible for PPP loan forgiveness if they meet certain requirements. Popular Bank is prepared to help you navigate the PPP loan forgiveness application process.
Frequently Asked Questions
Get answers to frequently asked questions about PPP loan forgiveness.
Additional Financial Relief
Learn about other options that can help you navigate the impact of COVID-19.
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 allocated $510 billion for PPP, which provides 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 help our clients apply for funding as quickly as possible.
Our PPP loan application window has now closed.
Since the SBA's loan application window is now closing, we will no longer be accepting applications for SBA PPP loans as this time. For PPP loan recipients, we will be posting updates on the process for loan forgiveness soon.
We remain committed to supporting you and your business. Thank you for your participation in the PPP program and for your continued patience.
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
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
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 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. Learn about additional 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 online applications is 5pm on Thursday, August 6, 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, 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.
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.
