Popular announced today that, as of May 1, it had processed $ 1,243 million in loans under the two rounds of the Federal Small Business Administration’s (SBA) Paycheck Protection Program (PPP).
These loans benefit 16,397 small and medium businesses that employ more than 235,000 people.
Of the total, $ 1,058 million has been granted through Banco Popular de Puerto Rico and $ 185 million through Popular Bank, Popular’s banking subsidiary in the United States.
The institution indicated that, since the start of the second round of the program on April 27, Banco Popular de Puerto Rico has processed 14,082 applications for $ 660 million in funds, of which $ 647 million was in Puerto Rico and $ 13 million in the Virgin Islands. .
“Aware of the importance of the program for small and medium businesses on the island, we mobilize our human and technological resources to be able to raise the most funds possible. We are extremely pleased that we were able to process all of the complete applications that we have received today. Additionally, we will continue to receive and process applications as long as the SBA keeps the program open and has funds available, “he said. Ignacio Álvarez, Popular’s chief executive officer.
In Puerto Rico, Popular has so far processed 15,277 applications for a total of $ 1,036 million in funds. These businesses employ more than 227,000 people. Of these requests, 61% percent have been for less than $ 25,000 and 31% for between $ 25,000 and $ 150,000.
“Small and medium businesses are the heart of a community, and at Popular we are supporting them, particularly at this difficult time. The results demonstrate our commitment and reach in this segment that is so vital to our economy. We thank our clients and other businesses that filed requests with us for their trust and our colleagues who have worked tirelessly to make these results possible, ”added Alvarez.
The program is one of the cornerstones of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a landmark legislation designed to help businesses affected by the COVID-19 pandemic.
The United States Congress launched the program with an initial allocation of $ 349 billion, and due to the great reception it had, the funds were extinguished in thirteen days.
The program was reactivated on April 27 after an additional allocation of $ 310 billion. In this second round, through May 1, the SBA had approved $ 176 billion in loans.