At Popular we are ready to help your business during the COVID-19 crisis. As a Preferred Lender of the Small Business Administration (SBA), we have the Paycheck Protection Program (PPP)1 available.

What does the Paycheck Protection Program offer?

  • Possible forgiveness of a portion of the borrower’s loan by the SBA if it is used for payroll purposes, including group insurance expenses, interest on commercial mortgages, rent and utilities.
  • At least 60% of the forgiven amount must have been used for eligible payroll costs.
  • For the unforgiven portion: an interest rate of 1% for a 5-year term.
  • A moratorium on principal and interest for 16 months after the date of disbursement or, if the borrower applies for forgiveness during such period, until the SBA approves or denies forgiveness of the loan
  • $0 SBA guaranty fee payment.
  • Does not require a personal and unlimited guarantee from the owners or shareholders.
  • Does not require using any asset belonging to the business, its owners or shareholders as collateral.

Fill out the following information to start your online application:

Success - your information was received.

To continue the application process for the SBA Paycheck Protection Program, it is important that you carefully read which documents are required as well as the terms and conditions before completing the application.


This program is simultaneously available in the United States and its territories and will remain available only while funds last.

All the fields with (*) are required

Application Deadline

The SBA announced that the deadline for the Program is August 8, 2020. However, in order to submit your application to the SBA on time, Popular will be receiving applications until August 6, 2020 at 5:00 p.m., as long as funds authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) are available.

Note to non-Banco Popular customers: our advice is that you seek assistance from your existing primary bank where you maintain your business relationship since the process might be faster. If your primary bank is unable to assist you, we are available to assist you but, please consider that the process for new customers requires additional regulatory steps that could delay your PPP application.

Which documents do I need to apply?

To complete your application, you must have the following available:

  • Payroll calculation for the year 2019.
  • Evidence of payroll payment:
    • W3 Transmittal of Wage and Tax Statements.
    • 941VI Employers Quarterly Virgin Islands Tax Returns
    • 941-SS Employers Quarterly Federal Tax Return
  • And for Sole Proprietor Owner Business, Independent Contractors, and self-employed individuals using a business name (DBA):
    • Tax Returns 2018

How to apply?

This new digital tool allows you to apply to PPP. Below we describe the process and the steps you must follow to complete your application and be evaluated for the program:

  • Payroll calculation for the year 2019.
  • Evidence of payroll payment:
    • W3 Transmittal of Wage and Tax Statements.
    • 941VI Employers Quarterly Virgin Islands Tax Returns
    • 941-SS Employers Quarterly Federal Tax Return
  • And for Sole Proprietor Owner Business, Independent Contractors, and self-employed individuals using a business name (DBA):
    • Tax Returns 2018

Main terms and conditions:

Loan

  • A term loan for an amount equal to (i) $10 million or (ii) 2.5 times the monthly average of payroll costs incurred during the 2019 calendar year, whichever is less.
  • 5-year repayment term. A moratorium on principal and interest payments for 16 months after the date of disbursement or, if the borrower applies for forgiveness during such period, until SBA approves or denies the forgiveness of the loan. Interest accrues during said moratorium period and will be capitalized to the principal. Subsequently, the loan will be payable in monthly principal and interest payments until the maturity date.
  • Fixed interest rate of 1.00%.
  • Loan funds may be used to pay eligible payroll-related costs, including costs related to group health insurance, interest on existing eligible loans, rent, utilities, and refinancing of certain loans eligible under the SBA EIDL program (the “Eligible Costs”).
  • The loan may be forgiven in whole or in part if:
    • the debtor maintains or quickly re-hires employees to preserve salary levels; and
    • the debtor evidences that the loan was used to pay Eligible Costs. At least 60% of the forgiveness amount must have been used to pay payroll costs. Compensation to an employee in excess of the amount equivalent to an annual salary of $100,000 is not a cost eligible for forgiveness.
  • The SBA guarantee has no cost to the debtor.
  • Does not require a personal guarantee from the debtor’s owners or shareholders.
  • Does not require using any asset belonging to the debtor, its owners or shareholders as collateral.

Eligibility

Available for businesses that were operating as of February 15, 2020 and:

  • have 500 employees or less (or those that meet size standards for SBA 7(a) loans);
  • restaurants and other businesses (NAICS 72) (the 500 employees or less rule will apply to each of its locations);
  • they are businesses with a single owner;
  • they are individuals operating as an independent contractor;
  • they are individuals who are self-employed, using a business name; or
  • they are 501(c)(3) or 501(c)(19) non-profit organizations that meet the SBA’s small business standards.

Additional Requirements

  • The applicant must make some certifications on the application document and provide certain additional documentation to the Bank in order to verify compliance with all program requirements.
  • The 7(a) Program restrictions regarding affiliated entities may apply to certain eligible businesses.
  • If the applicant is not a Bank customer, they must complete the bank’s Know Your Customer process.

Availability of Program

The SBA announced that the deadline for the Program is August 8, 2020. However, in order to submit your application to the SBA on time, Popular will be receiving applications until August 6, 2020 at 5:00 p.m., as long as funds authorized by the CARES Act are available.


IMPORTANT CLARIFICATION TO ALL APPLICANTS: The SBA does not authorize the use of the funds received under the Paycheck Protection Program (PPP) to make payments to representatives or agents (including lawyers, accountants or other intermediaries, hereinafter the "Representatives") who have assisted merchants in their application or acted as intermediaries. For this reason, Banco Popular will not accept requests from Representatives and will not pay charges invoiced by Representatives, unless said charges have been expressly pre-approved for the purposes of collecting the service charge from Banco Popular.