Oriental begins application process for the second round of the PPP

Oriental has confirmed today that it has started receiving applications for the second round of Payroll Protection Program (PPP) loans.

Currently, only applications from customers who have not previously applied for a loan from this program will be accepted. These customers can apply through orientalbank.com/ppp. In the meantime, customers who have already participated in this program will have to wait until the option to apply again becomes available.

“This segment (of small and medium traders) plays a very important role in the economy of our island, and they need our support to be able to continue operating their businesses and not be more financially affected. They have been hard months for them. , and from the beginning we have been present helping them. In total we have provided over $ 275 million in PPP loans, Impacting 3,300 businesses and 58,000 workers in these businesses, “said Carlos Comas, Vice President of Business Banking at Oriental.

Similarly, Comas stressed that the entire application process with Oriental is digital, making it easier, more accessible and faster for our customers. “We were the first bank to create this digital process from the first round and offering quick responses to our customers. This time it will be done in the same way, first with those who have not participated in the program and then with those who have already applied previously.

As established by the bill and the Small Business Administration (SBA), loans in addition to helping small and medium-sized businesses with employee retention will also cover additional expenses, including operating expenses, property damage costs, costs of suppliers and worker protection costs.

On the other hand, in this second round of PPP the client who already participated in or of the program must have disbursed the funds received in the first round of PPP for eligible uses, this before the date of disbursement of the new loan. In addition, they must not have more than 300 employees and must have had at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020.

For details on how we can help small and medium-sized businesses with their businesses and to request help, the customer can contact their relationship manager or access orientalbank.com/ppp.

“We are more than ready to give you the service and help our customers need so they can continue to run their businesses and pay their employees payroll. We are here to help them,” Comas concluded.