Oriental starts the application process for the second round of the PPP

Oriental confirmed today that it has started receiving applications for its second round of funding from the Payroll Protection Program (PPP, for the acronym in English).

Currently, only applications from customers who have not previously applied for a loan from this program are being processed, these customers can apply via orientalbank.com/ppp. Meanwhile, customers who have already participated in this program will soon have to wait for the option to re-register.

“This segment (of small and medium traders) plays a very important role in the economy of our island and they need our support to continue their business and not be further affected economically. It has been difficult months for them, and we have helped them from the start. In total, we provided more than $ 275 million in PPP loansimpacting 3,300 companies and 58,000 employees of said companies, ”said Carlos Comas, vice president of Business Banking at Oriental.

Likewise, Comas stressed that the entire application process at Oriental is digital, making it easier, more accessible and faster for our clients. “We were the first bank to create this digital process from the first round and respond quickly to our customers. This time it will be done in the same way, first with those who did not participate in the program and then with those who registered earlier ”.

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

On the other hand, in this second round of PPS, the customer who has already participated in the program must have paid out the funds received in the first round of the PPP for eligible spend before the new loan disbursement date . In addition, they must not have more than 300 employees and have had at least 25% less gross sales between comparable quarters in 2019 and 2020.

For details on how we can help small and medium businesses with their business and to ask for assistance, the client can contact their relationship manager or visit orientalbank.com/ppp.

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