Before you begin:
Are you applying for the first time for the Paycheck Protection Program?
Please read carefully.
There are two (2) types of PPP loans.
1) Paycheck Protection Program First Draw Loans are for companies that did not apply for a PPP loan in 2020 with any lender.
SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Full Forgiveness Terms
First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8-to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained.
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60 percent of the proceeds are spent on payroll costs.
2) The Second Draw Loans are only for customers that already applied and received funding in 2020 with Oriental Bank.
SBA is reopening the Paycheck Protection Program (PPP) for Second Draw Loans on Wednesday, January 13th, 2021. Please come back on the 13th to access the Second Draw Loan Application.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
IMPORTANT: If you already got a PPP loan from another lender, please contact your lender for your Second Draw PPP loan application.