SBA Paycheck Protection Program Validation


SECOND PAYCHECK PROTECTION PROGRAM 2021
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: 

  1. Employee and compensation levels are maintained. 
  2. The loan proceeds are spent on payroll costs and other eligible expenses; and
  3. 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:

  1. Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  2. Has no more than 300 employees; and
  3. 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.


Select YES, if you applied and received PPP funding from Oriental Bank in 2020. You will be redirected to another page with instructions to get access to the Second Draw Loan starting on Wednesday, January 13th, 2021.

Select NO, if you are applying for the first time and did not get PPP funding from Oriental or any other banking lender in 2020. You will get redirected to the First Draw Loan Application for the Paycheck Protection Program.

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IMPORTANT:
Our portal is available again to receive requests for the first and second PPP in case the proposed legislation that may extend PPP is approved. Importantly, the application is subject to SBA review and approval. This process at SBA is taking longer than expected. For this reason, we cannot guarantee the final approval of your application since the deadline set by the SBA so far is March 31, 2021.

If you have already submitted your application, it is important that you access the digital platform as soon as possible, so that you can provide any information or documentation required.This way we make sure to complete our review and refer the case to the SBA. Please note that the SBA deadline has set to end the program is March 31, 2021, and your application does not guarantee approval of the PPP loan. Thanks. We are always more than ready.