Popular Originated $2.1 Billion in Loans Under the SBA Paycheck Protection Program
Popular, Inc. (Nasdaq: BPOP) announced the completion of the second round of the Paycheck Protection Program (PPP) on May 31, 2021, processing nearly 50,000 loans totaling $2.1 billion. In the latest PPP round, which started on January 19, the bank processed about 20,500 loans amounting to $673 million. The average loan size was $32,800, lower than the national average of $42,000. Popular was a leading institution in Puerto Rico, processing 62% of total PPP loans on the island, aiding approximately 136,000 jobs in sectors like food, retail, and health.
- Processed nearly 50,000 PPP loans totaling $2.1 billion, supporting small and medium-sized businesses.
- Recognized as the leading bank in Puerto Rico for PPP loans, processing $1.7 billion or 62% of total loans on the island.
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Popular, Inc., (Nasdaq: BPOP), today announced that, upon completion of the second round of the Paycheck Protection Program (PPP) on May 31, 2021, it had processed nearly 50,000 loans, originating
Popular indicated that, in the second PPP round, which began on January 19, the company processed approximately 20,500 loans totaling
“Our engagement in this program reflects our commitment to promote the well-being of the communities we serve and allowed us to support tens of thousands of small and medium-sized businesses in times of great economic hardship caused by the pandemic. We are grateful for their trust and for our colleagues’ efforts during this historic time which allowed us to provide essential assistance to so many customers. A hundred percent of loan requests in the second round were processed through our portal, enabling us to originate, review for approval and disburse these loans digitally,” said Ignacio Álvarez, President and CEO of Popular.
Popular was the main bank in Puerto Rico in terms of loans processed in both PPP rounds, with a total of
The PPP loan program was created by the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a federal legislation designed to help individuals and businesses affected by the coronavirus pandemic.
About Popular, Inc.
Popular, Inc. is the leading financial institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
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