The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Click here to read an informational sheet about the PPP.

Although the date for applying begins today, banks received the regulations last night and are not yet prepared to launch the program. Furthermore, because the interest rate is at .5 percent and a majority of banks pay 2 percent interest to their investors, banks would lose money under the current process. Once this is resolved, you will be able to submit applications. There will be more demand for funds than the current federal government allocation, so we recommend you apply as soon as the program is rolled out. We will continue to keep you posted as we receive updates.

To download the application, visit https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf. Once you have completed the application, it must be sent to a Small Business Administration approved bank. Click here for a list of SBA approved banks in Puerto Rico and the U.S. Virgin Islands.