PPP Loans

The Small Business Administration’s Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to small businesses.

We have stopped taking PPP applications.

As of 5pm May 19, 2021

Thanks to so many of you for sharing your #PonceLove in such abundance and entrusting us with your PPP journey. Our portal is now closed to new applications, but rest assured, if you’ve submitted your application, we’ll be working night and day to push through as many as possible before the funds are exhausted.

We are #PonceProud of the resilience and creativity of our small business community and promise to do everything we can to help you through this final phase of the PPP process.

Any application submitted after 5pm on May 19, 2021 will not be processed.

We’re ready to help you apply.

 

Hola, We’re Ponce Bank.

Ponce Bank is a U.S. Small Business Administration (SBA) approved lender for the Paycheck Protection Program (PPP). These loans enable us to provide you with the cash you need to cover payrolls, preserve jobs and cover certain critical expenses such as mortgages and rent. These loans are guaranteed by the government, quick to process, and may be forgivable, in all or in part, based upon the loan amount and the number of jobs you retain in your workplace.

Between Jan 10 - May 19, 2021, we processed:

10,265 Applications

Totaling $368M

Why Apply with Ponce?

 

The SBA has set aside $15 billion dollars to support Minority and Woman owned businesses.*

For this new round of PPP loans, the SBA limited the initial applications to smaller, community-based lenders like Ponce Bank. They’ve also set aside substantial funds exclusively for customers of institutions like ours to help these loans get into the communities where they’re needed most. Ponce Bank has been certified:

  • Community Development Financial Institution (CDFI) - 84% of our loans went to lower- and moderate- income communities in the NYC Metro area in 2019

  • Minority Depository Institution (MDI) - Ponce Bank is the largest Hispanic bank east of Mississippi

We believe we are well positioned to provide our applicants access to these funds.

We’ll do everything we can to make sure your application gets approved.

Hey, we all make mistakes sometimes. Missing initials there, wrong documents here. Our team of dedicated underwriters will review your application before submitting to the SBA so that you have the best chances of getting your PPP application approved.

*Check out the SBA’s official press release here

Who Can Apply?

 

We’re accepting applications from new customers in the tristate area!

You don’t need to be a customer of the Bank already to apply. We want to help you! Let’s start our relationship now.

  • Both First-Time Borrowers and Second-Time Borrowers can apply (more on that below ↓)

  • Self-employed workers, independent contractors, gig workers, and sole proprietors

  • Non Profits

  • Your business was operational before February 15, 2020

  • Your business is still open and operational

  • You have no more than 500 employees

*There are many exclusions - way more than we can list here! If you are unsure whether you qualify for the loan, email us.

*Because of the volume in our tri-state area that need help, we’ve been forced to limit our processing to small businesses nearby and we are unable to process requests from outside our servicing area.

How Can I Apply?

 

The Application Is Easy!

We’ve stream-lined the platform so the process is easier than ever! Go to Ponce Bank’s application portal, fill out the form, and upload the necessary documents.

We’ll take care of the rest.

 

Application Process

PonceBank_PPP_Process_3rdRound_v1.jpg

Steps 1-2

Once you’ve submitted your application, we’ll review it to see if it’s complete, at which point we submit your loan for “underwriting”. You’ll receive an email when this takes place.

Step 3

The timing of the underwriting process depends largely upon the quantity of applications and any last-minute changes made by the SBA, but should accelerate over the next few days as we send more loans through and the process becomes better defined.

Step 4-5

Once Underwriting is complete, you’ll receive an email asking you to sign your application. Please do this right away! As soon as we receive back your signed application your application will be submitted to the SBA portal.

Step 6-9

As soon as the SBA approves your loan, we’ll issue loan documents for signature and shortly thereafter we’ll fund your loan.

When Can I Apply?

 

Program Starts on January 11th for First Timers, January 13th for Second-Timers

  • First-Time Borrowers - Small businesses that did not receive a PPP loan the first time around can begin to apply on Monday, January 11.

  • Second-Time Borrowers - Those that already received a loan can apply for a second PPP loan (they call it the “Second Draw Loan") beginning on Wednesday, January 13.

  • Deadline - The Consolidated Appropriations Act 2021 extends the Paycheck Protection Program (PPP) through May 31, 2021, or until funds are depleted.

Second Time Borrowers

 

You May Apply for Another PPP Loan If:

  • Your business has 300 or fewer employees.

  • You experienced a loss of at least 25% of revenue in any quarter during 2020 compared to the same quarter in 2019

  • You can apply even if you haven’t yet submitted the forgiveness application for your first PPP loan.

Second-Time Borrower Exclusions

Check if your company is:

  • Is primarily engaged in lobbying or other political activities

  • Is owned by an entity created in or with significant operations in the People's Republic of China or the Special Administrative Region of Hong Kong

  • Includes a board member who is a resident of the People's Republic of China

  • There are other restrictions like you can’t borrow more than $2M in total. Please email us for any question.