CooPACA begins to receive applications for second round of PPP
SAN JUAN – The Cooperativa de Ahorro y Crédito de Arecibo (CooPACA) announced that it is receiving loan applications as part of the new round of the Payroll Protection Program (PPP) that is managed by the Small Business Administration (SBA). The institution is also processing requests to waive the first round of PPP loans.
CooPACA also announced that it has processed 250 loans as a result of the first round of the federal program, impacting over 700 employees in 28 municipalities on the island.
“Our participation in this program seeks to help protect the operation of our small and medium businesses, as well as other eligible entities from the economic ravages caused by the pandemic,” said William Méndez Pagán, CEO of CooPACA.
The uses permitted for PPP funds include payroll expenses, rent payments, mortgage interest, payment of utilities and expenses related to protection from Covid-19. The deadline to apply for the loan is March 31.
Méndez Pagán urged entrepreneurs to verify their eligibility to start the application process as these loans are eligible for partial or full forgiveness by the SBA.
The application can be submitted via email or by appointment at any of the credit union’s 14 branches.
“As an institution, we are committed to being facilitators. Applicants will receive personalized service during the approval process,” said Jessy De Jesús Herrera, director of Commercial Financing.
Besides the PPP, CooPACA offers other services with the support of the SBA, such as the 7(a) loan guarantee and 504/CDC loan guarantee programs that have also been impacted by both the Cares Act and the Economic Aid Act, signed into law in December. The federal agency has granted a temporary relief from both interest and principal payments for some of these loans, although certain restrictions apply.
Applicants for the PPP can join the cooperative as members, which allows them to receive additional services. “Becoming partners represents an added value for applicants,” De Jesús Herrera said. “It is one of the advantages that the cooperative model offers over traditional banking.”
Eligibility details as well as the application and other necessary documentation are available at coopaca.com/ppp.
Those interested in the PPP program can contact the institution at 787-878-2095 or via email at firstname.lastname@example.org.