Popular Bank’s COO Manuel Chinea Talks Small Business with Amigos de Univision
Popular Bank Chief Operating Officer Manuel Chinea joined Amigos de Univision and the Statewide Hispanic Chamber of Commerce of New Jersey to discuss the current state of small business amid COVID-19 on Sunday, May 17, 2020. Notably, Mr. Chinea shared insight on the SBA Paycheck Protection Program, Popular Bank’s current efforts to assist customers and other key takeaways:
1. Small businesses can turn to Popular to access assistance and there are other programs that can help them navigate current challenges.
Our communities and small businesses are facing an unprecedented time. Leveraging a 127-year history of service in Puerto Rico and 60 years in the U.S., Popular is well positioned to assist current and new customers. According to Mr. Chinea, Popular has introduced several important financial resources to help both small business and individual customers. Other resources available to small businesses include the SBA’s Economic Injury Disaster Loans and the Main Street Lending Program.
2. PPP remains a valuable resource for Small Business Owners during this time.
According to Mr. Chinea, the SBA Paycheck Protection Program (PPP) had tremendous demand and the first round of funding depleted quickly. However, applicants that were not able to previously participate can now take advantage of a second round of funding. Consequentially, Popular has helped 15,000 small and medium size businesses, under the SBA’s Payroll Protection Program and submitted more than $1.2 billion in loans. We continue to work closely with applicants.
3. Popular Bank’s Financial Relief Options are Available to Assist Business and Personal Customers.
Popular Bank continues to provide financial relief options to assist customers during this time. Mr. Chinea shared with Univision that retail customers can discuss their personal loans and home equity lines of credit, personal credit cards, checking, savings or mortgages with Popular. Business customers can work through business loans, lines of credit and credit cards. Moratoriums for both retail and business customers may be available depending on their circumstances from 3 months and upwards in special cases.
View the full interview in Spanish below.