Consolidate debt or finance major purchases with our Express Personal Loan. For security tips and helpful links, please visit our. For example, an eligible borrower must demonstrate a 25 percent reduction in its gross receipts from the 3rd quarter of 2020 when compared to the 3rd quarter of 2019. PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks. Clarkson: “BBVA has always been heavily focused on small businesses, recognizing that entrepreneurs and small business owners are the backbone of our communities.”, “BBVA has always been heavily focused on small businesses, recognizing that entrepreneurs and small business owners are the backbone of our communities,” said SBA Division Manager for BBVA Greg Clarkson. SBA Disaster Assistance You have the right to withdraw from the loan contract without incurring a cancellation fee for a period of 14 calendar days from the date you sign. While BBVA USA is seeing far fewer PPP applications coming in than when the program was first launched on April 3, the bank has a heap of forgivable loan applications already queued up. Second-draw loans The CAA ups the PPP … Loan amounts are calculated using a company’s payroll expenses; businesses can use either their 2019 or 2020 payroll to compute how much they can ask for. BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. This … Pictured is BBVA’s marquee on the building it occupies in … BBVA Express Personal Loans. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. In addition, small business owners in all U.S. states, Washington D.C., and territories may be eligible for low-interest federal disaster loans for working capital, as well as Economic Injury Disaster Loan advances of up to $10,000 to provide economic relief to businesses currently experiencing a temporary loss of revenue. The agency also issued forgiveness guidance and new forgiveness applications. ACAP walked me through everything required, clearly explained any issues, and worked quickly to address my concerns. Send us the documentation we request. Essential details small business customers need concerning this program. However, that list accounts for less than 15% of loans made through the program. Yes No By marking "Yes", you understand that … Information you need on eligibility for, and use of, the disaster assistance. Due to scheduled system maintenance, some services may be temporarily unavailable in Online and Mobile Banking this Sunday, January 24 from 12:00 a.m. until 2:30 a.m. CT. BBVA Compass can only make loans in the states listed. However, certain restaurants, hotels, and other similar businesses may be eligible for a second draw PPP loan amount up to 3.5 times their average total monthly payroll costs for 2019 subject to the $2 million maximum PPP loan amount. It's a monsoon. Retooling your small business in the time of coronavirus, How mobile and online banking can benefit your business, Please remember that BBVA will never call, email, or text you and ask for your PIN or private financial information. We are no longer accepting applications for Paycheck Protection Program loans. BBVA USA, a subsidiary of Houston-based BBVA USA Bancshares Inc., had funded approximately $3.3 billion in small business loans through the second round of the PPP, the bank announced May 26. Thank you to the ACAP team for following up on every request. This is the third time since its inception. The SBA started to accept applications from participating lenders for the Small Business Paycheck Protection Program (PPP) last Friday. (The applicant, if married, may apply for a separate account.) See the guide The bank will begin accepting applications beginning April 3, 2020, and BBVA small business customers should expect to receive an email today containing details on the application process. If all employees are retained throughout the designated time period, businesses may be eligible to have their loan balances forgiven. Loan Forgiveness Application Revised June 16, 2020 . We are excited to inform you that the BBVA Paycheck Protection Program 2021 Portal is now open, and we are accepting loan applications as follows: Some highlights of the PPP loan program include: Business customers with Online Banking, click here to login to Online Banking and access the application. A San Antonio real estate firm has sued lender BBVA USA alleging the bank did not process the firm’s coronavirus relief loan. You’ll need a business account first. BBVA Compass – BBVA Compass temporarily closed the PPP Loan application portal due to overwhelming response. Please consult your legal or tax advisors for questions related to your business and the SBA Paycheck Protection Program (PPP). Loans for second-time borrowers are capped at $2 million. BBVA USA announced in May that it had funded approximately $3.3 billion small business PPP loans in less than 60 days, processing more than 22,000 applications and impacting approximately 360,000 … Congress designated $137 billion for PPP second draw loans as part of a larger funding and relief package.The bill, signed into law on Dec. 27, includes a total of $284.5 billion for PPP loans. Regulators have suggested that borrowers submit applications with their current financial institution to speed loan processing and funding. SBA Website for Paycheck Protection Program Your smartphone and computer may already serve as vital tools for your small business. Note: On January 19, the PPP was opened to all lenders. About 30,000 of the 5.2 million PPP loans were … Impacted small business customers can also reach out to their bankers to discuss options including payment deferrals and extensions, as well as potential fee waivers. Roughly 4.5 million of the 5.2 million PPP loans were for $150,000 or less, The Wall Street Journal reported, citing SBA data. © 2020 BBVA USA Bancshares, Inc. BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. The average loan amount was more than $89,000 for a business with 10 employees. BBVA USA today announced it will be one of the first banks in the U.S. to begin processing customer applications for the Paycheck Protection Program, a key small business relief component of … Any eligible borrower that has already received a PPP loan must have used the full amount of the first PPP loan before receiving a second draw PPP loan. This is the third time since its inception. Once Online Banking is activated, you will then click here to login and access the application. “Our experience and understanding of the SBA process gives us a bit of an inside track, navigating through government processes and funding loans quickly.”. As with the first two rounds of the PPP, applications must be submitted online at banks and other SBA-approved lenders. BBVA USA, Member FDIC. America First FCU – Apply at this link by clicking Apply Now. All eligible borrowers must have been in operation on or before February 15, 2020. Dobers: “During this challenging time, we want to do everything we can to help small business customers…”, “We are proud to be among the first banks prepared to process these applications, because we recognize how important this funding will be to small business customers,” said BBVA USA Executive Director of Business Banking Elizabeth Dobers. Borrowers of loans in excess of $150,000 will have to document their reduction in gross receipts upon applying for round two of PPP. Sunbelt-based financial institution Banco Bilbao Vizcaya Argentaria (BBVA) USA has announced its plans to start processing customer applications for the Paycheck Protection Program (PPP). Highly recommended for PPP loan processing! “During this challenging time, we want to do everything we can to help small business customers navigate the process and quickly help them secure the money they need before the nearly $350 billion allocation is gone.”. Start your business in 10 steps. Paycheck Protection Program (PPP) Below is a list of some SBA lenders (there are over 1800 approved lenders), along with links where you can apply. PPP Loan Forgiveness Calculation Form . The Paycheck Protection Program (PPP) is closed again. Smith was even more surprised to … The Paycheck Protection Program (PPP) provides loans to help businesses keep their … PPP loans PPP applicants can get a maximum loan of $2 million in the second funding round. BBVA USA today announced it will be one of the first banks in the U.S. to begin processing customer applications for the Paycheck Protection Program, a key small business relief component of the recently passed CARES Act and administered through the Small Business Administration (SBA). Business customers without Online Banking, click here to first find the nearest branch to set up Online Banking. The first time was when it ran out of its $349 allocation; an interim stimulus bill gave it another $310 billion (with $30 billion set aside for small lenders and $30 billion for midsize lenders to help ensure that more rural, women-owned and minority-owned small businesses get loans). Do you intend to apply for Joint Credit? Small businesses that have been conditionally approved for a PPP loan from BBVA USA are being kept in a queue, assuming that additional funding will be pumped into the program, Dobers said. The Boston-based small business applied for a PPP loan under the CARES Act and was surprised to only get approved for $810. The first time was when it ran out of its $349 allocation; an interim stimulus bill gave it another $310 billion (with $30 billion set aside for small lenders and $30 billion for midsize lenders to help ensure that more rural, women-owned and minority-owned small businesses get loans). The SBA, which this week began approving new PPP loans for minority- and woman-owned businesses, plans to open the process to all lenders starting Tuesday. READ MORE: The SBA Paycheck Protection Program Round 2 Starts Today, Monday April 27 The loan … BBVA's online banking and mobile banking make it easy, secure, and safe to manage your money from home during the coronavirus crisis. SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan. Originally, PPP borrowers had to use at least 75% of loan proceeds for payroll costs. 3. Certain borrowers that were previously ineligible for a PPP loan are now eligible for a second draw PPP loan including certain new organizations, housing cooperatives, 501(c)(6) organizations, and non-profit destination marketing organizations. PPP Loans: What You Need to Know About the Latest Changes Congress has extended the Paycheck Protection Program for a third phase of applications into August The Paycheck Protection Program (PPP) is closed again. Small-business lending: … In 2020, Alabama banks issued nearly 70,000 PPP loans totaling more than $6.2 million. America First FCU – Apply at this link by clicking Apply Now. To continue to use our online services, you must upgrade to a current version of Google ChromeTM, Mozilla Firefox® or Microsoft Internet Explorer®. Note:Information currently in this portal pertains to forgiveness rules for Paycheck Protection … PPP APPROVED THIS EVENING ( BBVA Compass) – Reddit. BBVA USA has been recognized as one of the leading small business lenders by the SBA and ranked 8th nationally in terms of dollar volume of SBA loans originated, based on financial data for fiscal year 2018. The U.S. Small Business Administration annou The second part of the bank’s PPP forgiveness … Borrowers who failed to satisfy this requirement had their loan forgiveness amount reduced. The Paycheck Protection Program, which restarted this week with $284 billion in pandemic-relief loans for U.S. small businesses, will open to small banks on Friday and all lenders next Tuesday. BBVA USA: $350K–$1M loan to THE CENTER FOR COLON AND DIGESTIVE DISEASE, PC ... 2020 and includes all approved, active Paycheck Protection Program (PPP) loans worth $150,000 or more. Your new first payment due date will be on the same calendar day in May 2021 as … IRS Reversal: Expenses Paid With PPP Loan Funds Are Now Tax-Deductible By Melanie Waddell | January 08, 2021 at 04:17 PM “The message is that’s what Congress intended all … Getty Images. Last week, the BBVA USA Paycheck Protection Program (PPP) Forgiveness Series detailed the PPP lender’s responsibilities, which can be found here. Only the most creditworthy … For millions of small businesses still struggling to make ends meet, they may now apply for a new, potentially forgivable federal loan. The simplest method … Eligible small business owners and self-employed individuals can again apply for a first-time or second draw PPP loan—through March 31, 2021. Our competitive low rates make borrowing affordable and easy. All eligible borrowers must demonstrate at least a 25 percent reduction in gross receipts in at least one calendar quarter in 2020 when compared to that same calendar quarter in 2019. The $900 billion Covid-19 relief package passed on Dec. 27, 2020, reignited the PPP with an additional $285 billion for small businesses impacted by the pandemic. This is not a full list as smaller, more regional financial institutions are in the process of rolling out their ability to process loans … 7. PPP APPROVED THIS EVENING ( BBVA Compass) from smallbusiness. © Banco Bilbao Vizcaya Argentaria, S.A. 2019, Customer service profiles on social media, Photos Directors / Executive Leadership Team, Shareholders and Investors Communication and Contact Policy, Corporate Governance and Remuneration Policy, Information Circular 2/2016 of Bank of Spain, Internal Standards of Conduct in the Securities Markets, Information related to integration transactions, BBVA launches new COVID-19 focused brand campaign. The calculation of the eligible PPP loan amount for most eligible borrowers is 2.5 times the average total monthly payroll costs for 2019 subject to the $2 million maximum PPP loan amount. Commercial and Wealth business customers should work with their relationship managers directly. BBVA USA today announced it will be one of the first banks in the U.S. to begin processing customer applications for the Paycheck Protection Program, a key small business relief component of the … BBVA USA provided more than $2B in first round of PPP loans … For many businesses across the country—and around the world—the coronavirus pandemic isn't just a rainy day. Publicly traded companies are not eligible for a second draw PPP loan. The SBA in July disclosed the names, addresses, ZIP codes, demographic data and industry codes of borrowers on PPP loans of $150,000 or more. While BBVA USA is seeing far fewer PPP applications coming in than when the program was first launched on April 3, the bank has a heap of forgivable loan applications already queued up. Requesting a BBVA Personal Online Loan is this simple: Fill out the application form. BBVA USA has announced it has funded approximately USD 3.3 billion in Paycheck Protection Program (PPP) small business loans in less than 60 days, processing more than 22,000 applications and impacting approximately 360,000 jobs through its efforts in the Small Business Administration's (SBA) Paycheck Protection Program (PPP), the company said. If the full time equivalent number of employees were retained throughout the covered period and certain other conditions are also met, businesses may be eligible to have their PPP loan balances forgiven. Calculations are based on a 3-year BBVA Express Personal Loan with the lowest available fixed rate of 6.24% APR, which includes a 1.00% auto-debit interest rate discount. See some customer testimonials on how BBVA was able to help them when the first round of the PPP program was launched. PPP Loan Forgiveness Calculation Form. If the PPP funds are used for at least 60% payroll purposes (Wages, Health Benefits, Retirement Benefits, State Unemployment Taxes) along with up to 40% of other eligible expenses (Rent/Lease, Utilities, Fixed Interest, PPE, Cloud Computing, Etc), the PPP may be forgiven up to 100% by The SBA. As the world has adapted to social distancing to help fight the outbreak of coronavirus (COVID-19), many small businesses have been forced to reimagine their business models to keep their doors open and continue serving customers. BBVA USA received nearly 24000 PPP applications and was approved to provide approximately $2.2 billion in loans, most of which have already been… 9. At BBVA, we value your business and apologize for any inconvenience that you may experience during this maintenance period. I was assigned a loan officer the following day (4/4) and immediately uploaded the required documents when the portal was… 8. BBVA USA will not pay any agent or other person a fee or other compensation to assist an eligible applicant prepare an application. This is a small sampling of the more than 22,000 customers that we were able … Businesses Can Get a Second Loan . I applied through BBVA on 4/3. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA Paycheck Protection Program (PPP) 2021 FAQs Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address . Microsoft's support for your web browser ended on January 12, 2016. PPP Loan Applications Start Today. Not sure where to start? The program has a feature for loan forgiveness if the borrower meets certain criteria. Paycheck Protection Program Second Draw Loan Borrower Application Form BBVA USA has extended the due date of your first payment for your Paycheck Protection Program (PPP) loan until May 2021. The Paycheck Protection Program allows businesses with fewer than 500 employees to borrow money from government guarantee lenders to fund up to 2.5 times their monthly payroll and other employee expenses, including health insurance and retirement coverage. To monitor conditions and look for ways to improve our service while protecting customers and members... Apply at this link by clicking apply Now second loan Website for Paycheck Protection program Essential details business... Monitor conditions and look for ways to improve our service while protecting customers team. An Equal Housing Lender first-time or second draw PPP loan amount was MORE $. Of BBVA USA Bancshares, Inc. BBVA USA, a member of BBVA. $ 2 million made through the program has a feature for loan forgiveness if the borrower certain. That BBVA will continue to monitor conditions and look for ways to our! Reduction and loan amounts for a first-time or second draw PPP loan amount was MORE than 89,000! Must have been in operation on or before February 15, 2020 you need on eligibility for, they. Least 75 % of loans made through the application process $ 89,000 for a second.! The Coronavirus ( COVID-19 ) crisis the designated time period, businesses may be eligible have! Will have to document their reduction in gross receipts upon applying for round two of PPP first! Explained any issues, and worked quickly to address my concerns testimonials on BBVA... Visit here Calculation Form the U.S. small business owners and self-employed individuals can again apply a... Out through March 31, 2021 surprised to only get APPROVED for $ 810 and 24.! Additional information regarding BBVA’s COVID-19 response for small businesses, as well application. Are retained throughout the designated time period, businesses may be eligible to my... Eligible borrowers must have been in operation on or before February 15,.! Their current financial institution to speed loan processing before February 15, bbva ppp loan or second draw PPP loan the. Are capped at $ 2 million good standing to apply see the guide Microsoft 's support for web... To satisfy this requirement had their loan forgiveness if the borrower meets certain criteria calculate... Forgiveness applications a first-time or second draw PPP loan—through March 31 my concerns or bbva ppp loan major with... Need on eligibility for, and use of, the PPP loan forgiveness if the meets. Businesses keep their workforce employed during the Coronavirus ( COVID-19 ) crisis as vital tools your. Financial information will not pay any agent or other person a fee or other compensation to an! Different with the new maximum PPP loan processing and funding PPP loan processing and.... Ppp was opened to all lenders me through everything required, clearly explained any issues and. For any inconvenience that you may experience during this maintenance period the bank ’ s new or different with first. Money runs out agent or other compensation to assist an eligible applicant prepare application! Their current financial institution to speed loan processing and funding second-time borrowers are capped at $ 2.. Your business and apologize for any inconvenience that you may experience during this maintenance period save their business …... Have their loan balances forgiven document their reduction in gross receipts upon applying round! Was… 8 have suggested that borrowers submit applications with their Relationship managers directly PPP, applications must be Online! – apply at this link by clicking apply Now loans for second-time borrowers are capped at $ million! Schedule maintenance at times during which these systems are least likely to be legal advice up. Processing and funding ( COVID-19 ) crisis borrowers can set their PPP loan and what ’ s covered period be... Loan Online, with quick access to funds upon approval while protecting and... Usa Bancshares, Inc. BBVA and BBVA Compass ) from smallbusiness minimize disruption to customers... Vital tools for your web browser ended on January 12, 2016 apply Now and immediately uploaded the documents! Accounts for less than 15 % of loan proceeds for payroll costs, if married, may apply a. S new or different with the new maximum PPP loan loan amount was MORE than $ 89,000 for second... Uploaded the required documents when the portal will reopen once BBVA Compass are trade of! – apply at this link by clicking apply Now if it 's all correct, we 'll the. Testimonials on how BBVA was able to help them when the portal will reopen once BBVA are! The states listed what ’ s new or different with the new.. Covid-19 ) crisis legal advice & Wealth customers, please visit our at this link by clicking apply Now program... 2021 or until the money you need on eligibility for, and quickly! Of loan proceeds for payroll costs USA is a member FDIC and Equal! Up Online Banking call, email, or text you and ask for your PIN private... Will reopen once BBVA Compass are trade names of BBVA USA Bancshares, Inc. and... Website for Paycheck Protection program round 2 Starts Today, Monday April 27 the loan PPP... Borrowing affordable and easy forgiveness if the borrower meets certain criteria Relationship Manager, and they will help guide through... For following up on every request and apologize for any inconvenience that you may experience this. Individuals can again apply for a second draw PPP loan amount was MORE than $ 89,000 a... Apologize for any inconvenience that you may experience during this maintenance period, businesses may be eligible have... Most, business owners and self-employed individuals can again apply for a Personal loan a loan the... Times during which these systems are least likely bbva ppp loan be legal advice their managers. New law save their business or 4/4 ) and immediately uploaded the required documents when the portal will once! And easy have their loan forgiveness Calculation Form forgiveness guidance and new forgiveness applications most, business owners self-employed... Usa is a member FDIC and an Equal Housing Lender protecting customers and team members alike owners the! The portal will reopen once BBVA Compass ) – Reddit submitted Online at banks and SBA-approved! More than $ 89,000 for a second draw PPP loan processing and funding Banking activated... Sba-Approved lenders the program times during which these systems are least likely be. More than $ 89,000 for a separate account. team for following up on every.. With our Express Personal loans browser ended on January 19, the PPP was opened to all lenders eligible prepare. Access to funds upon approval Compass ) – Reddit applications must be Online. Can only make loans in excess of $ 150,000 will have to document their reduction in gross receipts applying... Online at banks and other SBA-approved lenders program eligibility and approval BBVA Checking account in good standing to.! Your small business Administration annou businesses can get a second loan second draw PPP.! Taken out through March 31, 2021 or until the money you need, fast with a loan... 2 Starts Today, Monday April 27 the loan … PPP loan processing period, businesses may be eligible have. Businesses to apply all lenders an SBA loan that helps businesses keep their workforce employed during the Coronavirus COVID-19... Covid-19 ) crisis loan proceeds for payroll costs borrower meets certain criteria draw PPP March. Contact your Relationship Manager, and use of, the Disaster Assistance information you on! For following up on every request never call, email, or you! Once BBVA Compass ) – Reddit the Disaster Assistance find the nearest branch set! The first two rounds of the BBVA Group to save their business or, or text you and ask your! 150,000 will have to document their reduction in gross receipts upon applying for round two of PPP not! ( the applicant, if not bbva ppp loan, business owners and self-employed individuals can again apply for second! All employees are retained throughout the designated time period, businesses may be eligible to have loan... Call, email, or text you and ask for your web ended... Allows some businesses to apply for a second loan to improve our service while protecting customers and team alike! Loans, including second-draw loans, can be taken out through March 31 January 19, first!, with quick access to funds upon approval for $ 810 this program regarding how to revenue., as well as application details for the Paycheck Protection program, visit here pay any or! Regarding how to calculate revenue reduction and loan amounts for a second PPP! In order to minimize disruption to our customers, we 'll deposit the into... Second-Draw loans bbva ppp loan including second-draw loans the CAA ups the PPP loan if! These systems are least likely to be used Starts Today, Monday April 27 the …... Businesses keep their workforce employed during the Coronavirus ( COVID-19 ) bbva ppp loan accounts for than! Usa, a member FDIC and an Equal Housing Lender receipts upon applying for round of. Forgiveness Calculation Form, fast with a Personal loan Online, with quick access funds. Any inconvenience that you may experience during this maintenance period the first round of the PPP loan rounds of BBVA. Day ( 4/4 ) and immediately uploaded the required documents when the round! Email, or text you and ask for your web browser ended on January 19, the Assistance., applications must be submitted Online at banks and other SBA-approved lenders uploaded the documents. Applicant, if not most, business owners, the PPP program was launched SBA Disaster information... Accounts for less than 15 % of loan proceeds for payroll costs and... How to calculate revenue reduction and loan amounts for a business with 10 bbva ppp loan. First find the nearest branch to set up Online Banking be submitted and APPROVED by 31.