COVID-19 Update Center | Oriental Bank

If you received an email or text message notifying you of your Moratorium Request's approval, you would soon receive a communication detailing the terms and conditions that apply to you. You can also access the terms and conditions here.

For more information on the terms and conditions applicable to these products, click here.

If the payment was debited before the Governor's Executive Order of March 13, 2020, or before the moratorium request, the refund does not apply. If the moratorium request was made after March 13, 2020, and approved, you will be refunded. We will reverse and return the payments to the account from which they were debited, call 787.620.0000.

The moratorium will not apply retroactively to the months that you have made payments.

Applicable to leases and auto or personal loans 0-89 days outstanding: They will be rescheduled into additional monthly payments after the original maturity of the loan or upon completion of any other additional moratorium or extension that has been previously granted. In addition, this moratorium or its extension will not apply to any insurance coverage financed through or in connection with your loan, so you will be responsible for extending the insurance coverage when necessary. Certain terms, conditions, and restrictions apply. Subject to assessment of ability to pay.
Applicable to residential mortgage loans not owned or guaranteed by federal entities (FHA, FNMA, Freddie Mac, Veteranos y USDA), 0-29 days outstanding, as of March 12, 2020:
- They will be rescheduled into additional monthly payments after the original maturity of the loan or upon completion of any other moratorium or additional extension that has been previously granted. In addition, this moratorium or its extension will not apply to any insurance coverage financed through or in connection with your loan, so you will be responsible for extending the insurance coverage when necessary.
- The client can choose to defer all the payments for the months in which the moratorium was accepted between the loan's remaining term. This can cause your regular monthly payment to go up. For the Bank to process this request, it must receive it in writing to lm@orientalbank.com.
Loans 30-89 days outstanding as of March 12, 2020:
- They will be rescheduled into a balloon payment payable upon loan maturity.
- The client can choose to defer all the payments for the months in which the moratorium was accepted between the loan's remaining term. This can cause your regular monthly payment to go up. For the Bank to process this request, it must receive it in writing to lm@orientalbank.com.

Interest will continue to accrue during the moratorium period, which will increase the amount of interest accrued over the life of the loan. This will cause the payment at maturity or at the time of its cancellation to be higher. Also, this moratorium will not extend to any optional insurance coverage financed through or in connection with your loan, so you will be responsible for extending the insurance coverage when necessary.

If you receive such communication, it means that your request was referred to the Bankruptcy Area for validation and responses. If approved, you will be receiving a notification by email or regular mail with the applicable terms and conditions. If for any reason, you are not eligible for the moratorium, you will be receiving the denial notice by regular mail.

You can continue making your payments as usual. If you have an automatic debit, keep your money available, and Oriental will continue making the automatic debit for your loan, car lease, or revolving account product.

If you are a small or medium business owner, self-employed, or you are an independent contractor, the below section is for you.

Paycheck Protection Program (PPP)

The Federal Government approved a new economic stimulus that includes additional funds for the Paycheck Protection Program (PPP). This financing program guaranteed by the Small Business Administration (SBA) is available to eligible businesses, including those that have already benefited from the program. Click the button below to learn more about the new requirements to apply for the PPP provided by the SBA. We urge you to keep an eye on this page for future updates.

Loan Forgiveness¹

If you received funds through the Paycheck Protection Program, you might be eligible for loan forgiveness. The digital portal where you can request forgiveness of your loan under the guidelines communicated by the Treasury Dept. and the Small Business Administration (SBA) is now available².

Loan forgiveness is not automatic and should be requested at the end of the covered period and when you have all the required documentation.
You must certify and document that the use of the loan funds was for the SBA's eligible purposes.
If you requested a PPP with us:
- You will receive an email when you can apply for forgiveness online.
- We will review your request and send it to the SBA for the decision.
- You can check the status of loan forgiveness online in the portal that we will enable for you.
- We will keep you informed of the entire process.

Our Numbers

We are actively supporting our small and medium business clients during this difficult time. This has resulted in aid for thousands of companies to secure loans to keep their employees paid. To access data related to our Paycheck Protection Program activity, please click the button below.

*Subject to credit approval. Certain terms, conditions and restrictions may apply.

¹Subject to Oriental Bank and SBA requirements. The SBA will forgive the loans if all employees remain on the payroll for 24 weeks and the money from the Paycheck Protection Program is used for payroll, rent, mortgage interest or profits (at least 60% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Therefore, forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. Payroll costs are limited to $100,000 for each employee. Principal and interest payments on the loan will be deferred for six months. No collateral or personal guarantees are required. The Program will be available until December 30, 2020.

²You can only access the forgiveness portal on a tablet or desktop computer with the latest browser version installed.

Oriental Bank. Member FDIC.