Click here to open or close the menu

Frequently Asked Questions

Resources for Businesses

For a complete list of program qualifications and requirements as well as frequently asked questions from the Small Business Administration (SBA), please visit the SBA website at sba.gov/ppp.

PPP – General Inquiries  |  PPP – Previously Submitted Apps  |  PPP – Loan Forgiveness

PPP – General Inquiries

How can I speak to someone about my application request?

Given the nature of this federal loan application process, our Call Center representatives will not be able to provide information on the status of your application, or details about the program. If you have questions, you may fill out this form to contact us. Please include your Application Number and business entity name in your communication. Please be aware that updates may take longer than expected due to a high volume of applicants and inquiries.

How will I know whether my application has been approved?

We will continue to communicate with you through the email address you provided when you submitted your application.

How can I speak to someone about my application request?

Given the nature of this federal loan application process, our Call Center representatives will not be able to provide information on the status of your application, or details about the program. If you have questions, you may fill out this form to contact us. Please include your Application Number and business entity name in your communication. Please be aware that updates may take longer than expected due to a high volume of applicants and inquiries.

How will I know whether my application has been approved?

We will continue to communicate with you through the email address you provided when you submitted your application.

PPP – Previously submitted applications

How can I speak to someone about my application request?

Given the nature of this federal loan application process, our Call Center representatives will not be able to provide information on the status of your application, or details about the program. If you have questions, you may fill out this form to contact us. Please include your Application Number and business entity name in your communication. Please be aware that updates may take longer than expected due to a high volume of applicants and inquiries.

How will I know whether my application has been approved?

We will continue to communicate with you through the email address you provided when you submitted your application.

I received an email that my loan was approved. Where can I learn about the requirements for forgiveness?

The SBA has defined the guidelines and requirements for the Paycheck Protection Program (PPP). For all requirements and information about PPP loan forgiveness, please visit the SBA website at sba.gov/ppp.

How can I speak to someone about my application request?

Given the nature of this federal loan application process, our Call Center representatives will not be able to provide information on the status of your application, or details about the program. If you have questions, you may fill out this form to contact us. Please include your Application Number and business entity name in your communication. Please be aware that updates may take longer than expected due to a high volume of applicants and inquiries.

How will I know whether my application has been approved?

We will continue to communicate with you through the email address you provided when you submitted your application.

I received an email that my loan was approved. Where can I learn about the requirements for forgiveness?

The SBA has defined the guidelines and requirements for the Paycheck Protection Program (PPP). For all requirements and information about PPP loan forgiveness, please visit the SBA website at sba.gov/ppp.

PPP – Loan Forgiveness

How much of my loan will be forgiven?

Loan forgiveness is not automatic; you must apply for loan forgiveness. According to current guidance, up to 100% of the loan principal and accrued interest may be forgiven when used for eligible expenses subject to certain limitations and requirements.

What are eligible expenses for loan forgiveness?

The following expenses may be eligible for loan forgiveness:

  • Payroll costs (including employer contributions for group health, life, disability, vision and dental insurance)
  • Interest on existing mortgage obligations incurred in the ordinary course of business
  • Rent under an existing lease agreement
  • Payments on existing utilities (electricity, gas, water, telephone, or internet)
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations

To receive full or partial loan forgiveness, in addition to other limitations and requirements, at least 60% of the loan amount must be used for payroll costs.

Can I claim more than 60% on payroll expenses, or does 40% have to be non-payroll expenses?

The SBA's guidance states that at least 60% of the loan should be used on eligible payroll expenses. If you have used over 60% of the loan on eligible payroll expenses during the covered period, you can claim all of them. For example, if you used 100% of the loan on payroll, you may not need to claim additional non-payroll expenses for full forgiveness.

What is the loan forgiveness covered period?

You may select a Covered Period between 8- to 24-weeks. The Covered Period starts on the date your loan funds are dispersed. In order to receive loan forgiveness, your business must use the PPP funds for eligible expenses during the Covered Period. 

When am I able to apply for loan forgiveness?

We are now accepting loan forgiveness applications for all PPP loans. Loan forgiveness is not automatic; you must apply to be forgiven. Invitations to apply were sent via email. Please do not print and fill out the SBA loan forgiveness form and submit to Bank of Hawaii; loan forgiveness applications will only be accepted online. If you have any questions, please contact us.

If you do not submit your loan forgiveness application before your first payment is due, you will need to begin making loan payments. Loan payments will start approximately 17 months from your loan date (24 weeks + 11 months). For example, if your loan was funded in April 2020, your first payment may be due as early as August 2021.

Get started by selecting your loan type on boh.com/ppp.

My loan is $150,000 and under, and I submitted the S Form for forgiveness, but I received an email saying that I need to upload documents.  What documents do I need to upload?

If your loan is $150,000 and under, you are eligible to use the S Form, which is a simplified form for forgiveness. Documents are not required for this forgiveness application. You may disregard the email requesting additional documents. Please review the instructions for documents you should retain but are not required to submit.

I received a Notice of Forgiveness Payment from the SBA. It says I have a certain dollar amount remitted. Do I still owe money?

In the line item “Forgiveness Amount Remitted,” this is the amount that was paid to Bank of Hawaii by the SBA for your PPP loan. The principal is the amount of the loan that was forgiven. If this amount is the same as your PPP loan, no further action is needed on your part for this loan. If the amount is less than your loan amount, our team will contact you to discuss repayment.  You may also contact us for any questions.

What if my loan is not completely forgiven?

If you applied for loan forgiveness and your forgiven amount is lower than your total loan amount, you will be responsible for the repayment of the loan amount that is not forgiven.

  • Your loan has a fixed interest rate of 1.00% and a term of 2 years, or a term of 5 years if your loan was approved by the SBA (based on the date the SBA assigns a loan number) on or after June 5, 2020.
  • You will not be required to make any loan payments during the deferral period. Payments are deferred until the date that the SBA remits the borrower’s loan forgiveness amount to lender.

If you do not apply for forgiveness, loan payments will start approximately 17 months from your loan date (24 weeks + 11 months). For example, if your loan was in April 2020, your first payment will be due August 2021 or later. If you do not submit your loan forgiveness application before your first payment is due, you will need to begin making loan payments.

How much of my loan will be forgiven?

Loan forgiveness is not automatic; you must apply for loan forgiveness. According to current guidance, up to 100% of the loan principal and accrued interest may be forgiven when used for eligible expenses subject to certain limitations and requirements.

What are eligible expenses for loan forgiveness?

The following expenses may be eligible for loan forgiveness:

  • Payroll costs (including employer contributions for group health, life, disability, vision and dental insurance)
  • Interest on existing mortgage obligations incurred in the ordinary course of business
  • Rent under an existing lease agreement
  • Payments on existing utilities (electricity, gas, water, telephone, or internet)
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations

To receive full or partial loan forgiveness, in addition to other limitations and requirements, at least 60% of the loan amount must be used for payroll costs.

Can I claim more than 60% on payroll expenses, or does 40% have to be non-payroll expenses?

The SBA's guidance states that at least 60% of the loan should be used on eligible payroll expenses. If you have used over 60% of the loan on eligible payroll expenses during the covered period, you can claim all of them. For example, if you used 100% of the loan on payroll, you may not need to claim additional non-payroll expenses for full forgiveness.

What is the loan forgiveness covered period?

You may select a Covered Period between 8- to 24-weeks. The Covered Period starts on the date your loan funds are dispersed. In order to receive loan forgiveness, your business must use the PPP funds for eligible expenses during the Covered Period. 

When am I able to apply for loan forgiveness?

We are now accepting loan forgiveness applications for all PPP loans. Loan forgiveness is not automatic; you must apply to be forgiven. Invitations to apply were sent via email. Please do not print and fill out the SBA loan forgiveness form and submit to Bank of Hawaii; loan forgiveness applications will only be accepted online. If you have any questions, please contact us.

If you do not submit your loan forgiveness application before your first payment is due, you will need to begin making loan payments. Loan payments will start approximately 17 months from your loan date (24 weeks + 11 months). For example, if your loan was funded in April 2020, your first payment may be due as early as August 2021.

Get started by selecting your loan type on boh.com/ppp.

My loan is $150,000 and under, and I submitted the S Form for forgiveness, but I received an email saying that I need to upload documents.  What documents do I need to upload?

If your loan is $150,000 and under, you are eligible to use the S Form, which is a simplified form for forgiveness. Documents are not required for this forgiveness application. You may disregard the email requesting additional documents. Please review the instructions for documents you should retain but are not required to submit.

I received a Notice of Forgiveness Payment from the SBA. It says I have a certain dollar amount remitted. Do I still owe money?

In the line item “Forgiveness Amount Remitted,” this is the amount that was paid to Bank of Hawaii by the SBA for your PPP loan. The principal is the amount of the loan that was forgiven. If this amount is the same as your PPP loan, no further action is needed on your part for this loan. If the amount is less than your loan amount, our team will contact you to discuss repayment.  You may also contact us for any questions.

What if my loan is not completely forgiven?

If you applied for loan forgiveness and your forgiven amount is lower than your total loan amount, you will be responsible for the repayment of the loan amount that is not forgiven.

  • Your loan has a fixed interest rate of 1.00% and a term of 2 years, or a term of 5 years if your loan was approved by the SBA (based on the date the SBA assigns a loan number) on or after June 5, 2020.
  • You will not be required to make any loan payments during the deferral period. Payments are deferred until the date that the SBA remits the borrower’s loan forgiveness amount to lender.

If you do not apply for forgiveness, loan payments will start approximately 17 months from your loan date (24 weeks + 11 months). For example, if your loan was in April 2020, your first payment will be due August 2021 or later. If you do not submit your loan forgiveness application before your first payment is due, you will need to begin making loan payments.

Return to Paycheck Protection Program page

You're about to exit BOH.com

Links to other sites are provided as a service to you by Bank of Hawaii. These other sites are neither owned nor maintained by Bank of Hawaii. Bank of Hawaii shall not be responsible for the content and/or accuracy of any information contained in these other sites or for the personal or credit card information you provide to these sites.