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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?

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.

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 have started to invite PPP borrowers to apply for loan forgiveness based on their loan disbursement date. Access to apply for loan forgiveness will be granted through a direct email when you are able to apply. We will send invitations to customers who had a First Draw PPP loan in 2020 in order based on the loan disbursement date. You have up to 10 months after the end of your Covered Period to apply for loan forgiveness before loan payments start in the 11th month.

Please do not fill out the SBA loan forgiveness form and submit to Bank of Hawaii; applications for loan forgiveness applications will only be accepted online. If you have any questions, please email ppploan@boh.com.

What if my loan is not completely forgiven?

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. For those who do not apply for forgiveness, the deferral period will be for 10 months after the forgiveness covered period.

How much of my loan will be forgiven?

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.

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 have started to invite PPP borrowers to apply for loan forgiveness based on their loan disbursement date. Access to apply for loan forgiveness will be granted through a direct email when you are able to apply. We will send invitations to customers who had a First Draw PPP loan in 2020 in order based on the loan disbursement date. You have up to 10 months after the end of your Covered Period to apply for loan forgiveness before loan payments start in the 11th month.

Please do not fill out the SBA loan forgiveness form and submit to Bank of Hawaii; applications for loan forgiveness applications will only be accepted online. If you have any questions, please email ppploan@boh.com.

What if my loan is not completely forgiven?

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. For those who do not apply for forgiveness, the deferral period will be for 10 months after the forgiveness covered period.

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