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PPP Loan Forgiveness

2021 PPP Second Draw Loans over $150,000

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Already applied for loan forgiveness? Check your status.

Loan forgiveness is a key feature of the Paycheck Protection Program (PPP). You’re able to apply for loan forgiveness if your PPP funds were used for eligible costs under this federal program. For your convenience and safety, our forgiveness process will be available only online including electronic signature of closing documents. 

Here’s what you can expect during this phase:

  1. Borrower applies online and uploads supporting documents.  To expedite the forgiveness review process, it is very important to complete and upload the Forgiveness Worksheet.
  2. Bank of Hawaii will review the application, Forgiveness Worksheet and supporting documents.
  3. Borrower may be asked to provide missing information or correct submitted information.
  4. When the application is complete, Borrower signs documents electronically.
  5. Bank of Hawaii submits application to the SBA.
  6. Bank of Hawaii receives the loan forgiveness decision from SBA and communicates the decision to the Borrower.

As a reminder, forgiveness is not automatic; you must apply for loan forgiveness.

Program Requirements

 

Who May Qualify

PPP Loans may be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and certain supplier costs and expenses for operations.

Loans may qualify for full loan forgiveness if all of the following are met during the Covered Period:

  • Employee and compensation levels are maintained (or an eligible exception applies)
  • The loan proceeds are spent on payroll costs and other eligible expenses
  • At least 60 percent of the proceeds are spent on payroll costs

Covered Period

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

SBA Guidelines

Review the latest Small Business Administration guidelines at sba.gov/ppp on requirements for loan forgiveness as these terms are set through the federal program. Due to the ever-changing nature of PPP, the SBA continues to issue new and revised rules and guidance for this program, and how the SBA interprets their rules will have a significant impact on the loan forgiveness process.

How to Apply

Apply online today. Please fully complete the Forgiveness Worksheet. Be sure to have your completed Forgiveness Worksheet and supporting documents in electronic form ready to upload.

Please note: If you received your PPP loan through another lender, please check with that lender to apply for loan forgiveness. Applications will be processed only through our online portal; applications are not accepted via branches, phone, fax, email, or mail.

Apply now

More information or questions

For more information including the comprehensive program rules, visit sba.gov/ppp. If you have questions, review our FAQs or contact us.

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