PPP loan forgiveness

PPP Loans up to $150,000

Updated: March 15, 2023

SBA Direct Forgiveness – All Bank of Hawaii PPP loans up to $150,000 are now eligible to apply directly with the SBA for forgiveness.

As a reminder, for PPP loans up to $150,000, supporting documentation is no longer required for payroll and non-payroll expenses.


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 application.

Here’s what you can expect during this phase:

  1. Borrower registers with the SBA to access the SBA’s Direct Forgiveness Portal.
  2. Borrower fills out the online application.
  3. When the application is complete, Borrower signs documents electronically.
  4. SBA notifies Bank of Hawaii when the application has been submitted.
  5. Bank of Hawaii reviews the application and provides SBA with its decision.
  6. SBA reviews the application and provides notice to Bank of Hawaii and Borrower of its decision on the forgiveness application.

As a reminder, 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. 

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, uninsured property damage costs caused by looting or vandalism during 2020, 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. You’re able to safely apply from the comfort of your home or office.

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 the SBA’s Direct Forgiveness Portal; applications are not accepted via branches, phone, fax, email, or mail. The SBA’s PPP Direct Forgiveness hotline is 1-877-552-2692 where an SBA representative can assist you if you encounter difficulties with the SBA’s Direct Forgiveness Portal.

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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