Updated: March 1, 2021
The most recent changes from the Small Business Administration (SBA) at the end of December 2020 included the expansion of these eligible costs:
- Business software or cloud computing service that facilitates certain business operations.
- Property damage due to public disturbances that occurred during 2020 that were not covered by insurance or other compensation.
- Goods essential to the operations of the business from suppliers under contract before February 15, 2020.
- Worker protection and facility modification including personal protective equipment, to comply with COVID-19 federal, state, or local health and safety guidelines.
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. When you are ready to apply, please contact us at ppploan@boh.com.
Documents to Prepare |
Gather documentation and save electronic copies for applicable eligible costs. |
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Payroll Costs |
At least 60% of the loan amount must be used for payroll costs. To confirm payroll-related costs over the Covered Period or Alternative Payroll Covered Period
or
And:
If including state and local taxes
If including health insurance or retirement benefits
|
Mortgage Interest Payments |
or
|
Rent or Lease Payments |
or
|
Utility Payments |
Copy of invoices from February 2020 and those paid during the Covered Period and receipts, canceled checks, or account statements verifying those payments |
Covered Operational Expenditures |
Business software or cloud computing services that facilitate certain business operations:
|
Covered Supplier Costs |
Goods essential to the operations of the business from suppliers under contract before the Covered Period:
|
Covered Worker Protection Expenditures |
Worker protection and facility modification including personal protective equipment, to comply with COVID-19 federal, state, or local health and safety guidelines.
|
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 the all of the following are met during the Covered Period:
|
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 today. Please fully complete the Forgiveness Worksheet. Be sure to have your completed Forgiveness Worksheet and supporting documents in electronic form.
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 contacting us at ppploan@boh.com; applications are not accepted via branches, phone, fax, or mail.
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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