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Second Draw PPP Loan

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Updated: February 24, 2021

We are currently accepting PPP loan applications online from existing Bank of Hawaii customers. If you already received a PPP loan through another lender, we encourage you to check with that lender for your second PPP loan.

Following recently announced guidance from the Small Business Administration, completed loan applications for businesses with 20 employees or more will be submitted to the SBA after March 9, 2021. The SBA will continue to accept completed loan applications until March 31, 2021 or until funding runs out, whichever comes first.

Your business has likely faced numerous challenges throughout this pandemic and is continuing to persevere. The additional Paycheck Protection Program (PPP) funding comes at a critical time for many small businesses and we’re here to help.

The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.  The Small Business Administration (SBA) will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

Documents to Prepare


Document Checklists

While your business may have a unique situation, click one of the links below for a preliminary lists of documents that will likely be needed to process your PPP loan.

When applying for for a Second Draw Loan, here are main categories for which you'll need to provide documentation.

For loans $150,000 and under

  • Payroll: These documents will show the total costs of payroll including other payroll expenses such as unemployment insurance, retirement contributions, and health insurance contributions.
  • Operational as of February 15, 2020: You’ll need to show that your business was in operation on February 15, 2020. If you have employees, you’ll also need documentation to demonstrate that you had employees as of the same date.
  • Business Entity: These are the general documents of your business and business owners.

For loans over $150,000

  • Same categories as loans $150,000 and under plus
  • Revenue reduction: Documentation that demonstrates at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 or annually for 2019 and 2020. Please note that if your loan request is $150,000 or less, you may defer providing this documentation until your loan forgiveness application. For more details on calculating the revenue reduction, click here.

Business Entity Documents

If you received your PPP loan through Bank of Hawaii and there are no changes to these documents, you do not need to resubmit.

  • Articles of Incorporation/Organization of each borrowing entity
  • By Laws/Operating Agreement of each borrowing entity
  • All owners Driver’s Licenses


Who May Qualify

Bank of Hawaii will accept applications from existing customers who have been affected by the COVID-19 crisis. In general, you may be eligible for a Second Draw PPP Loan if your business meets all of the following: 

  • Previously received a First Draw PPP Loan and will or has used the full amount for eligible expenses only
  • Has 300 employees of less
  • Able to demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Program Details



5 years

Interest Rate


Payment Deferral

Payments are deferred for 10 months after the end of the Covered Period, unless a borrower applies for forgiveness during that time. If a borrower applies for forgiveness during that time, loan payments will be deferred until the SBA remits the borrower’s loan forgiveness amount to the lender.

Maximum Amount

$2 million

Loan Amount Calculation

In general, loan amounts may be up to 2.5x average covered monthly payroll expenses based on 2019, 2020, or the previous 12 months.

  • Entities in the Accommodation and Food Services industries (NAICS code 72), may receive up to 3.5x instead of the 2.5x amount.

For more details on how to calculate your PPP loan amount based on your business type, review this document from the SBA.

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.

Forgiveness Requirements

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:

  • 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

Application Deadline

The SBA will accept completed PPP loan applications until March 31, 2021 or funding runs out, whichever is earlier.

How to Apply

Apply today for a PPP loan. Our online application portal simplifies and streamlines the application process. You’re able to safely apply and upload your documents from the comfort of your home or office. Be sure to have the documents you’ll need handy in electronic form. 

Please note: Applications for second draw PPP loans are currently being accepted for Bank of Hawaii customers who received their first PPP loan through Bank of Hawaii. If you already received a PPP loan through another lender, we encourage you to check with that lender for your second PPP loan. Applications will be processed only through our online portal. We are not accepting any applications in our branches, over the phone, fax, email, or mail. Applications are reviewed in the order they were submitted.

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More information or questions

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

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