Click here to open or close the menu
COVID-19 Business Relief & Resources

Is your business affected by COVID-19?

Supporting our small business community

We know many in our local community are experiencing financial hardship, especially small businesses, and we're here to help. We believe in small businesses and have helped many overcome challenges. While we are likely facing our biggest challenge to date, we are honored to be your partner as we move forward.

Loan Forgiveness and the Paycheck Protection Program

If you participated in the Paycheck Protection Program (PPP), one of the most important features of the program is loan forgiveness. Since its inception in March 2020, multiple changes to the law have shaped the Paycheck Protection Program. Up to 100% of the loan principal and accrued interest may be forgiven when used for eligible expenses subject to certain limitations and requirements. Understanding the requirements for loan forgiveness is essential because you will be responsible to make payments for any unforgiven portion of your loan. Learn more about loan forgiveness for your PPP loan.

CARES Act and the Paycheck Protection Program

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, providing relief for American workers and small businesses. The Act established several new temporary U.S. Small Business Administration (SBA) programs, in addition to traditional SBA programs, to address the COVID-19 outbreak. One of the new loan programs, offered with the support from the SBA, is called the Paycheck Protection Program (PPP).

Due to the overwhelming demand, Congress approved an additional $310 billion to increase the funds available through the SBA. Additionally, the Paycheck Protection Program Flexibility Act of 2020 included updates to the rules for PPP loan forgiveness, especially when and how borrowers can use their loan funds, allowing more businesses to eliminate or significantly reduce their loan repayment.

We are not accepting new PPP loan applications at this time. To find other SBA approved lenders near you, please visit the SBA’s site.

Paycheck Protection Program

What is the Paycheck Protection Program (PPP)?

The SBA Paycheck Protection Program is a program through the U.S. Small Business Administration passed into legislation on March 27, 2020 as part of the CARES Act to help businesses that have been impacted by COVID-19.

Visit the SBA’s site for more information and the latest updates on the Paycheck Protection Program.


  • Loan amounts up to 2.5x average covered monthly payroll and selected overhead expenses (not to exceed $10 million)
  • No fees or prepayment penalties
  • No business collateral or personal guarantee required
  • Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered period
  • Interest rate of 1%
  • Loan term of 2 years, except for loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020, which have a loan term of 5 years
  • Payment will be deferred until the date the SBA remits the borrower’s loan forgiveness amount to the lender. For those who do not apply for forgiveness, the deferral period will be for 10 months after the end of the borrower’s loan forgiveness covered period.

*All terms are subject to change based on the U.S. Small Business Administration guidelines


  • Businesses/entities in operation on February 15, 2020;
  • Small Businesses, 501(c)(3) nonprofits, 501(c)(19) veterans organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard;
  • Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location
  • Sole proprietors or independent contractors and eligible self-employed individuals; and
  • Affiliation rules are waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Small Business Administration, any small business concern in the accommodations and food services sector, and any company that receives funding through a Small Business Investment Company

Documents to prepare

Below is a preliminary list of documents that will likely be needed to process the PPP loan.

  • Completed Application  
  • Articles of Incorporation/Organization of each borrowing entity  
  • By Laws/Operating Agreement of each borrowing entity  
  • All owners Driver’s Licenses  
  • Payroll Expense verification documents for the last year (March 2019-March 2020)
    • IRS Form 940 and 941
    • If you do not have the IRS Forms:
      • Payroll Summary Report with corresponding bank statement  
      • If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15, 2020 (or corresponding period) with corresponding bank statement, and, breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)  
    • 1099s (if Independent Contractor)  
  • Certification that all employees live within the United States. If any do not, provide a detailed list with corresponding salaries of all employees outside the United States.

What if I have other questions?

Please visit our FAQ page with answers to common questions regarding the Paycheck Protection Program, including information on loan forgiveness.

Our Paycheck Protection Program process


Applicant uploads completed application and supporting documents via

Validate application

Our loans team reviews the application and documents for completeness and to assess eligibility.

Approval from SBA

Your loan is ready to be sent to the SBA for approval. The SBA will assign an SBA loan number, if approved.

Sign and fund

Upon approval, you will receive an email from DocuSign for electronic review and signing of your loan documents. You loan funds are deposited into your specified Bank of Hawaii account.

Community Small Business Service Providers

We are here to support you along the way and will continue to update you and provide additional resources as we learn more about the relief being offered to businesses.

EIDL Program

Administered by the SBA, the Economic Injury Disaster Loan provides up to $2 million of financial assistance to small businesses or private, non-profit organizations.

Frequently Asked Questions

Resources for Businesses

Your privacy

We use cookies to improve your experience on our site, show you personalized content, and analyze our traffic. By continuing to use this site, you agree to our use of cookies as described in our Online Privacy Policy.

You're about to exit

Links to other sites are provided as a service to you by Bank of Hawaii. These other sites are neither owned nor maintained by Bank of Hawaii. Bank of Hawaii shall not be responsible for the content and/or accuracy of any information contained in these other sites or for the personal or credit card information you provide to these sites.