Bank of Hawaii Accepting SBA Applications Online from Existing Customers for COVID-19 Relief
April 2nd, 2020
On Friday, March 27, President Trump signed the CARES (Coronavirus Aid, Relief, and Economic Security) Act into law. Nearly $350 billion will be available to help U.S. small businesses through the CARES Act, which includes the Paycheck Protection Program (PPP), an expansion of the Small Buiness Administration’s 7(a) loan program and the Economic Injury Disaster Loan Program (EIDL), administered directly by the SBA.
“Our focus is to do everything we can to help our customers keep their workers employed amid the pandemic,” said Peter S. Ho, Bank of Hawaii’s chairman, president and CEO. “Bank of Hawaii is prepared to accept applications online to help get funds as quickly as possible through the CARES Act’s Paycheck Protection Program.”
Bank of Hawaii’s dedicated webpage on the CARES Act – www.boh.com/ppp – includes an online loan application to help streamline the process, as well as program eligibility, requirements, instructions, frequently asked questions, and additional resources.
Given the volume of SBA applications, Bank of Hawaii is currently accepting applications from existing customers. All applications must be submitted online. Please do not drop off applications at a BOH branch, as the bank continues to practice social distancing for the safety of the entire community.
The Paycheck Protection Program provides loans to small businesses who were affected by economic conditions as a result of COVID-19 to provide cash-flow assistance to employers who maintain their payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt during this emergency. Eligible borrowers need to make a good faith certification that the uncertainty of current economic conditions make requesting assistance necessary to support ongoing operations.
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