Small Business Relief
Paycheck Protection Program
Hawaii National Bank is committed to ensuring that Hawaii business owners receive the support and latest updates you need during the COVID-19 pandemic.
Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist small businesses that have been impacted by the COVID-19 pandemic. The Paycheck Protection Program (PPP) was created to help small businesses cover certain business expenses like employee payroll costs, rent, mortgage interest, and utilities.
April 28, 2021: The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
For more information on the grant and how to apply, please visit the SBA website here.
March 31, 2021: The U.S. Small Business Administration’s Paycheck Protection Program (PPP) has been extended past the original March 31, 2021 deadline. Please contact your Hawaii National Bank Relationship Officer directly to apply or call (808) 528-7800 to get started.
March 4, 2021: The U.S. Small Business Administration’s Paycheck Protection Program (PPP) has been expanded for sole proprietors, independent contractors, and self-employed individuals. Eligible applicants who file a Schedule C as part of their federal tax return can now calculate their PPP loan amount using their Gross Income instead of Net Income.
General SBA PPP loan application forms and additional information are available here. We encourage interested applicants to prepare by gathering supporting documents. Please contact your Hawaii National Bank Relationship Officer directly to apply or call (808) 528-7800 to get started.
February 19, 2021: PPP loan forgiveness changes approved under the Economic Aid Act will be reflected on all forms and will be available in the Hawaii National Bank online forgiveness portal, effective March 5, 2021. Changes include new non-payroll costs, such as operations expenditures, property damage, supplier costs and worker protection expenditures, to help borrowers reach full forgiveness.
For Borrowers with PPP loans of $150,000 or less:
Use Revised Form 3508S. Qualified borrowers are not required to submit supporting documents with this new form. You can prepare by calculating your payroll costs and requested loan forgiveness amounts.
For Borrowers with PPP loans greater than $150,000:
You may complete and submit forgiveness applications at any time, but may want to wait until the new non-payroll categories listed above are available on March 5th. If you are not eligible, please apply using Form 3508. Please refer to the Forgiveness Application Guide to help you determine which forgiveness application to complete, Form 3508EZ or Form 3508.
There are four steps for PPP Loan Forgiveness:
1. Online Portal Registration
- You should have received an email for access to your Forgiveness Portal. The email was sent from SBA.PPP.Forgiveness@hnbhawaii.com.
- If you did not receive the email, please contact your Relationship Officer directly.
2. Complete Forgiveness Application
- You will need to complete the application and upload documents in accordance with SBA guidelines to the Hawaii National Bank online portal.
- Please refer to the Forgiveness Application Guide to help you determine which forgiveness application to complete – Form 3508, Form 3508EZ, or Revised Form 3508S. The Hawaii National Bank online forgiveness portal will reflect any new changes to the forgiveness guidelines beginning March 5, 2021.
- Please refer to the Forgiveness Portal Guide for helpful instructions to complete the application in the Forgiveness Portal.
3. Hawaii National Bank Reviews Forgiveness Application
- HNB has up to 60 days to review a signed application and submit to the SBA.
4. SBA Forgiveness Decision
- The SBA has 90 days to review and issue the forgiveness decision.
- Borrowers can appeal the SBA's forgiveness decision directly with the SBA. However, SBA interim final rules around appeals have not yet been released.
Loan Forgiveness - Where to Begin
To prepare for the forgiveness application, first determine which forgiveness form you should complete. There are three forgiveness forms - Form 3508, Form 3508EZ, and Revised Form 3508S. Borrowers with loans equal to or less than $150,000 should use the revised Form 3508S which will become available on the online portal from March 5, 2021. Borrowers with loans greater than $150,000 should first determine whether they are eligible for Form 3508EZ. If you do not qualify for Form 3508S or Form 3508EZ, please use Form 3508. Please refer to our Forgiveness Application Guide to help determine which form to use.
You can also begin preparing support documents for your forgiveness application. Please keep in mind that support documents vary depending on your application type and use of funds. In addition to submitting support documents, SBA guidelines also require borrowers to maintain certain types of information that may be requested by the SBA. Refer to SBA instructions for the most up-to-date guidance:
Form 3508 – Refer to page 10
Form 3508EZ – Refer to page 4
Revised Form 3508S – Refer to page 3
NOTE: The SBA continues to make revisions to the Paycheck Protection Program, and information is subject to change. As such, additional documentation and information may be required.