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.
June 7, 2021: Hawaii National Bank’s online forgiveness portal is now open for all Paycheck Protection Program loans originated in 2021. If you have not received a Forgiveness Request Link email yet, please contact your Relationship Officer directly. Please see the Loan Forgiveness section below for more information.
May 17, 2021: Hawaii National Bank is no longer accepting PPP applications due to the high volume already received. We are working diligently to process existing applications ahead of the May 31, 2021 SBA submission deadline.
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.
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. 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.