Updated: April 13, 2020
Hawai‘i financial institutions are beginning to accept applications for Small Business Administration (SBA) PPP loans. All PPP loans have the same terms regardless of which SBA-certified lender you choose.
Those intending to apply should prepare the following applicable forms or documentation:
• IRS Form 941 Employers Quarterly Tax returns for 2019
• IRS Form 1099 MISC: 2019
• Additional payroll documentation including payroll schedule or reports from CPA, bookkeeper, or payroll provider
The SBA processing application dates are April 3 for small businesses and April 10 for independent contractors. However, the following local SBA lenders are releasing application info ahead of time to provide early application assistance and collection:
If you have a preferred lender that is not listed above, we suggest reaching out to them to see if they are also accepting SBA PPP loan applications.
The SBA is taking applications for EIDLs directly on their site. When applying for an EIDL, you can request for an emergency grant advance of up to $10,000 for small businesses and private non-profits affected by COVID-19. The advance is supposed to be released within 3 days of the SBA receiving the application and may be forgiven if the borrower uses it on paid leave, maintaining payroll, mortgage or rent payments, repaying debt obligations due to revenue loss and increased costs due to supply chain interruption.
If you apply for an EIDL and its $10,000 grant advance, you can still apply for the PPP loan.
More info on these loans can be found here.
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