MAITE, GUAM\u2014First Hawaiian Bank today announced it will accept customer SBA Small Business Paycheck Protection Program applications online at sba.fhb.com through June 30, 2020; interested First Hawaiian Bank business customers can find out more information about the program and apply through the website.<\/p>\n
The SBA Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. This relief program, which is being implemented by the U.S. Small Business Administration with support from the U.S. Department of the Treasury, provides small businesses with a one-time, \u201cfully forgivable loan\u201d up to $10 million to cover up to eight weeks of payroll expenses, including benefits, and can also be used to make mortgage, lease and utility payments.<\/p>\n
The SBA will begin accepting applications starting April 3, 2020 for small businesses and sole proprietors and starting the following Friday, April 10, 2020 for independent contractors and self-employed individuals. Applicants can visit sba.fhb.com to submit the required information and First Hawaiian Bank will process their application with the SBA. The deadline to apply is June 30th, 2020.<\/p>\n
Online applicants will need to gather and provide the following additional documentation:<\/p>\n
-IRS Form 941 Employers Quarterly Tax returns for 2019, IRS Form 1099 MISC: 2019 and other payroll hat verify the number of full-time equivalent employees on payroll, the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments and covered utilities for the eight weeks after receiving the loan.<\/p>\n
– Important Loan Information (subject to change depending on further SBA guidance):<\/p>\n
\u2022 Funds are provided in the form of bank loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities.<\/p>\n
o Payroll costs are capped at $100,000 on an annualized basis for each employee.<\/p>\n
o It is anticipated that 75% of the forgiven amount must be used for payroll.<\/p>\n
\u2022 Loan payments will be deferred for six months; interest will then accrue at 0.5%.<\/p>\n
\u2022 No collateral or personal guarantees are required.<\/p>\n
\u2022 Neither government nor lenders will charge small businesses any fees.<\/p>\n
\u2022 Borrowers must keep employees on the payroll \u2013 or rehire quickly to be eligible for loan forgiveness.<\/p>\n
o Forgiveness is based on maintaining or quickly rehiring employees and maintaining salary levels.<\/p>\n
o Forgiveness will be reduced if full-time head count declines, or if salaries and wages decrease.<\/p>\n
\u2022 Businesses with 500 or fewer employees are eligible\u2014including nonprofits, veterans\u2019 organizations, tribal concerns, self-employed individuals, sole proprietorships and independent contractors.<\/p>\n
o Businesses in certain industries are eligible even if they have more than 500 employees. <\/p>\n
For additional information from the U.S. Treasury about the Paycheck Protection Program, please visit https:\/\/home.treasury.gov\/system\/files\/136\/PPP–Fact-Sheet.pdf. (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
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