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 recently 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.
October 9, 2020: The SBA just released a streamlined application, Form 3508S, for borrowers with loans less than or equal to $50,000 (excluding borrowers with affiliates who received PPP loans totaling $2 million or more). We are working diligently to update our Forgiveness Portal to accommodate Form 3508S and will notify you as soon as the new application is available in the Portal. Please refer to the Form 3508S Instructions for additional details about this streamlined application.
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.
- Please refer to the Forgiveness Application Guide to help you determine which forgiveness application to complete - Form 3508 or Form 3508EZ
- 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, we recommend that you first determine which forgiveness form you should complete. There are two forgiveness forms - Form 3508 and the simplified Form 3508EZ - that are available in the Forgiveness Portal. Please refer to the Application Guide or SBA’s Checklist for Using SBA Form 3508EZ to help you determine which application is right.
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
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.