Due to the economic downturn caused by the Covid-19 pandemic, HJA members may be in need of financial assistance. The U.S. Small Business Administration (SBA) is now working with banks for payroll assistance loans. The current program is called the "Paycheck Protection Program".
HJA Members should contact their bank to see if they are participating with the SBA loan program. Hawaii banks that we know are working with the SBA include:
American Saving Bank:
Bank of Hawaii:
Central Pacific Bank: https://www.cpb.bank/ppp
First Hawaiian Bank:
Hawaii USA Federal Credit Union: https://www.hawaiiusafcu.com/Resources/Education/Coronavirus-(COVID-19)-Update-Center
You download the SBA form, fill it out and then upload it to your bank. We have seen a couple of different versions of the SBA form, so we suggest you use whatever form/download your bank supplies. However, you can download the form directly from the SBA here:
In theory, a business can apply for a loan from a bank they don't currently do business with, but some banks (like BoH) seem to say that this is only available to existing customers. So HJA members should apply with their current bank whenever possible.
Applications are being accepted stating today (03-APR-2020) , so HJA members should act quickly as we suspect that banks and the SBA will be overwhelmed with applications and you don't want to be last in line.