The Federal Government passed a new relief act called the Economic Aid Act which extends the authority to make Paycheck Protection Program (PPP) loans with slight amendments to the program requirements. The PPP is designed to offer quick funded loans to help small businesses keep their workers employed.
We are currently accepting Second Draw applications
Who is eligible to apply for the Second Draw PPP loan?
HawaiiUSA will only be accepting applications from business members who previously received PPP funds from HawaiiUSA (referred to as Second Draw businesses). Second Draw businesses must meet all of these qualifications:
- Have no more than 300 employees
- Have previously received a PPP loan and have used or will use the full amount on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower
- Must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. A borrower must calculate this revenue reduction by comparing the borrower’s quarterly gross receipts for one quarter in 2020 with the borrower’s gross receipts for the corresponding quarter of 2019
For more information, see the Interim Final Rule on Second Draw PPP Loans
How do qualifying Second Draw businesses apply?
Can businesses get a First Draw PPP loan?
Yes, qualifying businesses may learn more about First Draw PPP loans and find lenders on the U.S. Small Business Administration website. HawaiiUSA is not lending to First Draw businesses at this time.
For more information, please refer to Interim Final Rule, updates, and FAQs available from the Small Business Administration and United States Department of Treasury:
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