The Federal Government passed the CARES Act to provide relief to Americans impacted by the economic crisis caused by the Coronavirus (COVID-19.) In response to the CARES Act, the Small Business Administration created the Paycheck Protection Program (PPP). The PPP is designed to offer quick funded loans to help small businesses keep their workers employed.
Applications will be collected until August 5, 2020.
Already a HawaiiUSA Business Member?
To apply for the Paycheck Protection Program, you will need to have following documents
- PPP Application Form (completed and signed)
- Supporting Tax Documents identical to those submitted to the IRS1
- Entity Documents2
You will need to upload the listed documents when you Apply for SBA PPP
Treasury Department Paycheck Protection Program Fact Sheet
For more information, please refer to Interim Final Rule, updates, and FAQs available from the Small Business Administration and United States Department of Treasury:
1Examples of Tax Documentation that may be submitted to support payroll expense calculations:
- Certified payroll summary report from third party processor and IRS Form 940/941s
- Form w-2/w-3 for each employee
- Schedule K-1 for each owner
- Form 1099-MIsc for each independent contractor
- Schedule C or Profit & Loss Statement for each sole proprietor
2Copy of all Entity Documents
- Corporation: Articles of Incorporation and By-Laws
- Partnerships: Partnership Agreement
- LLC: Articles of Organization and Operating Agreement
- LLP: Partnership Agreement and Operating Agreement
- Proprietorship: GET License
- All Entity Types: Trade Name Registration
All loan terms will be the same for everyone
- The loan amounts will be forgiven as long as
- Loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and
- Employee and compensation levels are maintained.
- Payroll costs are capped at $100,000 on an annualized basis for each employee
- Loan payments will be deferred for 6 months
Who is eligible?
- Small businesses with less than 500 employees (including self-employed, sole proprietors, and independent contractors)
- Private non-profit or 501 (c)(19) veterans' organizations
- Business exceeding 500 employees may be eligible if they meet the SBA size standards for the respective industry
- Small businesses in the hospitality and food industry with more than one location can also be eligible at the individual store/location level if the store/location employs less than 500 employees
Small businesses and sole proprietors can apply for and receive loans to cover their payroll and other certain expenses from April 3, 2020
Independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses from April 10, 2020
Not a HawaiiUSA Business Member yet? Learn more about business membership.
Business Membership process could take up to six weeks.