Central Pacific Bank Announces Online Application Form for Small Businesses Paycheck Protection Program Loans

HONOLULU, HI | April 01, 2020 – Central Pacific Bank (CPB), an approved SBA-certified lender, announced that they have launched an online application form for small businesses to apply for the Paycheck Protection Program (PPP). The loan application form, is available 24/7, and can be found on the CPB website at cpb.bank/PPP. Once businesses complete the online form, CPB will work with them to prepare the necessary documents to complete the application, then submit the application to the SBA. CPB invites all small businesses in Hawaii to apply immediately.

“Small businesses in Hawaii have been hit hard by COVID-19,” said Paul Yonamine, Central Pacific Bank chairman. “We know that business owners are eager to apply for the recently announced Paycheck Protection Program and CPB is here to help.”

The PPP is part of the $2.2 trillion coronavirus stimulus bill, where $349 billion was earmarked for the small business loan program.

All loans have the same terms regardless of the lender:

• No Collateral or Personal Guarantee
• No Fees
• 0.50% Interest Rate
• No Payments for 6 Months
• Loans will be forgiven as long as:
• The 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.

For more details on the PPP, visit cpb.bank/PPP.

In addition, CPB will be hosting an interactive discussion with Jane Sawyer, director of Hawaii district office of the Small Business Administration, to discuss the PPP loan program and help businesses navigate the COVID-19 crisis.

When: Thursday, April 2 at 10:00 a.m. (HST)
Where: Online event for SBA Paycheck Protection Program (PPP) Loans: What You Need to Know. Register here 
Presenters: Jane A. Sawyer, District Director, Small Business Administration (SBA) Hawaii District Office; Susan Utsugi, Senior VP and Division Manager of Business Banking, Central Pacific Bank

For more information on upcoming business webinars: cpb.bank/webinars