Central Pacific Bank Opens Online Application Form for Second Round of Small Businesses Paycheck Protection Program Loans

HONOLULU, HI | April 28, 2020 – Central Pacific Bank (CPB), an approved SBA- certified lender, announced that their online application form is now available for small businesses to apply for the second round of the Paycheck Protection Program (PPP). The Small Business Administration's PPP portal experienced technical glitches on Monday, the first day of the reopened PPP program.

The loan application form will be 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.

In the first round of the PPP, Hawaii banks worked around the clock to secure essential funding totaling more than $2.1 billion for more than 11,400 Hawaii businesses. The Hawaii Bankers Association estimates this funding will help to preserve more than 170,000 jobs statewide.

“For small businesses that missed the first round of the PPP, it's imperative that you act quickly to get your submissions ready,” said Arnold Martines, Central Pacific Bank, Group Executive Vice President. “The initial $349 billion was exhausted in just 13 days, and the next round could be even faster—CPB is here to help.”

The PPP is part of the coronavirus stimulus bill, where an additional funding is anticipated for the small business loan program.

All loans have the same terms regardless of the lender:

• No Collateral or Personal Guarantee
• No Fees
• 0% 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

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