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Central Pacific Bank begins new round of Paycheck Protection loans

  • STAR-ADVERTISER STAFF

    STAR-ADVERTISER STAFF

Central Pacific Bank said today its online application form is now available for small businesses to apply for the second round of the Paycheck Protection Program.

The Small Business Administration’s PPP portal experienced technical glitches on Monday, the first day of the reopened PPP program.

The PPP is part of the coronavirus stimulus bill and all loans have the same terms regardless of the lender.

Central Pacific’s loan application form is on its website at cpb.bank/PPP. Once businesses complete the online form, CPB said it will work with them to prepare the necessary documents to complete the application, then submit the application to the SBA.

In the first round of the PPP, Hawaii banks secured 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 group executive vice president. “The initial $349 billion was exhausted in just 13 days, and the next round could be even faster.”

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 eight-week period after the loan is made; and employee and compensation levels are maintained.

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