Borrowers are eligible to apply for loan forgiveness after the covered period has ended and prior to the deferment period end date. The covered period is the time frame the borrower has selected to spend PPP funds on eligible expenses between 8 weeks and 24 weeks, which begins upon receiving the PPP loan funds. The deferment period end date is 10 months after the covered period ends.

Borrowers are eligible to apply for loan forgiveness eight weeks after their loan has been funded. You must apply for forgiveness through ASB. All applications and supporting documents must be submitted through the portal.

No. A borrower needs to submit a loan forgiveness application any time on or before the maturity of the loan to be considered for full forgiveness. All applications and supporting documents must be submitted through our Online Portal.

If your PPP loan is $150,000 or less you should use Form 3508S. Login to the Online Portal to complete the 3508S form.

Although documentation requirements may change, you may need to submit the following documents:

• Payroll tax filings reported to the IRS
• Payroll summary reports reflecting FTE headcount and individual salary and wages
• State income, payroll, and unemployment insurance filings
• Documents verifying any retirement and health insurance contributions
• Payment receipts, canceled checks, bank statements, or other documents verifying payment on covered mortgage interest, lease, or utility payments

For information on what documents are required:

• 3508 Document Checklist
• 3508EZ Document Checklist

Your entire PPP loan may be forgiven if you use the money for eligible expenses during the 24 week period after you received the loan. To receive full loan forgiveness, a borrower must use at least 60% of the loan proceeds for payroll costs, and not more than 40% of the loan forgiveness amount may be attributable to non-payroll expenses (e.g. mortgage interest, rent, utilities). Under SBA guidelines, your loan may not be fully forgiven if you’ve reduced the number of employees or the amount of employee compensation.

Any unforgiven portion of a PPP loan will continue to accrue interest at 1%, and have a maturity date that is two years for loans made by 6/4/20 and five years for loans made on or after 6/5/20. Borrowers have a 10 month deferral period before they must begin to repay any unforgiven loan funds. This means that you must begin paying principal and interest 10 months after the end of the 24-week period after you received the loan, unless you apply for forgiveness. If you apply for forgiveness, we will notify you of any unforgiven amount and the date that your first payment is due.

As a result of the Paycheck Protection Flexibility Act, principal and interest payments begin 10 months after the end of the 24-week period after you received the loan, unless you apply for forgiveness. If you apply for forgiveness, we will notify you of any unforgiven amount and the date your first payment is due.

Furloughing employees due to a local government imposed lockdown after spending PPP funds will not reduce forgiveness provided the borrower spent funds on eligible payroll and non-payroll expenses and can document the following:

1. The borrower was unable to operate during the Covered Period (24 weeks from loan disbursement) at the same level of business activity as before February 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by certain federal government agencies relating to sanitation or social distancing in the context of COVID-19. This also applies to requirements established or guidance issued by local governments as decision making is based in-part on guidance from the federal government.
   • Documentation:
     • Retain copies of historical financial statements that document the inability to return to the same level of business activity.
2. The borrower restored its FTE employee levels by no later than December 31, 2020. Ignore reductions due to an inability to rehire similarly qualified employees or due to an employee refusing a borrower’s offer to restore hours.
   • Documentation:
     • Retain written copies of your offer(s) to rehire at the same salary or wages and same number of hours.
     • Borrower must inform the applicable state unemployment office of the employee’s rejected offer.

The rules and guidance regarding forgiveness are subject to change and the information provided in these FAQs are for general informational purposes only and should not be construed as advice. If you would like more detailed information regarding forgiveness requirements, we’ve included a few helpful resources below.

• U.S. Department of the Treasury
• Small Business Administration Frequently Asked Questions
• U.S. Chamber of Commerce Guide to PPP Loan Forgiveness
• U.S. Senate Committee on Small Business & Entrepreneurship

• ONLINE PORTAL REGISTRATION: Both new PPP loan and forgiveness applications use the same Online Portal. If you’ve received your registration email and previously logged in, you can log in to the Online Portal here using your Email and Password. Remember to use Google Chrome web browser.
  
  If you have not received a registration email, please email us your request at asbcareshelp@asbhawaii.com. Please include your business name in your request. Upon receipt of your registration email, the link will be available for 7 days to create your password.
  
  If you’ve received your registration email and you forgot your password or did not log in, please use the “Forgot password?” link to reset your password.
  
  You may visit the Online Portal to apply at any time. All applications must be submitted through the Online Portal.
   
• ONLINE APPLICATION: Please confirm your business information and upload your payroll and non-payroll expense information and documentation. An incomplete application may cause a delay with your loan forgiveness request. Please don’t forget to upload your supporting payroll and non-payroll expense documentation.
   
• ASB REVIEW: We will review the information and documentation you submit through the Customer Portal and contact you if additional documents are required. Your patience is appreciated as the review may take up to 60 days to complete. We will notify you of your potential forgiveness amount prior to submitting to the SBA for final approval.
   
• SBA FORGIVENESS DECISION: The SBA will notify ASB of their final decision on the potential forgiveness amount within 90 days of ASB’s submission. We will notify you of the SBA’s decision, final forgiveness amount, and first payment date if applicable. Notification of your final forgiveness amount may take up to 150 days from submission of a complete loan forgiveness application due to the volume of applications and required SBA review.

All applications must be submitted through the portal. At this time we will not accept applications by email, or paper applications by mail or in our branches.

Here is a helpful guide on how to reset your password.

No, we have your information on file and it will auto-fill the loan application in the portal.

There are no restrictions on the file types to upload documents in the portal. PDF, excel and word are all acceptable document types. The maximum file size is 40 MB.

SBA has streamlined the loan forgiveness application for PPP loans $50,000 and under. We are in the process of updating our online portal and will be communicating with impacted businesses when it is time to apply. We will continue to update this site with the latest information, please check back for updates.

• An email invitation will be sent to you once the portal is available to accept applications. All applications must be submitted through the portal. At this time we will not accept applications by email, or paper applications by mail or in our branches.
• If you have additional questions, please also refer to the US Department of the Treasury. This site contains frequently asked questions and application instructions as well as other pertinent information.

The EIDL is a low interest federal disaster loan offered by the Small Business Administration (SBA) to small businesses and non-profit organizations. This is a loan that needs to be repaid by the borrower and is separate from the Paycheck Protection Program (PPP) loan.

The EIDL Advance was a grant program offered together with the Economic Injury Loan Program. The amount of the grant was determined by the number of employees indicated on the EIDL application and was up to a maximum of $10,000. The EIDL Advance amount is separate from your EIDL.

If you received a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) between January 31, 2020 and April 2, 2020 you may be able to use your PPP loan to refinance the EIDL loan as follows:

• If the EIDL loan was used for purposes other than payroll, you may, but are not required to refinance the EIDL loan with the PPP loan.
• If the EIDL loan was used to cover payroll costs, the PPP loan must refinance the full amount of the EIDL loan.

If PPP loan proceeds allocated to refinance your EIDL loan were disbursed directly to you, you must remit the funds directly to the SBA using the U.S. Treasury website Pay.gov (https://pay.gov/public/form/start/3723407). You can obtain your EIDL loan payoff information by contacting the SBA Disaster Loan Servicing Center at (800) 736-6048.

We’ve received guidance related to the Coronavirus relief bill, we would like to update you on how it will impact your existing Paycheck Protection Program (PPP) loan. The new law includes a provision that repeals the automatic deduction of Economic Injury Disaster Loan (EIDL) advances from PPP loan forgiveness amounts. You do not need to make payments on your PPP loan until further notice.

Thank you again for your continued patience and partnership. We will keep you posted on when you need to make a first payment.

The SBA Paycheck Protection Program is a loan program established by the Coronavirus Aid, Relief, and Economic Security Act to help small businesses retain and pay their employees. The loan proceeds cover the business’ payroll cost, mortgage interest, rent, and utilities for 24 weeks. The loan may be partially or fully forgiven if the business retains its full-time employee count, and maintains salaries and wages.
 
To learn more, visit the U.S. Treasury website, where they have a list of FAQs and more information on the program: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf. You can also visit the SBA PPP website.

To comply with the SBA’s program requirements, American Savings Bank reports all SBA loans including your PPP loan payment activity to the credit bureaus, such as Experian and Equifax.

For credit report questions please contact:

• Experian
  Experian.com
  1(888)-EXPERIAN
  PO Box 2002
  Allen, TX 75013
   
• Equifax
  Equifax.com
  1(800) 685-1111
  PO Box 740241
  Atlanta, GA 30374
   

Please visit the SBA site https://www.sba.gov/disaster-assistance/coronavirus-covid-19 for more information on other SBA loan options. Economic Injury Disaster Loan requests are accepted directly through the SBA site: https://covid19relief.sba.gov.

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