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Paycheck Protection Program (PPP)

Central Pacific Bank’s Paycheck Protection Program (PPP) loan portal is now accepting applications for First Draw and Second Draw PPP loans. See application links below.


Updates as of 1/18/2021

Due to limited resources, Central Pacific Bank is focused on helping itexisting small business clients gain access to PPP loans. To open a CPB business deposit account, please review the new account checklist and visit a branch that is convenient to you. Find locations and hours here. If an applicant does not currently have a CPB business checking or business savings account and is unable to visit a branch to open an account, we request that you please contact another PPP lender to obtain a PPP loan.  

This round of PPP funding was included in the Economic Aid Act signed on December 27, 2020. You can read the relief bill in full here. In turn, the SBA published a consolidated Interim Final Rule on Jan. 6, 2021, relating to the PPP.

See required PPP loan documents for your business here.

Apply for a First Draw PPP Loan

Apply for a First Draw PPP Loan

If this is the first PPP loan for your business, you’re able to apply for a First Draw PPP Loan for up to 2.5 times the average monthly payroll costs incurred or paid during 2019 or the 12 months prior to the loan date, for a maximum of $10 million.

Need help figuring out how to calculate maximum loan amounts for First Draw PPP Loans and what documentation to provide? See Small Business Administration document guide to assist.

See how to start your PPP First Draw Loan application.

PPP First Draw Loan Webinar

Apply for a First Draw PPP Loan
Apply for a Second Draw PPP Loan

Apply for a Second Draw PPP Loan

If your business previously received a First Draw PPP Loan, you may apply for a Second Draw PPP Loan of up to $2 million with the same general loan terms as the First Draw PPP Loan.

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5 times average monthly 2019 or 2020 payroll costs up to $2 million.  For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a Second Draw PPP Loan is 3.5 times average monthly 2019 or 2020 payroll costs up to $2 million. 

Need help figuring out how to calculate maximum loan amounts for Second Draw PPP Loans and what documentation to provide? See Small Business Administration document guide to assist.

See how to start your PPP Second Draw Loan application.

PPP Second Draw Loan Webinar

Apply for a Second Draw PPP Loan

Our commitment to supporting individuals with disabilities


Central Pacific Bank is committed to making our products and services accessible to meet the banking and financial services needs of all our customers. If you are unable to complete the application for PPP forgiveness on your own, visit your local branch or give us a call. A friendly CPB banker will be ready to assist you.

TTY/TDD (Hearing Impaired) Number: 808-532-4920
Visit a Branch: https://www.cpb.bank/locations

Who is eligible to apply for PPP Round 3 with CPB?

To apply for a First Draw or Second Draw PPP loan with CPB, we are requiring applicants to have an existing CPB business checking or business savings account in the name of the borrowing entity.

Clients without a CPB checking or business savings account should review the new account checklist, then open an account at a branch convenient to you. Find locations and hours here.

PPP Round 3 (PPP3) loans will be available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they:

  • Have 300 or fewer employees.
  • Have used or will use the full amount of their first PPP loan.
  • Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.

PPP3 also makes the forgivable loans available to Sec. 501©(6) business leagues, such as chambers of commerce, visitors’ bureaus, etc., and “destination marketing organizations” (as defined in the act), provided they have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15, 2020.  

PPP3 will also permit first-time borrowers from the following groups:

  • Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.
  • Sole proprietors, independent contractors, and eligible self-employed individuals.
  • Certain not-for-profits, including churches.
  • Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 300 employees per physical location.

The bill allows borrowers that returned all or part of a previous PPP loan to reapply for the maximum amount available to them.

Maximum Loan Amount

All new PPP loans are limited to a maximum amount of $2 million. The basis for calculating the PPP loan amount is 2.5 times the average monthly payroll costs incurred or paid during 2019 or the 12 months prior to the loan date. For the accommodations and food service industry (NAICS 72), the multiple is 3.5 times instead of 2.5 times.

Simplified Loan Application Process for Loans up to $150,000

Entities requesting smaller loans will not be required to submit documentation supporting the decline in gross receipts. Rather, they will simply need to submit a certification attesting to the revenue loss to qualify. However, it is important to note that documentation to substantiate the revenue loss will be required to be submitted to the lender at or before the time of filing for forgiveness.

Other Significant Changes

Additional changes from the Act include:

  • The Economic Injury Disaster Loans (EIDL) advance amount will no longer be deducted from PPP forgiven loan amounts.
  • PPP borrowers are now eligible for Employee Retention Credits, providing the same wages are not used to calculate both the credit and forgiven loan amounts.
  • The covered period for all borrowers, including existing PPP loan borrowers, has been extended until March 31, 2021.
  • Expansion of eligible nonprofits to include certain 501©(6) and destination marketing organizations.

Stay Tuned

There are many important aspects of the new law that businesses need to understand, including payroll tax deferrals, Employee Retention Credit changes and more. We will issue additional updates on these topics as details of the new law becomes available.

About the Original PPP program

As part of the CARES act, the Federal Government authorized aid toward job retention and certain other expenses.

The Paycheck Protection Program (PPP) was created to provide rapid funding to small businesses in the form of a forgivable loan. 

All loans have the same terms, regardless of which lender you chose to work with.

Additional Resources

 

This communication is as of January 18, 2020 and is intended to assist PPP applicants/borrowers in understanding and complying with the Paycheck Protection Program (“PPP”) laws, regulations, requirements and rules (collectively “PPP Rules”).  This is only a general description/summary of the matters covered herein. PPP applicants/borrowers should consult the PPP Rules for the complete coverage.  Central Pacific Bank (“CPB”) is not rendering any legal, tax, accounting, business or other advice to PPP applicants/borrowers in connection with the PPP which is a federal government program and subject at all times to the PPP Rules as they may be changed, amended or supplemented at any time by the federal government.  PPP applicants/borrowers are strongly encouraged to seek the advice of legal, tax, accounting, and other professional advisors respecting the PPP.  PPP applicants/borrowers are solely responsible for determining their eligibility for the PPP and compliance with all PPP Rules, and shall not rely on CPB or any employee or representative of CPB respecting the PPP Rules or any interpretation or application thereof. CPB has no obligation or responsibility to update this communication as additional PPP Rules are issued or if any PPP Rules are changed, amended or clarified.  PPP applicants/borrowers must monitor the government’s PPP websites at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses and https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program for any updates to the PPP Rules.

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