PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS
The Paycheck Protection Program Flexibility Act (PPPFA) that was recently signed into law, provides some added relief to PPP borrowers by extending deadlines and relaxing a few of the key rules regarding loan repayment and spending restrictions.
The CPB team is evaluating these changes and will communicate how they affect clients’ PPP loans and potential forgiveness.
Last updated: July 17, 2020
- Action needed: Urge the Senate to simplify forgiveness for PPP loans $150,000 and under - Central Pacific Bank, along with other financial institutions and their customers across the country, are urging their senators to support legislation that will streamline the forgiveness process for most borrowers who received loans through the PPP. We welcome your help in getting this bill passed. Take action here.
- Stay safe from scammers: Prevent fraud due to release of PPP program loan data - In an effort of transparency, the SBA, in consultation with the Treasury Department, released a spreadsheet of data that included information about PPP loans at the loan level. This spreadsheet includes the names of business recipients, their associated addresses, and lending partner.
This may result in the “bad guys” being able to easily target PPP loan recipients by phone or online, posing as someone from the bank. If you receive a suspicious communication regarding your PPP loan and are unsure of how to proceed, contact us immediately at [email protected] or 808-544-6865.
We know you may have questions. Central Pacific Bank is committed to sharing critical resources to help you understand the Paycheck Protection Program, and the upcoming loan forgiveness.
We’ll send you an email when our online loan forgiveness portal is available. Keep in mind:
Here are a few things you can do to prepare for Loan Forgiveness:
Responses to Frequently Asked Questions about PPP loan forgiveness.
Where do I go for information or question regarding loan forgiveness?
- Small Business Administration- Paycheck Protection Program (PPP)
- Consult with your CPA/Accountant or Legal Counsel
If you need assistance:
This communication is as of July 17, 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/borrower 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.