SMALL BUSINESS ADMINISTRATION (SBA) PAYCHECK PROTECTION PROGRAM (PPP) LOAN
ABOUT THE PROGRAM
As part of the CARES act, the PPP provides funding to small businesses in the form of a forgivable loan. The PPP is available for small businesses to apply as of April 3. Independent contractors and self-employed workers can apply starting April 10.
CU Hawaii is an approved SBA-certified lender
All loans have the same terms regardless of which lender you choose:
- No Collateral or Personal Guarantee Required
- No Fees
- 1.00% Interest Rate
- Loans are Fully Forgiven*
- No Payments for 6 Months
*Loan amounts 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 maintained.
Click here for more information about the Paycheck Protection Program from the US Department of the Treasury.
Other CU Hawaii Business Loans
- Competitive rates for a wide range of business expenses:
- Working capital
- Real estate
- And more
- Small Business Administration (SBA) Loans available for qualifying businesses
- Repayment terms customized to work with your business plan
- Quick, local decision-making and processing
- Friendly, attentive service from start to finish