The purpose of this post is to share with you the latest information and resources for Hawaii’s small businesses affected by COVID-19.
1. Paycheck Protection Program
The recently signed Coronavirus Aid, Relief, and Economic Security (CARES) Act establishes a new $349 billion Paycheck Protection Program that prioritizes millions of Americans employed by small businesses by focusing on job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Click here to learn more.
2. Economic Injury Disaster Loans and Loan Advance
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan (EIDL) advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
3. Other Resources
In addition to the above key programs, please find other support programs and agencies at DBEDT’s COVID-19 Hawaii Business Resource Page, which we continue to update.
4. Stay in the Know
To ensure you receive the latest information, please sign up for the BDSD email news list.