Hawai‘i small businesses are eligible for several financial aid programs in the wake of the COVID-19 pandemic. Applications will become available for some qualifying businesses as early as Friday.
The Department of Business, Economic Development and Tourism released a list of information and resources Wednesday to help guide businesses through the process.
1. Paycheck Protection Program
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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, and individuals who are self-employed or are independent contractors are all eligible if they also meet program size standards. Click here to learn more.
2. Economic Injury Disaster Loans and Loan Advance
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In response to the coronavirus pandemic, small business owners in all US states, Washington DC and all US 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.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
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3. Other Resources
In addition to the above key programs, the public can find other support programs and agencies at DBEDT’s COVID-19 Hawai‘i Business Resource Page, which the department continues to update.
4. Stay in the Know
To ensure you receive the latest information, sign up for the BDSD email news list.
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