COVID-19 Business Resources
City and County of Honolulu Small Business Relief and Recovery Fund grant program. Purpose is to reimburse small businesses for costs incurred from business interruption due to Emergency Proclamations and help small businesses implement safety precautions to prevent the spread of COVID-19. It is a reimbursement of up to $10,000 to qualified local small businesses.
State’s Recovery Program link – Stay up to date with policy changes, reopenings, and events.
The following is a list of resources to help small businesses with funding and resources to get through this COVID-19 economic disaster.
The US Small Business Administration (SBA) has reopened their application portals for the PPP and their EIDL and Advance programs with new rules:
- Paycheck Protection Program (PPP)
- Requirement to spend 75% of funds on payroll changed to 60%
- There is more time to use the loan (from 8 weeks to 24 weeks)
- More time to re-hire workers (deadline was June 30 now is Dec 31)
- Hurry! To be eligible, borrowers must get their loan application numbers by June 30!
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
- Economic Injury Disaster Loans and Loan Advance (EIDL)
- Small business owners are eligible to apply for an Economic Injury Disaster Loan 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 to help small businesses 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.
- Debt Relief
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
- SBA Express Bridge Loans
- Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Find out more at the SBA Coronavirus Relief Options site.
The Main Street Lending Program Lender Portal is OPEN! The program, which will operate through three facilities – the Main Street New Loan Facility, the Main Street Priority Loan Facility, and the Main Street Expanded Loan Facility – is designed to help ensure that small and medium-sized businesses have access to the credit they need to get through this challenging period.
Get help with your applications
Technology and Manufacturing Businesses
The Hawaii Technology Development Corporation (HTDC) has put together a list of resources and opportunities for tech and manufacturing companies to help find solutions and assistance for communities and first-responders.
Please ask your business banker for any assistance programs they might have that could help as well including but not limited to:
General COVID-19 updates and other resources
Department of Business, Economic Development and Tourism (DBEDT)’s list of resources for Hawaii small businesses