Small Business Administration's (SBA) Paycheck Protection Program

 

January 15, 2021

As a part of the COVID-19 Relief Program signed off by the US Congress on December 27, 2020, the Small Business Administration and Treasury announced the reboot of the Paycheck Protection Program (PPP). Eligible applicants may apply for either a First Draw or Second Draw PPP loan. 

First Draw PPP loans are available for eligible business applicants who did not receive a PPP loan in 2020 and Second Draw PPP loans are available to business applicants who previously did receive a PPP loan. For more information about each loan and its eligibility requirements, click the links below.

First Draw PPP Loan Guidelines (PDF)
Second Draw PPP Loan Guidelines (PDF)

The last day to apply for either a First Draw or Second Draw PPP loan is March 31, 2021. Please note that the loan application must also be approved by the U.S. SBA on or before March 31, 2021 for the applicant to receive the loan proceeds.

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We will only accept applications from existing Bank of Hope business banking customers. 

For information about the SBA Paycheck Protection program (PPP) Loan Forgiveness, click here.

Bank of Hope reserves the right to discontinue accepting new applications at any time. While we are making a good faith best effort to process all applications received, we cannot make any assurances that they will be processed or approved timely due to the current and/or future limitations in our existing resources that may change daily due to the COVID-19 pandemic. Your understanding is greatly appreciated.


September 28, 2020

Dear PPP borrowers,

Bank of Hope will temporarily stop accepting PPP forgiveness applications until further guidance from the U.S. Small Business Administration (SBA) and the U.S. Treasury Department. You may continue to fill out the forgiveness application and the workbook; however, you will not be able to submit to Bank of Hope for review.

We are closely monitoring proposals for legislation changes and we look forward to assisting you on your forgiveness applications once necessary clarifications are addressed by the agencies.

For detailed information about the SBA Paycheck Protection program (PPP) Loan Forgiveness, click here


April 28, 2020

Due to the extremely high volume of applications received and the time-sensitive nature of the PPP application process, which requires significant documentation and other regulatory requirements, Bank of Hope will temporarily suspend accepting any new PPP applications effective as of the close of business day on Tuesday, April 28, 2020.

As a result of the rapidly evolving COVID-19 pandemic status, our resources are extremely strained at this time. If and once we have the capacity to accept additional applications, we will provide an update to this page. Your understanding is greatly appreciated at this time.


April 27, 2020

The Small Business Administration and the U.S. Treasury Department have provided additional funding for the Paycheck Protection Program (“PPP”), and Bank of Hope has begun to accept new applications.

However, due to the time-sensitive nature of the PPP application process, as well as the program’s particular documentation process and other regulatory requirements, we are currently accepting applications only from existing Bank of Hope customers (as defined below).

  • Bank of Hope Loan Customers with any type of loan account(s); or
  • Bank of Hope Deposit Customers with any business checking account(s) opened prior to February 15, 2020

If you are a Bank of Hope customer who is eligible for the PPP (SBA PPP Eligibility Criteria), please contact your primary Relationship or Branch Manager. We will be happy to assist with your application process.

Please note that Bank of Hope reserves the right to discontinue accepting new applications at any time. While we are making a good faith best effort to process all applications received, we cannot make any assurances that they will be processed or approved timely due to the current and/or future limitations in our existing resources that may change daily due to the COVID-19 pandemic. Your understanding is greatly appreciated.

The Small Business Administration and the U.S. Treasury Department rolled out the Paycheck Protection Program (“PPP”) to help small businesses that are suffering from the unprecedented COVID-19 Pandemic disruptions in business. This program is designed to provide small businesses access to short-term loans with a forgiveness feature for payroll and other overhead costs. Please note that these funds are limited and subject to availability from the SBA.

During this challenging period, Bank of Hope is committed, more than ever, to meeting the needs of our diverse and multi-cultural communities and small businesses that we have been serving for many decades. As an SBA-preferred lender, Bank of Hope is well-positioned to help you efficiently navigate the PPP loan application process.

For previously submitted applications, we are making a good faith best effort to process them timely, but we cannot make any assurances that they will be processed or approved timely due to the current and/or future limitations in our existing resources that may change daily due to the COVID-19 pandemic. We reserve the right to make any other changes to our application processing criteria based on resource limitations and/or any other legitimate business reasons.

 

With HOPE, we will get through this together.