Small Business Administration's ("SBA") Paycheck Protection Program
*Updates as of May 22, 2020
For 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.
SBA PPP Eligibility Criteria:
- A business that has been in existence as of February 15, 2020
- A small business with fewer than 500 employees
- A small business that otherwise meets the SBA’s size standard
- A nonprofit organization under Section 501(c)(3) with fewer than 500 employees
- An individual who operates as a sole proprietor
- An individual who operates as an independent contractor
- An individual who is self-employed who regularly carries on any trade or business
- A Tribal business concern that meets the SBA size standard
- A 501(c)(19) Veterans Organization that meets the SBA size standard
- In addition, some special rules may make you eligible:
- If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis.
- If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company, the normal affiliation rules do not apply.
- The 500-employee threshold includes all employees (full-time, part-time, and any other status).
With HOPE, we will get through this together.