HomeMy WebLinkAbout2020-04-22 Mayor Kim Urges Local Small Businesses to Apply for Financial Help from Federal Government -- press release
Roy Takemoto
Managing Director
Harry Kim
Mayor
Barbara J. Kossow
Deputy Managing Director
County of Hawai‘i
Office of the Mayor
25 Aupuni Street, Suite 2603 Hilo, Hawai‘i 96720 (808) 961-8211 Fax (808) 961-6553
KONA: 74-5044 Ane Keohokālole Hwy., Bldg C Kailua-Kona, Hawai‘i 96740
(808) 323-4444 Fax (808) 323-4440
April 22, 2020
NEWS RELEASE
Mayor Urges Local Small Businesses to Apply for Financial Help from Federal
Government
Mayor Harry Kim is urging all eligible small businesses in Hawai‘i County to apply for
financial help from the Federal government. Congress has passed new legislation that
includes $310 billion to replenish the Small Business Administration’s Paycheck
Protection Program (PPP), first established under the Coronavirus Aid, Relief, and
Economic Security (CARES) Act.
The program provides small employers with forgivable loans to maintain their existing
workforce and help pay for other expenses like rent, mortgage, and utilities.
“I urge all small business owners in Hawai‘i County to contact a lender certified by the
Small Business Administration for complete information and to apply for a PPP loan,”
Kim said. “Please take advantage of these programs to save your business and provide
for your employees.”
Small businesses, sole proprietorships, independent contractors, self-employed persons
and private non-profits are eligible. The loan will be fully forgiven if the funds are used
for payroll costs, interest on mortgages, rent and utilities. At least 75% of the forgiven
amount must have been used for payroll.
Loan payments will also be deferred for six months. No collateral or personal
guarantees are required. Neither the government nor lenders will charge small
businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and
maintaining salary levels. Forgiveness will be reduced if full-time headcount declines,
or if salaries and wages decrease.
For more information, call your bank or visit SBA.gov. To find other resources for your
business, visit www.hawaiicounty.gov/covidbusinesshelp/ .
County of Hawai‘i is an Equal Opportunity Provider and Employer.