News and Information

COVID Relief Law Offers Assistance for Hawaii Businesses

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (“COVID Relief Law”), signed into law on December 27, 2020, includes at least $1.7 billion in new federal funding for Hawaii including the following assistance for businesses:

• Small Business Administration (SBA) Paycheck Protection Program (PPP) reopened January 11, 2021 through March 31, 2021*
• PPP Loan Forgiveness includes new categories of qualifying expenses, simplified forgiveness process, and updated covered period for loan forgiveness
• First Draw PPP Loans with extended eligibility for nonprofits, news organizations and housing cooperatives
• Second Draw PPP Loans
• COVID-19 Economic Injury Disaster Loan (EIDL) Emergency Advance Grants open to eligible applicants located in low-income communities
• COVID-19 Employer Tax Credits The Employee Retention Tax Credit has been extended through June 30, 2021
• Payroll Tax Deferral extended through December 31, 2021 (see IRS FAQs)
• Advance Tax Credit for Paid Leave available to employers, who have the option to extend emergency paid sick leave and emergency family and medical leave through March 31, 2021.
• Federal Contractors may be eligible for reimbursement for paid leave