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Business loan fund tapped out

HONOLULU — First Hawaiian Bank Thursday announced it was informed by the U.S. Small Business Administration Paycheck Protection Program that funding has been depleted due to tremendous nationwide demand.

The bank worked around the clock to push through as many applications as possible, receiving confirmation on $800 million in funding for its customers.

“We recognize that there are many customer applications that were not accepted before the federal funds ran out, and we are ready to continue working around the clock in the event the federal government is able to add additional funding to the SBA Paycheck Protection Program,” said Bob Harrison, First Hawaiian Bank chairman, president and CEO.

“We are asking all small-business customers to contact their Hawai‘i congressional representatives to request that the federal government add more funds to this program that serves as a critical lifeline for Hawai‘i’s small businesses,” Harrison said.

The SBA announced that all of the $349 billion allocated by Congress for the SBA Paycheck Protection Program has been used up. Congress will need to provide more funding in order for small businesses to be able to receive PPP loans.
Source: The Garden Island

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