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Central Pacific offers more PPP loans

Central Pacific Bank said Tuesday its online application form is now available for small businesses to apply for the second round of the Paycheck Protection Program.

The PPP is part of the coronavirus stimulus bill, and all loans have the same terms regardless of the lender.

Central Pacific’s loan application form is on its website at cpb.bank/PPP.

In the first round of the PPP, Hawaii banks secured funding totaling more than $2.1 billion for more than 11,400 Hawaii businesses.

Hawaiian Airlines gets financial assistance

Hawaiian Airlines’ parent has received $146.2 million in the first of two installments from the Payroll Support Program under the CARES Act for the purposes of continuing to pay employee salaries, wages and benefits.

Hawaiian Holdings Inc. said in a regulatory filing Tuesday before the market opened that it received the payment April 22 and that it is half of its expected total of $292.5 million.

Under PSP terms, Hawaiian agreed not to conduct involuntary furloughs or cut employees’ pay or benefits through Sept. 30, to limit executive compensation through March 24, 2022, and to suspend dividend payments and stock repurchases through Sept. 30, 2021.

Hawaiian also agreed to issue government warrants to the U.S. to buy 488,477 shares of common stock, or about 1.1% of the current shares outstanding, at an exercise price of $11.82 a share. Hawaiian’s stock jumped 18%, or $2.01, to $13.60 on Tuesday and then rose an additional 40 cents to $14 in after-hours trading.

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