Please review the informational summary of the U.S. SBA and the Treasury Department guidance on how to apply for forgiveness of your PPP loan. Please note that guidelines are subject to change. For the most up to date information, please visit the SBA website.

Loan Forgiveness Conditions

  • Loan proceeds must be used within the 24 week period once the loan is funded.
  • Loan proceeds must be used for only approved costs.
    • Payroll costs
    • Mortgage interest
    • Rent
    • Utilities
  • You must maintain staff and payroll:
    • If full-time employee headcount is decreased, loan forgiveness will be reduced.
  • At least 60% of the loan amount must have been used for payroll.
  • Any amounts that are not forgiven must be repaid according to the Note.

Loan Forgiveness Process

  • Hanmi Bank will reach out to borrower to submit a forgiveness request.
  • We will require supporting documents to verify the number of full time equivalent employees and their pay rates, as well as payments made for eligible costs. Documents may include but are not limited to:
    • Bank Statements
    • Evidence of Payroll (payroll summary, or other evidence such as check stubs)
    • Mortgage statements (if used for mortgage obligation)
    • Copy of the lease or rent payment (if used for rent obligation)
    • Utilities statements of bills (if used for utilities)
  • Borrower must certify that documents are true and that the proceeds were used for approved costs.
  • Hanmi will make a decision on forgiveness within 60 days and submit to SBA for further processing.

It is important that you maintain proper records for how you spend the PPP loan funds.

  • If you have any questions, please contact the Hanmi Bank representative who assisted with your PPP loan. You can also contact our customer call center at 855-773-8778,

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