Assisting our customers with PPP
HSBC is participating in the new PPP funding made available by the SBA and Treasury as part of the Economic Aid Act. To apply through HSBC, you will need access to HSBC SmartServe. HSBC SmartServe is currently open for applications for new PPP loans and ‘Second Draw’ PPP loans for those who meet the criteria.
First round PPP loan - In order to be eligible for a new PPP loan through HSBC you must meet the government standards for eligibility and be an existing US HSBC business customer that processes your payroll through an HSBC business account as of January 1, 2021.
Second Draw PPP loan - In order to be eligible for a Second Draw PPP loan through HSBC you must meet the government standards for eligibility and be an existing US HSBC business customer that processes their payroll through an HSBC business account as of January 1, 2021.
As of February 22, the SBA announced that there would be additional updates to the PPP program to promote equitable access for small businesses and several other changes. Businesses with fewer than 20 employees will have an exclusive time period starting Wednesday February 24 to submit PPP applications. From February 24th through March 9th the SBA will reject any applications from businesses with greater than 20 employees. HSBC will work with our customers to complete applications submitted during this time period to be ready when the SBA opens for all applications again. For all other changes, we will await further guidance from the SBA and will communicate to you as soon as we receive more information and integrate the updates into our processes.
As of January 19, 2021 the SBA has published new PPP forgiveness applications. HSBC will be incorporating the new applications into HSBC SmartServe by early March. Customers will receive an email from HSBC SmartServe when the new forgiveness process opens and they can begin.
If you do not have access to HSBC SmartServe, please review the information below to initiate the process as soon as possible.
Updated as of February 22, 2021