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PPP Loan Forgiveness with Coast360 FCU 

We are now accepting Loan Forgiveness applications under the Paycheck Protection Program. It's important to remember that loan forgiveness is not automatic and members will need to apply with supporting documents. 

Before getting started, visit sba.gov/ppp to read and familiarize yourself with the SBA guidelines and review all the information below to help you prepare and ensure that your application will be processed accurately and timely. 

Please note that there have been a number of changes and updates issued by the SBA for the Paycheck Protection Program. Be sure to review the Important Changes Affecting Loan Forgiveness section of this page thoroughly. 

How to Get Started:

Review application instructions thoroughly.

There are multiple Loan Forgiveness applications. Please review the information below to determine the application best suited for your PPP loan. 

Prepare your documents.

Ensure that you have all copies or documents related to eligible costs. Examples include:

  • Payroll costs using the same definition of payroll costs used to determine loan eligibility. Be sure that at least 60% of the loan amount was used for payroll costs.
  • Interest on existing mortgage obligations incurred in the ordinary course of business.
  • Rent under an existing lease agreement.
  • Payments on utilities including electricity, gas, water, transportation, telephone, or internet. 
    • Additional documentation may be requested in order for us to complete a review of your application. 

Ready to apply?

Once you have completed and signed the application, you may:

  • Drop-off to any Coast360 member center. Deliver your application and supporting documents with Attention: Cheryl Samson (PPP Documents). 

    OR 
     
  • Email application and supporting documents to ppp@coast360fcu.com. For security purposes due to the sensitivity of information, we strongly encourage you to password secure your records prior to emailing the information to us. Upon email submission, please call or send us the password separately. 

Coast360 will file for the loan forgiveness directly with SBA. We will contact you as soon as we receive a decision from SBA and/or if additional information is required. We anticipate a high volume of applications during the loan forgiveness period. Please allow up to 15 business days for processing. 
 

Important Changes Affecting Loan Forgiveness

There have been a number of changes and updates issued by the SBA for the Paycheck Protection Program. Below are notable updates that may impact your loan forgiveness. 

COVERED PERIOD 

Loan forgiveness covered period: Borrowers may choose to extend the eight-week forgiveness covered period to 24 weeks from your loan origination date, or December 31, 2020, whichever is earlier. 

Payroll period flexibility: The SBA has offered some options for borrowers to calculate payroll costs using an "alternative payroll covered period" that aligned with borrowers' regular payroll cycles. 

PAYROLL COSTS AND EMPLOYEE LEVELS 

Spending requirements: The minimum amount that needs to be used for payroll costs has decreased from 75% to 60%.

Salary/hourly wage reductions:  The SBA guidance includes how to calculate whether the forgiveness amount is reduced based on reductions in employee salary and wages by more than 25% for employees who earned $100,000 or less in 2019. 

FTE reductions: The SBA issued guidance for a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined. 

Deadline to rehire employees: The previous deadline of June 30, 2020 to rehire employees has been extended to December 31, 2020. In addition, exceptions based on employee availability were added. 

Information updated October 22, 2020
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