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Routing Number 321481612

The Paycheck Protection Program Second Draw Loan is Now Open!

Important information: Your business must be physically located and operating on Guam to apply. Coast360 membership is required before loan booking.

On December 21, 2020, Congress passed the “Consolidated Appropriation Act, 2021,” which includes various provisions to assist local small businesses, including expanding the Paycheck Protection Program (PPP).

We are excited to make this program available to support small businesses in Guam through the pandemic once more.

For official SBA prepared material, please see the following links for a more detailed summary of the eligibility requirements:

What is the Second Draw PPP Loan?

Paycheck Protection Program Second Draw Loans, called a “PPP Second Draw” Loan, is for smaller and harder-hit businesses, with a maximum loan amount of $2 million.

When will the Second Draw PPP loan be available? 

You may begin submitting your Second Draw PPP starting Wednesday, January 13, 2021. The program is set to run until March 31, 2021.

Second Draw PPP loans are designed to help small businesses who continue to struggle with the impact of COVID-19. The requirements to obtain a second PPP loan are as follows:
  • You must have received an initial PPP loan.
  • You must have used the full amount of your first PPP loan for authorized uses by the expected date of disbursement of your Second Draw PPP loan.
  • You must have 300 or fewer employees. If you are an employer in accommodation or food services (NAICS code starting with 72), you may have 300 employees at each of your business’s physical locations.
  • Your business must be able to demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019. This is calculated by comparing your quarterly gross receipts for one quarter in 2020 with your gross receipts for the corresponding quarter of 2019.
  • Your business cannot be permanently closed. You are eligible if your business has temporarily closed or suspended.
  • Eligible business types include for-profit businesses, certain non-profits, independent contractors, sole proprietors, tribal businesses, and small agricultural coops.
In general, you may receive a loan amount of up to 2.5x your average monthly payroll costs in the one year prior to the loan or the calendar year. Loan amounts cannot exceed $2 million.
  • NEW: Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5x average monthly payroll costs.
  • Seasonal employers may calculate their maximum loan amount based 12 weeks period beginning February 15, 2019, through February 15, 2020.
  • New businesses may receive loans of up to 2.5x average monthly payroll costs.
  • Waivers of affiliation rules that applied during initial PPP loans apply to the second loan.
  • An eligible entity may only receive one PPP second draw loan.
  • Fees are waived for both borrowers and lenders to encourage participation.
  • For loans less than $150,000, the business may submit a certification attesting that they meet the revenues loss required on or before the business submits their loan forgiveness application, and non-profit and veteran organizations may utilize gross receipts to calculate their revenues loss standard.
If your business saw a drop of 25% or more in gross sales during a quarter before and after the pandemic, you meet this requirement for a Second Draw loan.
  • Established before 2019: The SBA compares your gross receipts from all quarters in 2019 and 2020 to see if there’s a year-over-year drop.
  • Established after the second quarter of 2019: The SBA compares revenue from a 2020 quarter to revenue from the third or fourth quarter of 2019.
  • Established after the third quarter of 2019: The SBA compares revenue from any 2020 quarter to the fourth quarter of 2019.
  • Established after the fourth quarter of 2019: The SBA compares your second or third quarter of 2020 revenue to revenue from the first quarter of that year.

Borrowers of a PPP Second Draw Loan would be eligible for loan forgiveness equal to the sum of their payroll cost, as well as covered mortgage, rent, and utility payment. The 60/40 cost allocation between payroll and non-payroll costs to receive full forgiveness will continue to apply.

This round has a simplified application process for loans under $150,000 as follows:

  • A borrower shall receive forgiveness if they sign and submit to the lender a certification that is not more than one page in length, includes a description of the number of employees that the borrower was able to retain because of the covered loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount. The borrower must also attest that they accurately provided the required certification and complied with PPP Loan requirements. SBA must establish this form within 24 days of enactment and may not require additional material unless necessary to substantiate revenue loss requirements or satisfy relevant statutory or regulatory requirements. Additionally, borrowers are required to retain appropriate records related to employment for four years and other records for three years. The Administrator may review and auditor these loans to ensure against fraud.
  • This applies to loans made before, on, or after that date of enactment of the Act, including the forgiveness of the loan.
Second Draw PPP loans can be used for the same expenses as your first PPP loan, with some additions. These expenses include:
  • Employee payroll, salary, and wages.
  • Utilities and rent.
  • Interest on loans and mortgages.
  • Refinance of an SBA Economic Injury Disaster Loan (EIDL) made after January 1, 2020.
  • Payment for any cloud computing, software and other accounting and HR needs.
  • Supplier payments pursuant to a purchase order, contract or order for goods that were in effect prior to receiving the PPP loan that are essential to your operations when the payments were made. Supplier costs for perishable goods can be made before or during the life of the loan.
  • Any costs that you incurred to help your business comply with Federal, State, or local requirements beginning on March 1, 2020.
  • Personal Protective Equipment (PPE) purchases.

How do I apply?

  • First Time Applying for a PPP Loan
    Eligible applicants that did not receive a PPP loan prior to August 8, 2020, will now have the ability to apply for a PPP First Draw Loan on or before March 31, 2021. Use SBA Form 2483 below:

    Paycheck Protection Program Borrower Application Form (

  • Second Time Applying for a PPP Loan
    Eligible borrowers that previously received a PPP First Draw Loan may apply for a PPP Second Draw Loan of up to $2 million with the same general loan terms as their PPP First Draw Loan. Your current loan does not need to be forgiven before you apply, but you must certify that you have exhausted your existing loan on qualifying expenditures prior to your second loan being funded. Use link below.

    PPP Second Draw Borrower Application Form (1.8.2021).pdf (

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).

A Coast360 representative will contact you as soon as we have a decision for your loan and/or if additional information is required. We anticipate a high volume of applications during the second draw period. Please allow up to 15 business days for processing. 

Funding for the program is subject to availability. Even if application is received by us, the credit union makes no guarantee that the application will be successfully approved by the SBA. All applications are received and processed on a first come, first served basis. 

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