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.
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.