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For information about Paycheck Protection Program Loan Forgiveness, click here.


Paycheck Protection Program

[Important Update:
New legislation signed into law on July 4, 2020 has authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through Saturday, August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020.]

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2 trillion stimulus plan, was signed into law. This enacted the Paycheck Protection Program (PPP), an emergency lending provision that provides relief for small businesses who have been negatively impacted by COVID-19, under the Small Business Administration’s (SBA) 7(a) lending program.

This new program is designed to give small businesses the capital they need to support payroll costs and other expenses impacted by the current state of economic uncertainty. As a preferred SBA lender, CoastHills Credit Union is prepared to help members secure this necessary funding.

To apply for a PPP Loan with CoastHills, your business must be located within our field of membership on the Central Coast, from Santa Cruz County through Ventura County. Certain conditions, including an open CoastHills business account, may apply.

Am I eligible?

Paycheck Protection Program Eligibility

How can I use the funds?

Paycheck Protection Program Funds Usage

Ready to apply?

First things first - use the application checklist to ensure your are submitting a complete package. Click here, to view the checklist.

Then…

  • BEGIN the PPP Borrower Application Form.*** You may fill out online or print and complete by hand.
  • DOWNLOAD & SAVE the application form to your computer before completing. Information typed to the form prior to downloading and saving the form will not be saved.
  • COMPLETE the form in its entirety—incomplete sections and/or unanswered questions cannot be processed and will delay the processing of your request. (NOTE: You will be asked to submit “Average Monthly Payroll.”)****
  • PRINT & SIGN — be sure to initial to certify responses to eligibility questions where indicated.
  • SUBMIT either electronically (recommended) or hard copy.
    • To submit electronically, attach a copy of your signed application, along with electronic copies of supporting payroll documentation as outlined within the application instructions, to PPP@CoastHills.coop.
    • To submit a hard copy, drop off your printed, signed application, along with copies of supporting payroll documentation, at any one of our branch locations to be forwarded to the Business Services Department.
*Must have been in business on or before Feb. 15, 2020
**Costs must have been incurred before Feb. 15, 2020
***Membership requirements apply. Terms and qualifications subject to change.
****For the purpose of calculating “Average Monthly Payroll,” most applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.