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We are still accepting applications for the Paycheck Protection Program through Saturday, August 8, 2020. To submit an application, click here.


Paycheck Protection Program Loan Forgiveness

On Friday, May 15, 2020, the Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions. 

For common questions about the Paycheck Protection Program Loan Forgiveness application process, click here.

If you’ve received PPP funding through CoastHills Credit Union, please forward your application package as outlined below. Loan forgiveness is not automatic. After the coverage period, which began on the disbursement date of your loan, you will need to apply for forgiveness using the application and guidelines below. Please be sure to include all supporting documentation for your eligible expenses.

Included in the application are 4 sections. Members are required to submit the Loan Forgiveness Calculation Form and Schedule A Worksheet to CoastHills in order for the application to be processed.

  • Loan Forgiveness Calculation Form
  • Schedule A
  • Schedule A Worksheet
  • Borrower Demographic Information form (optional)

Upload Application & Documentation

Effective June 8, 2020, the covered period has been extended by the SBA from 8-weeks to 24-weeks to provide greater flexibility for Members to qualify for loan forgiveness.  Members who already received PPP loans retain the option to use an 8-week covered period.  

Other changes to loan forgiveness consideration effective June 8, 2020 include:

  • The loan forgiveness eligibility requirement that 75% of the loan amount must have been used on payroll costs during the covered period has been reduced to 60%. If less than 60% of the loan amount is used for payroll costs during the covered period, you may still be eligible for partial loan forgiveness.
  • Safe harbor from reductions in loan forgiveness based on decreases in full-time equivalent employees have been put in place for those have been unable to return to the same level of business activity you were operating at before February 15, 2020, related to worker or customer safety requirements due to COVID-19 and issued by the Secretary of Health and Human Services, Director of the Center for Disease Control and Prevention, or the Occupational Safety and Health Administration, between March 1 – December 31, 2020.
  • Safe harbor from reductions in loan forgiveness based on decreases in full-time equivalent employees have been put in place for those who are both unable to rehire individuals who were employees as of February 15, 2020 and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.

Just a reminder:

  • The deposit you received is a disbursement from a loan with deferred payments for 6-months
  • During this deferment period, the loan will accrue interest at a rate of 1%
  • After the 6-month deferment period, you’ll begin making monthly payments on any balance (including any accrued interest) that is not forgiven, which will then become an 18-month term loan with an interest rate of 1%

If you have any questions about this application, please contact us at PPPLoans@CoastHills.coop. For more information on PPP Loan Forgiveness guidelines, please visit SBA.gov.