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The deadline to submit any outstanding documentation for the Paycheck Protection Program is 5:00 p.m. on Friday, June 5, 2020. After that, we will no longer process any incomplete applications. 

Additionally, we will begin accepting applications for Paycheck Protection Program Loan Forgiveness at 8:00 a.m. on Monday, June 8, 2020. Please find the link to the application and guidelines below. 

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. If you’ve received PPP funding through CoastHills Credit Union, please forward your application package as outlined below.

Loan forgiveness is not automatic. After your 8-week coverage period, which began on the disbursement date of your loan, you will apply for forgiveness using the SBA Loan Forgiveness Application and 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

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.