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See info below on the PPP Loan Application and Forgiveness Process.

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Updates

May 10, 2021 - PPP Funds Exhausted. We are no longer accepting PPP applications. 

April 28 - SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund

April 23 - SBA to Reopen Shuttered Venue Operators Grants for Applications on April 24 at 12:30 EDT for operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief.

April 22 - SBA Announces First-of-Its-Kind Technology Initiative for Restaurant Revitalization Fund

April 22Restaurant Revitalization Fund Information Session

March 30 - State launches new round of Working Washington small business grants

We want to make you aware that applications for Round 4 of the Working Washington Grants offered by the Washington State Department of Commerce being accepted now.

Some of the criteria outlined in this legislation include:

  • Businesses must apply the grant award toward expenses incurred between March 1, 2020 through June 30, 2021.
  • Commerce must consider previous Working Washington awards distributed by the agency or affiliated partners. This means grant awards will vary. The maximum grant award will be $25,000.
  • Grants must be equitably distributed statewide and to historically underserved and disadvantaged populations.

These grants are aimed at for-profit small businesses in industries that have hard costs associated with their operations and faced the most significant challenges to paying those hard costs because they were required to close. Hard costs include but are not limited to rent, utilities, payroll, or personal protective equipment.

Eligible applications will be reviewed based on the following priority criteria:

  • Industries that had to close as a result of safety and public health measures.
  • Size of the business (measured by 2019 revenue).
  • Lost revenue between 2019 and 2020 as well as added expenses to maintain safe operations.

To ensure equitable distribution, Commerce will also consider businesses operating in a rural or low-income community or that is owned by someone from a historically underserved population (minority, veteran, LGBTQ+ or women-owned).

Please visit the website for details and a link to the application portal. The application portal will be open until 5:00 PM PDT on April 9. Application information and technical assistance is available in multiple languages and is accessible to a wide range of people with disabilities.

We will pass along other grant opportunities as we learn about them.

March 25 - Paycheck Protection Program Extended

On Thursday, March 25, 2021, the U.S. Senate voted to approve the Paycheck Protection Program Extension Act (92-7). The bill extends the Paycheck Protection Program through the end of May and then provides the SBA with 30 days after the end of the program to process applications that have already been submitted. 

From June 1, 2021, through June 30, 2021, the SBA shall not accept new lender applications for PPP loans and shall only process such lender applications that have been submitted to the agency before June 1, 2021.

March 12 - Stimulus Small Business Resources

On March 10, the U.S. House of Representatives passed the $1.9 trillion COVID-19 relief bill. The package includes more money for direct payments to households from the Internal Revenue Service as well as an extension of unemployment programs related to the pandemic.
 
It also includes money set aside for specific industries or sectors of the economy. Here are some of the notable targeted provisions:
 
Airlines: Air carriers and their contractors will get $15 billion for an extension of Payroll Support Program grants meant to keep airlines from laying off personnel. Like the previous rounds of aid, there will be restrictions on layoffs and worker pay cuts, as well as stock dividends and CEO compensation.
 
Small businesses: The Paycheck Protection Program, the popular initiative that provides forgivable loans to small businesses (500 or fewer employees or who meet a U.S. Small Business Administration alternative-industry size test) will get an extra $7.25 billion. Another kind of small-business support — the Economic Injury Disaster Loan program — will get another $15 billion for low-interest loans and advances aimed at sole proprietorships, independent contractors and cooperatives. While this bill does provide additional funds for the PPP program as well as expand eligibility for news organization, it does not extend the deadline beyond March 31.
 
Companies and industries with underfunded pensions: A long-sought provision by Democrats costing $81.5 billion would give underfunded pensions more time to shore up their finances and allow the federal Pension Benefit Guaranty Corporation to give grants to underfunded pension plans guaranteed by the PBGC.
 
Child-care providers: The bill will provide $25 billion to stabilize child-care availability and allow child-care providers to pay personnel and to buy personal protection equipment.
 
Internet-only news providers: Eligibility for the Paycheck Protection Program will be broadened to include any organizations that is an “internet-only news publisher or internet-only periodical publisher and is engaged in the collection and distribution of local or regional and national news and information.” The outlets could have more than one physical location as long as no single location had more than 500 employees.
 
Live entertainment venues: The bill will provide an additional $1.25 billion for the SBA’s Shuttered Venues Operators Grants, which provide aid for operators or promoters of live venues, theaters, live performing-arts groups, museums, movie theaters and for talent representatives.
 
Restaurants: The $25 billion Restaurant Revitalization Fund, administered by the SBA, will provide assistance for restaurants, bars, food trucks, and other food an About $5 billion of the $25 billion would be set aside to help establishments with gross receipts of $500,000 or less in 2019. A presentation from the National Restaurant Association has some great details. 
 
A restaurant may receive a grant equal to the amount of its Pandemic-Related Revenue Loss by subtracting its 2020 gross receipts from its 2019 gross receipts.
  • If not in operation for the entirety of 2019, the total would be the difference between 12 times the average monthly gross receipts for 2019 and average monthly gross receipts in 2020.
  • If not in operation until 2020, the entity can receive a grant equal to the amount of “eligible expenses” incurred by the entity minus any gross receipts received.
  • If not yet in operation as of application date, but the entity has incurred “eligible expenses,” the grant amount would be made to the entity equal to those expenses.
 

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March 2 - Tax breaks for forgiven PPP loans

The IRS recently provided guidance on certain tax breaks for forgiven PPP loans that we want to make you aware of. This should not be construed as business advice and we encourage you to discuss this with your legal or accounting professionals.

The IRS had initially not allowed PPP borrowers to deduct certain expenses. However, in December 2020, Congress included tax breaks in the last COVID-relief legislation. It states that funds from forgivable PPP loans can be excluded from the borrower’s gross income (i.e., reduces taxable revenue), and business expenses allowed under the program (that were paid with forgiven PPP loans) can be deducted on the borrower’s tax return (i.e., reduces taxable income).

What’s deductible – and what’s not: 

Deductible expenses under the PPP program include :

  • payroll
  • mortgage interest
  • rent
  • utility expenses

Additional nonpayroll costs approved in the December 2020 legislation:        

  • covered mortgage obligations: payments of mortgage interest (not including any prepayment or payment of principal) on any business mortgage obligation on real or personal property incurred before February 15, 2020 (“business mortgage interest payments”)
  • covered rent obligations: business rent or lease payments pursuant to lease agreements for real or personal property in force before February 15, 2020 (“business rent or lease payments”)
  • covered utility payments: business payments for a service for the distribution of electricity, gas, water, telephone, transportation, or internet access for which service began before February 15, 2020 (“business utility payments”)
  • covered operations expenditures: payments for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting of tracking of supplies, inventory, records, and expenses
  • covered property damage costs: costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that were not covered by insurance or other compensation
  • covered supplier costs: expenditures made to a supplier of goods for the supply of goods that are essential to the operations of the Borrower at the time at which the expenditure is made, and made pursuant to a contract, order, or purchase order in effect prior to the beginning of the Covered Period (for perishable goods, the contract, order, or purchase order may have been in effect before or at any time during the Covered Period)
  • covered worker protection expenditures: operating or capital expenditures that facilitate the adaptation of the business activities of an entity to comply with the requirements established or guidance issued by the Department of Health and Human Services, the Centers for Disease Control, or the Occupational Safety and Health Administration, or any equivalent requirements established or guidance issued by a State or local government, during the period starting March 1, 2020 and ending on the date on which the national emergency declared by the President with respect to the Coronavirus Disease 2019 (COVID-19) expires related to maintenance standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19, but does not include residential real property or intangible property.

What’s not allowed to be paid using PPP funds and later deducted: business taxes.

Per the December legislation, borrowers with forgiven PPP loans can’t claim wages paid on their tax return, however they can now claim the Employee Retention Tax Credit on wages paid above and beyond the amount forgiven. To be eligible, borrowers must have paid their employees even if they had to shut down or had posted a 20% decline in gross receipts compared with the same quarter in the prior year. The credit is retroactive to March 12, 2020 and is good on qualified wages paid up to July 1, 2021.

We encourage you to talk with your tax professional if you have questions or need further clarification.

You can also find more information here:

The Paycheck Protection Program is open through March 31 and Coastal will continue to accept applications until that time. If you know of a business that can use our help, please ask them to call your Coastal banker.

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February 22 - SBA Update

The Small Business Administration (SBA) announced several changes to the Paycheck Protection Program (PPP):

  • Beginning February 24 through March 9 the SBA will exclusively accept PPP applications from businesses with fewer than 20 employees.
  • Coastal will continue to accept loan applications from all eligible businesses and will hold complete packages for those with 20 or more employees for submission to the SBA starting on March 10.
  • A new application will be released later this week for IRS Schedule C Self-Employed Businesses, which we will make available as soon as it is released.

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December 22, 2020

With the Congressional stimulus package including Small Business Administration (SBA) Paycheck Protection Program (PPP) loans about to be approved and implemented, we want you to know that we will be accepting applications for PPP loans just as soon as we have enough information from the SBA to begin.

Once the stimulus package has been enacted, the SBA is allowed ten days to issue regulations, so we do not yet have a specific date the program will be opened. However, rest assured the same systems and people will be in place to ensure that we can respond as effectively as we did earlier in the year.

In addition to emailing you, we will post information to coastalbank.com as soon as we receive it, including links to applications and PPP details.

The Act also provides for a simplified PPP Forgiveness form for loans up to $150,000 and we will share that once it is released. Borrowers will still be required to maintain their documentation (Payroll four years, other expenses three years). The Act does allow the SBA 24 days to create this new Forgiveness application.

We are maintaining a separate email list of customers who received a PPP loan earlier in the year and will be applying for this next round of PPP so that we provide relevant information tailored to these borrowers separate from customers who are first time PPP applicants. 

If you have reached out to your Coastal banker we will already have you on that list; if not, please contact your Coastal banker or reply to this email and we will add you to our Round 3 list. 

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December 9, 2020

Caution with vendors advised

With the recent court-ordered disclosure of the identities of business owners who took Paycheck Protection Program (“PPP”) loans, some of our customers are seeing an increase in vendors contacting them to solicit their business for forgiveness loan support. 

In some cases, these vendors have falsely advised customers that these agents are needed to complete the forgiveness documentation and that the bank will pay the fee.

Should you find you need assistance in completing the application or gathering documentation, we recommend that you reach out to trusted advisors such as your accountant, bookkeeper, or attorney. 

However, we strongly encourage you to use caution when you are solicited by providers you are not familiar with. In addition to giving you false information, sharing your files with unknown “vendors” could open you to fraud.

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Below is a list of suggested documentation to maintain against the unlikely event of governmental enforcement action.  

  1. Document the reason why you needed a PPP Loan. This can include, but is not limited to:
    1. What were the financial projections at the time of the application?
    2. Was the business closed as a result of a state -order?
    3. Statement of Cash Flow, Balance Sheet, Income Statement supporting that the company financial position was deteriorating during the time of application.
    4. For public companies, any relevant disclosures to the SEC, especially those disclosures that indicate an inability to continue as a going concern. 
  • How many employees were on payroll at the time of the application?
    1. When submitting the application, were your employees at risk of being fired or their salary or hours reduced?
    2. Had you laid off staff, or were you preparing to do so?
  1. Did you have access to funds or other loans on reasonable terms during the time of application?

It is recommended that you retain these documents along with both your complete original PPP Application, as well as your Forgiveness Application.

According to the SBA, all records relating to the Borrower’s PPP loan, including:

  • documentation submitted with the PPP loan application
  • documentation supporting the borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan
  • documentation necessary to support the borrower’s loan forgiveness application
  • documentation demonstrating the borrower’s material compliance with PPP requirements must be retained for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request. 

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Information on SBA Disaster Loans for COVID-19

What does the new SBA disaster assitance mean for businesses in Washington?

New federal legislation and appropriations has opened up the possibility for small businesses to receive assitance for econominc loss due to COVID-19. Details of eligibity and administration of this assitance from SBA are still being addressed by the SBA. Information can be found here Three Step Process SBA Disaster Loans and here SBA information on Coronavirus Assistance.

Businesses must apply directly with the SBA either 1) online; 2) in-person at a disaster assistance center; or 3) by mail.  If the borrower has an existing SBA loan with Coastal Community Bank the borrower can contact the Bank to see what can be done. The link to the site is here SBA.     

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SBA Preferred Lending Partner

As an SBA Preferred Lending Partner, our decisions are made locally, which means faster answers for you. Our experienced staff will help you determine if an SBA Loan is right for you.

  • Ideal for purchasing and refinancing existing businesses
  • Government-assisted help for businesses that might otherwise have difficulty getting approved
  • Special financing for qualifying businesses
  • Competitive rates for a wide range of business needs:
    • Commercial real estate purchase
    • Construction
    • Business acquisition or expansion
    • Equipment/inventory purchase
    • Working capital
    • And more
  • Lending options available for start-up businesses
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish

Resources

The Small Business Administration in partnership with SCORE offers detailed information on starting a business, financing and managing. Their website, SBA.gov, is an excellent resource regardless of whether you are considering SBA Loans or looking for more information on running a business.

 

If you would like to be added to our email communication list, please email your name and company to [email protected]. We will email information regarding the new application process as soon as we learn it. 


Resources - First Draw PPP Loans

SBA Form 2483 - First Draw Borrower Application
Use this application if this is your first PPP loan.

SBA Form 2483-C, Borrower Application Form for Schedule C Filers Using Gross Income 

PPP CIP & Beneficial Ownership Cert Form
This document is required for all new 2021 PPP loans, for both new and existing customers.

Top-Line Overview - First Draw PPP Loans

PPP First Draw Application Checklist - This is ONLY a checklist, NOT a loan application
This document is used if you are a first-time PPP borrower who did not get a PPP loan in 2020.

PPP First Draw Loan Calculation

How to calculate maximum loan amounts for first draw PPP loans and what documentation to provide.


Resources - Second Draw PPP Loans

SBA Form 2483-SD - Second Draw Borrower Application
Use this application if you received a PPP loan in 2020.

SBA Form 2484-SD-C,Second Draw Borrower Application Form for Schedule C Filers Using Gross Income 

PPP CIP & Beneficial Ownership Cert Form
This document is required for all new 2021 PPP loans, for both new and existing customers.

Top-Line Overview - Second Draw PPP Loans

PPP Second Draw Application Checklist - This is ONLY a checklist, NOT a loan application
This document is used if you if you did receive a PPP loan in 2020 and are applying again.

PPP Second Draw Loan Calculation

Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide


Other Resources

SBA Information on the PPP

SBA PPP FAQs

U.S. Chamber of Commerce Small Business Guide Checklist for Emergency LoansPDF Download

COVID-19 Guidance & Resources

Washington State Employment Security Department

PPP FAQs

PPP Resources for Nonprofits

Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns

The SBA has posted two new interim final rules. You can find them here:

PPP-IFR-Paycheck-Protection-Program-as-Amended-by-Economic-Aid-Act.pdf (treasury.gov)

PPP-IFR-Second-Draw-Loans.pdf (treasury.gov)

 

Should you have additional questions regarding PPP loan forgiveness, please contact your local Coastal banker or reach out directly to the PPP Support Center at 425.349.9097 or [email protected]

SBA PPP Loan Forgiveness FAQs

SBA PPP Forgiveness Factsheet

PPP Forgiveness FAQs

Forgiveness Checklist for Borrowers

Loan Forgiveness Calculators:

Loan Forgiveness Application Form EZ

Loan Forgiveness Application Form 3508S 

Loan Forgiveness Application Form 3508

Loan Forgiveness Application Submission: Click here to upload files securely.

PPP Interim Final Rule - Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act

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CHANGES OF OWNERSHIP

If you are in the process of or are contemplating a change of ownership in your business, please notify the bank immediately. 

On October 2, 2020 the SBA released Procedural Notice 5000-20057 PPP Loans and Changes of Ownership. The purposes of the PPP, a “change of ownership” is considered to occur when (1) at least 20% of the common stock or other ownership interest of a PPP borrower is sold or otherwise transferred, whether in one of more transactions, including to an affiliate or an existing owner of the entity, (2) the PPP borrower sells or otherwise transfers at least 50% of its assets (measured by fair market value), whether in one or more transactions, or (3) a PPP borrower is merged with or into another entity. 

There are no restrictions if the PPP Note is fully satisfied prior to closing the sale or transfer. However, if the PPP loan has not been fully satisfied then either the bank or the SBA must approve of the change of ownership. There could be cases that the bank can’t approve the change of ownership and SBA approval must be sought. SBA has up to 60 days to review a change of ownership. Please reach out to the bank as early as possible in the change of ownership process to ensure that you are able to close your sale or transfer in a timely manner.  

Here is an overview of the different Small Business Administration (SBA) Forgiveness Applications for the Paycheck Protection Program (PPP):

Complete the 3508S Form if you:

  • received a PPP loan of $150,000 or less, AND
  • together with your affiliates, didn’t receive PPP loans totaling $2,000,000 or more.

Complete the 3508EZ Form if you:

  • you didn’t reduce annual salary or hourly wages of any employee by more than 25% during Covered Period/Alternative Payroll Covered Period compared to period between January 1, 2020 and March 31, 2020, AND 
  • didn’t reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (taking into account the available safe harbor exemptions for: (a) reductions that arose from borrower’s inability to (i) rehire individuals who were employees on February 15, 2020 and (ii) hire similarly qualified employees for those unfilled positions on or before December 31, 2020, or (b) reductions in an employee’s hours that the borrower offered to restore and the employee refused). 

OR

  • you didn’t reduce annual salary or hourly wages of any employee by more than 25% during the Covered Period/Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020, AND 
  • you were unable to operate during the Covered Period at the same level of business activity as before February 15, 2020 due to compliance with maintenance of standards of sanitation, social distancing, or other COVID-19 work or customer safety requirements established or guidance issued by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration between March 1, 2020 and December 31, 2020. 

Complete the 3508 Form if you:

  • do not qualify to file either the SBA Form 3508EZ or 3508S.

Regardless of the Forgiveness Application you complete, remember that you must retain all records relating to the PPP loan, including documentation supporting your original application certifications and material compliance with PPP requirements, for six years after the date the loan is forgiven or repaid in full.

The following steps will ensure that your application is complete and processed promptly:

  • Send your files in securely.  Click here to upload files securely.
  • Understand that any Economic Injury Disaster Loan (EIDL) advance you received will be deducted from the amount of your PPP Loan that will be forgiven.
  • Double check that you have all of the necessary documentation included with your application.

Should you have additional questions regarding PPP loan forgiveness, please contact your local Coastal banker or reach out directly to the PPP Support Center at 425.349.9097 or [email protected].

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October 9, 2020

SBA Streamlines PPP Forgiveness for Loans of $50,000 and Under

The Small Business Administration last night released a much-anticipated, streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less. ‌

The two-page forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their certifications for six years, but do not need to submit it.

Once the application is received, the lender must confirm that it received the borrower’s certifications and documentation. “Providing an accurate calculation of the loan forgiveness amount is the responsibility of the borrower,” SBA said in an interim final rule, reiterating previous guidance that “lenders may rely on borrower representations. . . . [T]he lender does not need to independently verify the borrower’s reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified the payments for eligible costs.”

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September 30, 2020

An update regarding SBA PPP Forgiveness

It has been Coastal’s pleasure to help our clients through the PPP process. It’s been almost two months since the SBA began accepting forgiveness applications and we want to update you on how the process has gone, and what to expect timewise regarding the PPP forgiveness process. We’ve had a lot of questions about status and updates and want to alleviate some of the uncertainty.

Timeline

As a refresher, Coastal has 60 days to approve, reject, or reject in part, a completed loan forgiveness application. This timer does not start until a complete application is received. Once completed on Coastal’s end, the application is sent to the SBA who will then have 90 days to approve, reject, or reject in part, the forgiveness application.

In Practice

As of this writing, the SBA has indicated, and we predict, that the SBA will likely take the full duration in order to issue a response on these forgiveness applications. This means even the earliest of applications will not start receiving responses until November-December. There is also a very real possibility the SBA may take longer.

The entire PPP loan program was quickly put together, as was the forgiveness process. This was a herculean task from an organizational and administrative standpoint. As a result, the SBA is almost certainly understaffed and has not fully trained the staff they do have. Therefore, delays are very likely.

While we know many of our clients are eager to get the process completed; Coastal cannot move the SBA any faster; as much as we wish we could. These delays are not just for Coastal clients. As of this writing the SBA has not approved a single loan forgiveness application across the entire country as far as we can tell.

Patience

Since the PPP program is a bit of a beast, we do ask our clients to have a little patience with the program. We are certain there is no bank more knowledgeable and prepared to handle any issues regarding PPP forgiveness. We will work tirelessly to get your applications in and completed as soon as possible, while also doing as much quality review to ensure we get our clients as much forgiveness as possible with as low a risk of issues.

We know the process takes time, and we understand our customers are go-getters who really want to get this off their plate. However, rest assured that Coastal will notify each and every client when a decision is received from the SBA.

We thank you for your ongoing support of Coastal Community Bank and we will continue to keep you updated. Questions can always be sent to [email protected] or call 425.349.9097.

Current PPP information and an updated Forgiveness Checklist can be found on our website. 

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Below is a list of suggested documentation to maintain against the unlikely event of governmental enforcement action.  

  1. Document the reason why you needed a PPP Loan. This can include, but is not limited to:
    1. What were the financial projections at the time of the application?
    2. Was the business closed as a result of a state -order?
    3. Statement of Cash Flow, Balance Sheet, Income Statement supporting that the company financial position was deteriorating during the time of application.
    4. For public companies, any relevant disclosures to the SEC, especially those disclosures that indicate an inability to continue as a going concern. 
  • How many employees were on payroll at the time of the application?
    1. When submitting the application, were your employees at risk of being fired or their salary or hours reduced?
    2. Had you laid off staff, or were you preparing to do so?
  1. Did you have access to funds or other loans on reasonable terms during the time of application?

It is recommended that you retain these documents along with both your complete original PPP Application, as well as your Forgiveness Application.

According to the SBA, all records relating to the Borrower’s PPP loan, including:

  • documentation submitted with the PPP loan application
  • documentation supporting the borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan
  • documentation necessary to support the borrower’s loan forgiveness application
  • documentation demonstrating the borrower’s material compliance with PPP requirements must be retained for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request. 

The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.

To learn more visit https://www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans.

SBA Preferred Lending Partner

As an SBA Preferred Lending Partner, our decisions are made locally, which means faster answers for you. Our experienced staff will help you determine if an SBA Loan is right for you.

  • Ideal for purchasing and refinancing existing businesses
  • Government-assisted help for businesses that might otherwise have difficulty getting approved
  • Special financing for qualifying businesses
  • Competitive rates for a wide range of business needs:
    • Commercial real estate purchase
    • Construction
    • Business acquisition or expansion
    • Equipment/inventory purchase
    • Working capital
    • And more
  • Lending options available for start-up businesses
  • Quick, local decision-making and processing
  • Attentive, friendly service from start to finish

Coastal Community Bank's agreement and commitment to lend money is contingent on the Bank's final underwriting approval and proper documentation and subject to credit approval.


Coastal Community Bank will accept applications for the Payment Protection Plan (PPP) until March 31, 2021. We are processing complete application packages in the order they are received and will notify you once we have approval from the Small Business Administration (SBA). 

We are making every effort to ensure that each application we take is processed and entered promptly into the SBA Portal for approval, however because of the data validation for Round 3 loans, some loans are experiencing delays in SBA processing and approval which are beyond our control. Coastal will attempt to resolve any identified errors, but is subject to the SBA program limitations and requirements. If your loan is not approved by the SBA, we will notify you as soon as we know the final status.

Coastal’s acceptance of your package does not guarantee that the SBA will approve your loan prior to the program expiring on March 31, 2020. Once you have an SBA loan number your funding is secured, and Coastal will fund your loan within five days.