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See info below on the PPP Loan Forgiveness Process | We are no longer accepting new PPP loan applications.

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Paycheck Protection Program


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]

Urge the Senate to Simplify Forgiveness for PPP Loans $150K and Under

SBA Information on the PPP


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.

November 25, 2020

Additional financial support funds for businesses impacted by the COVID-19 pandemic will be made available. A new round of Working Washington grants focused on the hardest-hit industries will provide $50 million in business support grants.

The grants will be allocated first to businesses most impacted by both COVID-19 and the most recent measures taken to address public safety.

The application window will begin on November 30. Please review the criteria of who is eligible.

To learn more visit StartUp Washington.


November 12, 2020

Because Seattle small businesses may be eligible for this opportunity, we are sharing the information that we have.

Seattle is accepting applications for small business stabilization grants. You have until Nov. 30 to apply through the Office of Economic Development. The fund will be allotting $4 million in grants.

To be eligible businesses or nonprofits must have 25 or fewer employees and have an annual net revenue less than $2 million.

To learn more visit:


October 28, 2020

PPP Ownership Changes Update and an Overview of Forgiveness Applications

Earlier this month, the Small Business Administration (SBA) issued guidance regarding changes of ownership for businesses with Paycheck Protection Program (PPP) loans.

Additionally, we know that the different types of forgiveness applications for the PPP program might be confusing, so we have included an outline that should help you determine which application is appropriate for your situation.


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):

SBA Form 3508S

Complete the 3508S Form if you:

  • received a PPP loan of $50,000 or less, AND
  • together with your affiliates, didn’t receive PPP loans totaling $2,000,000 or more.

SBA Form 3508EZ

Complete the 3508EZ Form if you:

  • are a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and didn’t include any employee salaries in the calculation of average monthly payroll on your application form; 


  • 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). 


  • 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. 

SBA Form 3508

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.
  • 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].


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.”


October 08, 2020

Out of an abundance of caution, the Sultan branch will be closed effective immediately. The Monroe branch is the closest open branch to help you with drive-up banking. Please check back for updates on reopening. Thank you for your patience and understanding.


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.


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.


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. 


August 13, 2020 - 

Small Businesses Targeted Through Spoofed SBA COVID-19 Relief Webpage

The Cybersecurity and Infrastructure Security Agency issued an alert yesterday about an unknown malicious cyber actor who is spoofing the Small Business Administration's COVID-19 relief webpage through phishing emails. The phishing emails contain a malicious link to a fake page used for re-directs and credential stealing.

The phishing email subject line currently reads, “SBA Application – Review and Proceed,” and the sender is marked as “[email protected][.]gov.” 

The alert provides more information, including the IP address, indicators of compromise and recommended mitigations for small businesses and organizations to take to strengthen their cybersecurity posture. Read the alert.


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. 



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.     

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


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



As a preferred Small Business Administration (SBA) Lender, Coastal Community Bank is a leader in working with businesses to find the best borrowing solutions to meet their needs. Since the Paycheck Protection Program (PPP) started, we have helped more than 2,800 businesses with PPP loans, ranking among the top producers in the country based on asset size.

We have been carefully tracking a proposed new SBA loan program and believe it might be of interest to your business.

Once this loan program is launched, there may be heavy demand for it and Coastal would like the opportunity to work with you. We have several SBA loan specialists who will be ready to help you determine if this loan is a good fit for your business. If you are interested, we encourage you to contact one of our experienced Relationship Managers now to begin preparing.

Small Business Administration (SBA) 7(a) Loans to Recovery Sector Businesses:

Authorizes $100 billion in long-term, low-cost loans to recovery sector businesses, which include seasonal businesses and businesses located in low-income census tracts that meet the applicable SBA revenue size standard, have no more than 500 employees, and demonstrate at least a 50 percent reduction in gross revenues.

Loan amounts would be available at up to twice the borrower’s annual revenues, not to exceed $10 million. The loan would have a 100% SBA guarantee and maturity of up to 20 years with a one percent fixed interest rate to the borrower.

Waives the SBA’s credit elsewhere test and allows the borrower to defer loan and interest payments for the first two years.

Allowable loan uses include working capital, acquisition of fixed assets, and refinancing existing indebtedness.

Relationship Managers

John Weber  425.257.1656

Debbie Webber  425.402.3109

Noah Bracking  360.651.5531

Corbin Resseguie  425.257.1667

Pamela O'Dell  425.402.3108

Matt Reed  360.436.4970

This is the current proposed guideline for a 7(a) loan program, until it is passed by Congress and signed into law it is subject to change. Extensions of credit are subject to Bank approval. This is not a commitment to lend; terms are subject to change. Check with us for our current terms.


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.