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Coastal Community Bank continues to accept complete applications from both current and new customers for the Small Business Administration (SBA) Paycheck Protection Program (PPP). Call us today for an application 425.257.9000 or click Request Info below.

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Paycheck Protection Program


PPP Forgiveness FAQs

SBA Information on the PPP


PPP Borrower Application Form

Loan Forgiveness Application Form EZ

Loan Forgiveness Application Form

July 1, 2020

We have paused accepting new PPP applications as we await guidance on the efforts in Congress to extend the program until August 8. Once we receive direction from the Small Business Administration that the program has been extended, we will post updates and will resume accepting applications for new loans.


June 23, 2020

Last Call to Apply for Paycheck Protection Program (PPP) Loan
June 30 is Last Day SBA Can Approve Applications 

If you know of a friend or small business who can still benefit from this program, please let them know that time is running out to apply.

There is only one week left for small businesses, nonprofits, independent contractors and other eligible borrowers to access a forgivable loan through the Paycheck Protection Program (PPP). More than $128 billion in PPP funds are still available.  

The PPP is a loan designed to provide a direct incentive for small businesses and nonprofits to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 

Please refer people to your Coastal banker or the Customer Support Center at 425.257.9000.



June 22, 2020

The U.S. Small Business Administration (SBA) and Treasury Department announced Friday that they will release a data set showing which businesses received taxpayer-funded Paycheck Protection Program loans in amounts of $150,000 and above.
The SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows:
• $150,000-350,000
• $350,000-1 million
• $1-2 million
• $2-5 million
• $5-10 million
For loans below the $150,000 threshold, business names will be redacted, while zip code, industry, business type and other demographic categories will be released in some detail, the SBA said.
Because this is a change to the program, we wanted you to be aware of it. We do not have a date for the release of the information.

June 17, 2020

Today, the U.S. Small Business Administration (SBA) posted two new Paycheck Protection Program (PPP) loan forgiveness applications:

  1. A revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law on June 5, 2020. 
  2.  In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.
  • The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers of loans made before June 5, 2020 the option of using the original 8-week covered period or an extended 24-week covered period. 

These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. If you are unsure which form to complete, start by completing the checklist on the EZ Forgiveness Application Instructions.

We anticipate that the issuance of these new applications will be followed by the SBA issuing guidance about the process for accepting forgiveness applications, along with the target date they will begin accepting applications. We will let you know when we will be able to take your application and the process for doing so. Prior to completing your PPP Forgiveness Application (SBA Form 3508 or SBA Form 3508EZ) please be sure that you are using the most current version. On the bottom left of each page after the form number should be (6/20).  

We have posted links to both revised PPP Forgiveness Applications below:

If you have any questions regarding PPP loan forgiveness, please contact your local Coastal banker who can forward your question to the PPP Support Center or reach out directly through the number or email below.


[email protected]


June 12, 2020

The recent changes to the Paycheck Protection Program (PPP) brought about by the passage of the Paycheck Protection Program Flexibility Act of 2020 which became law on June 5, 2020 will require a revised Small Business Administration (SBA) Forgiveness Application (SBA Form 3508), which has not yet been released.

As a result, we will not be able to begin accepting your application for forgiveness on June 15 as we had hoped.

As soon as the new application for PPP loan forgiveness is released by the SBA, we will let you know. We may need to wait beyond issuance of the application until SBA issues their guidance with instructions on accepting these applications and opens their portal for processing.

New PPP Applications, please call 425.257.9000

Existing PPP Customers with Forgiveness question can call 425.349.9097 or email  [email protected]


June 8, 2020

The Paycheck Flexibility Act which makes substantial changes to the Paycheck Protection Program (PPP) has been passed into law. Now that the Bill has been signed by the President, the Small Business Administration (SBA) will issue guidance regarding implementing these changes. There are many questions unanswered, including how the SBA and banks will handle new loan terms. The SBA and Treasury announced this morning that there will be an update to the SBA Forgiveness Application, which we will share as soon as it is released.

The key components of the Paycheck Protection Program Flexibility Act are:

  • Extend the “covered period” under which small businesses can spend the loan proceeds from 8 weeks to 24 weeks.  Borrower can choose to use the originally authorized 8-week period.
  • Extend the loan terms for any unforgiven portions that need to be repaid from two years to five years, at 1% interest on a go-forward basis. Any pre-existing loans may amend the note to reflect new maturity terms if both the lender and borrower mutually agree. This will likely occur at the time of loan forgiveness. 
  • Expand the 25% cap to use PPP funds on nonpayroll expenses, such as rent, mortgage interest and utilities, to 40% of the total loan. That lowers the 75% requirement for payroll expenses to 60% to get maximum forgiveness.
  • Give small businesses more time to rehire employees or to obtain forgiveness for the loan if social-distancing guidelines and health-related actions from the Centers for Disease Control and Prevention or other agencies prevented the business from operating at the same capacity as it had before March 1. In this situation, the covered period during which a loan recipient may use such funds for certain expenses while remaining eligible for forgiveness goes from 8 weeks to 24 weeks, or until December 31.
  • Extend the period before a borrower must start making interest and principal payments to the date the forgiveness amount is received by the bank from the SBA, or 10 months after the end of the 24-week covered period,
  • Allow small businesses to take a PPP loan and also qualify for a separate, recently enacted tax credit to defer payroll taxes, currently prohibited to prevent “double dipping.”

We will continue to update you as this develops and we learn more about the provisions of the Paycheck Flexibility Act and SBA’s guidance on implementation of the changes.


June 5, 2020

The President signed the Paycheck Protection Program Flexibility Act of 2020 today, updating the Paycheck Protection Program. While we need to await guidance from the Small Business Administration (SBA) and Treasury regarding implementation of the new rules, we will have updates about the changes for you very soon.  

Additionally, we continue to accept PPP Applications. Please contact us if you are interested.


May 22, 2020

On 5/21/2020 Snohomish County announced the creation of the Snohomish County Small Business Relief, Recovery, and Resiliency Program (R3) to support small businesses adversely impacted by the COVID-19 pandemic. For more information please go here:


May 18, 2020 - The SBA has released Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application, and indicated that it will soon issue regulations and guidance to help borrowers complete their applications and inform lenders of their responsibilities.

Here is a link to the SBA Loan Forgiveness Application and Instructions and we will release further direction as soon as it is available, including how to apply for forgiveness for your PPP loan with Coastal Community Bank.

The application has four components:

1. The PPP Loan Forgiveness Calculation Form

2. PPP Schedule A

3. The PPP Schedule A Worksheet

4. An (optional) PPP Borrower Demographic Information Form

Borrowers are required to submit items (1) and (2) to their lender.


May 15, 2020 - Coastal Community Bank continues to accept complete applications from both current and new customers for the Small Business Administration (SBA) Paycheck Protection Program (PPP).

Coastal’s acceptance of your package does not guarantee that the SBA will have sufficient funds to approve your loan, and we do not know how long the current funding for this round will last. This page will be updated as soon as we know more.

If you would like an application package, please contact your local branch or call us at 425.257.9000 during regular business hours.

PPP Forgiveness

If you have already have secured your funding through the Small Business Administration (SBA) Paycheck Protection Program (PPP), we know you will have questions about the forgiveness portion of the PPP. While we don’t yet have the final guidance from the SBA and Treasury on the process or all the aspects of the loan forgiveness calculation, we do know some high level information that we can share with you today.

Documentation must be provided to substantiate the expenditures, so plan for that.

How does a borrower get the entire PPP loan forgiven?

The borrower will not be responsible for any loan payment if:

1.         The borrower uses all loan proceeds for forgivable purposes, and

2.         Employee and compensation levels are maintained.

How is the forgiveness amount calculated?

The actual amount of loan forgiveness depends, in part, on payments made over the eight-week period following the date of the loan, including:

1.         The total amount of payroll costs,

2.         Payments of interest on mortgage obligations incurred before February 15, 2020,

3.         Rent payments on leases dated before February 15, 2020, and

4.         Utility payments under service agreements dated before February 15, 2020.

How much of the loan forgiveness must be attributable to payroll costs?

At least 75% of the loan forgiveness amount must be attributed to payroll costs.  Not more than 25% of the loan forgiveness amount may be attributable to non-payroll costs.

What documentation will I be required to submit to my lender with my request for loan forgiveness? 

In addition to the borrower certification required by Section 1106(e)(3) of the Act, to substantiate your request for loan forgiveness, if you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms or equivalent payroll processor records that best correspond to the covered period (withevidence of any retirement and health insurance contributions). 

Whether or not you have employees, you must submit evidence of business rent, business mortgage interest payments on real or personal property, or business utility payments during the covered period if you used loan proceeds for those purposes.  

Once we receive the final guidance, we will provide you with the details and instructions for submitting your requests. 

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.



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.