Small Business Administration (SBA) Loans
SBA Preferred Lender
Small business financing with flexible terms.
Now accepting Paycheck Protection Program Forgiveness requests.
SBA 7(a) Loans
The SBA 7(a) loan program provides working capital for a variety of business needs, from general operating expenses to expansions. SBA loans are guaranteed by the U.S. Small Business Administration and have rates and fees that are comparable to conventional loans, often with lower down payments, and more flexible terms. Plus, as an SBA Preferred Lending Partner, Coastal Community Bank provides businesses with a local and trusted loan advisor who will help you determine if an SBA loan is right for you. Contact us today.
Commercial Real Estate
Financing to help you purchase commercial real estate.
Funding solutions to help take your business to the next level.
Get the money you need to build your dream location.
Get access to more inventory for your business needs.
Purchase or upgrade new equipment for your growing business.
Get the money you need to meet current obligations.
Refinance Business Debt
Replace an existing loan with a loan with better rates.
Start a New Business
Get the capital you need to start a new business.
The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses.
Ideal for Purchasing and Refinancing Existing Businesses
Special Financing for Qualifying Businesses
Quick, Local Decisions and Processing
Attentive, Friendly Service
Paycheck Protection Program (PPP) loans have been exhausted and Coastal Community Bank is no longer accepting PPP applications. We continue to work diligently with our PPP loan customers to submit their forgiveness applications. Customers with questions regarding PPP loan forgiveness should contact their local Coastal banker or reach out directly to the PPP Support Center at 425.349.9097 or email@example.com.
The SBA has made available a Direct Forgiveness Option in which Coastal Community Bank has pre-staged your SBA PPP Forgiveness application. The application can be completed in less than 5 minutes here.
A couple of notes if you choose to submit through the SBA:
- Some of your basic information has already been populated in the portal, making it easier to apply.
- If this is a second-round PPP Loan you will see a COVID Revenue Reduction Score.
According to the SBA, “If the COVID Revenue Reduction Score does not validate the required revenue reduction for the business, you must upload into the Platform documentation adequate to establish that the business experienced a revenue reduction of 25% or greater in 2020 relative to 2019. In this instance, the Platform will not allow the borrower to complete submission of the loan forgiveness application without uploading documentation.”
If you’d prefer not to apply via the SBA Direct Forgiveness portal, please contact your loan officer or the PPP Forgiveness team.
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 firstname.lastname@example.org.
Carefully review and fill out the applicable form, and gather any required documentation specified in the instructions:
- Loan Forgiveness Application Form EZ: To download PPP Loan Forgiveness Application Form 3508EZ, please click here.
- Loan Forgiveness Application Form 3508S: To download PPP Loan Forgiveness Application Form 3508S, please click here.
- Loan Forgiveness Application Form 3508: To download PPP Loan Forgiveness Application Form 3508, please click here.
To download a checklist of required documentation for borrowers, please click here.
FAQs about PPP Loan Forgiveness are available on the SBA website. Click here for more information.
To download a sheet of frequently asked questions from Coastal Community Bank customers, please click here.
To access the Paycheck Protection Program Loan Forgiveness factsheet from the SBA, please click here.
PPP Interim Final Rule: Click here for loan forgiveness requirements and loan review procedures as amended by the Economic Aid Act.
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 or 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.
- SBA Information on the PPP
- U.S. Chamber of Commerce Small Business Guide Checklist for Emergency Loans
- COVID-19 Resources for Small Businesses
- Washington State Employment Security Department
- 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:
Which Forgiveness Form?
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 didn’t reduce the 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 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 the 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 is a timeline of PPP updates.
|August 2, 2021||The SBA revised/updated the PPP Forgiveness Applications. The links have been updated on our website.|
|May 10, 2021||PPP Funds Exhausted. Coastal Community Bank stops accepting PPP applications.|
|April 28, 2021||SBA administrator Guzman announces application opening for $28.6 billion restaurant revitalization fund.|
|April 23, 2021||SBA reopens 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, 2021||SBA announces first-of-its-kind technology initiative for restaurant revitalization fund.|
|March 30, 2021||State launches new round of Working Washington small business grants.|
|March 25, 2021||Paycheck Protection Program extended.|
|March 10, 2021||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. The Paycheck Protection Program received an extra $7.25 billion. Another kind of small-business support — the Economic Injury Disaster Loan program — received 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.|
|March 2, 2021||Tax breaks for forgiven PPP loans. The IRS provided guidance on certain tax breaks for forgiven PPP loans. 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). 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.|
|February 22, 2021||The Small Business Administration (SBA) announced several changes to the Paycheck Protection Program (PPP). 1) Beginning February 24 through March 9 the SBA will exclusively accept PPP applications from businesses with fewer than 20 employees. 2) 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. 3) A new application was released later in the week for IRS Schedule C Self-Employed Businesses.|
|December 22, 2020||Coastal Community Bank makes the following announcement: "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."|
|December 9, 2020||Coastal Community Bank issues the following warning: "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."|