Business Loan Programs

Skip-a-Payment:

this offer allows existing business loan borrowers directly impacted the ability to skip up to TWO consecutive payments by completing the application and stating the reason related to COVID-19. No specific verification or proof is required.

Please submit completed applications to businessloans@coastccu.org. For questions, call us at (707) 445-8801 x620.

Paycheck Protection Program (PPP):

At this time, Coast Central is not able to accept new PPP loan applications. See information below about the forgiveness process.

PPP Loan Forgiveness
As of June 17, the SBA, in consultation with the Department of the Treasury, released a REVISED PPP Loan Forgiveness Application, as well as a new “EZ Version” that applies to borrowers who:

  • 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. More details are available in the instructions to the new EZ application form. Links to the two applications are below:

Please do not submit your application at this time, as the SBA has not begun accepting them from lenders yet, and there will likely be changes to the process. We appreciate your patience and will contact borrowers when confirmed details are available.

For questions, please email Member Business Services at BusinessRelief@coastccu.org. or call our hotline at
(707) 445-8801 x631. Please feel free to learn more from these additional resources:

      • North Coast Small Business Development Center has released a quick guide to CARES Act loans for small businesses, comparing the PPP to the EIDL (SBA Economic Injury Disaster Loan)

 

 

 

 

 

Additional resources

    • City of Arcata Economic Development. In response to business impacts related to COVID-19, the City of Arcata is committed to providing technical and financial support to Arcata’s businesses to help them weather the resulting economic downturn. Information about the new Business Resiliency Emergency Loan Program as well as our existing loan programs, can be found here: https://www.cityofarcata.org/188/Economic-Development

 

    • City Of Fortuna Business Resiliency Emergency Loan Program. In response to business impacts related to COVID-19, the City of Fortuna is committed to providing financial support to Fortuna’s businesses to help them weather the resulting economic downturn. Information about the new Business Resiliency Emergency Loan Program can be found here: https://www.friendlyfortuna.com/news_detail_T34_R223.php

 

  • North Coast Small Business Development Center.
      • Client Services Alert. The SBDC has received a massive spike in requests for business consulting, so they are implementing a “client triage process”. Top urgency are clients who need help managing or preventing layoffs or securing financing to cover operating expenses. They have two teams with appropriate expertise ready to work with you immediately. New clients can apply here and returning clients can contact them at admin@northcoastsbdc.org or (707) 445-9720 x210. They are continuing to support other clients and have advisors ready for you, but their response time will be a little slower for non-crisis requests.

     

      • The SBDC has a comprehensive resource page with a variety of links for local businesses that have questions or are experiencing disruptions and may be in need of support: Frequently Asked Questions about COVID-19

     

      • Virtual Layoff Help Rapid Response Events. The SBDC is offering resources and free Employee Layoff Help Events for employees in Humboldt County who have been or will be laid off. Humboldt Employees: get online together for a briefing about the help available for you if you’re facing layoffs or have been laid off.

         

      • US Chamber of Commerce. The USCOC created the Coronavirus Emergency Loans Small Business Guide and Checklist to help small businesses utilize aid from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

     

    • U.S. Export-Import Bank Extends Program Waivers, Extensions, and Other Provisions to U.S. Customers and Lenders. These include waivers, deadline extensions, streamlined processing, and flexibility, to our customers for an initial period of 30 days (with the possibility of a further extension. More on their COVID-19 assistance fact sheet.

    For questions about other business-related products and services, please contact our Member Business Services team at (707) 445-8801 x 620.