Business Loan Programs

US Chamber of Commerce: Guide to PPP Loan Forgiveness

First Draw PPP Loan Forgiveness terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

• Employee and compensation levels are maintained
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60 % of the proceeds are spent on payroll costs

Second Draw PPP Loan Forgiveness terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8 to 24 week covered period following loan disbursement:

• Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan and
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60 % of the proceeds are spent on payroll costs

How and when to apply for Loan Forgiveness

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

Start your forgiveness process now by clicking HERE for our short PPP Forgiveness Questionnaire.

Click here for the SBA’s Frequently Asked Questions

Forgiveness forms and instructions

• SBA Form 3508 PPP Loan Forgiveness Application (updated 01-19-21)
• SBA Form 3508EZ PPP Loan Forgiveness Application (updated 01-19-21)
• SBA Form 3508S PPP Forgiveness Application (updated 01-19-21)

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.

• Emergency Business Skip-a-payment Application

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