The Federal Government is throwing a $349 billion lifeline to small businesses, and CoastHills Credit Union is helping local businesses gain access to the funding — even if they do not have a pre-existing banking relationship with the Credit Union.
The U.S. Treasury unveiled the Paycheck Protection Program (PPP) late last week, and CoastHills is teaming up with the Small Business Administration (SBA) to help deliver the loans, which may be forgiven tax free as long as all conditions are met.
“We are in a unique position, as a preferred lender with the SBA, to help small businesses throughout our five-county field of membership get the help they need.” CoastHills president/CEO Paul Cook said. “Credit Unions have a duty to aid their communities, and at CoastHills, we make a difference in our neighbors’ lives.
“Opening our doors to local businesses in need is a prime example of that vision.”
CoastHills has a webpage dedicated to helping businesses apply for PPP loans, and business owners are advised to visit and download the application form directly to their own devices. From there, applications may be returned electronically to the Credit Union via email to PPP@coasthills.coop.
In order to be eligible to receive the loan, businesses must be SBA 7(a) loan eligible, have fewer than 500 employees and have been in business on or before February 15, 2020. The loan payouts may be used to distribute up to eight weeks of payroll and benefits costs, a portion of mortgage interest or rent, and utilities.
For more information, please visit https://www.coasthills.coop/business_services/sba-loans/ppp.
About CoastHills Credit Union: CoastHills is a not-for-profit Credit Union currently serving more than 68,000 members in Santa Barbara, San Luis Obispo, Monterey, Ventura, and Santa Cruz Counties. Founded in 1958, it has 11 branches and a locally staffed full-service call center. With assets of more than $1.2 billion, CoastHills is the second largest locally owned financial institution on the Central Coast.