Application period for second round of paycheck protection loans now open
–The federal funding program designed to help keep small businesses open during the pandemic is back for round two, and local SBA preferred lender Coast Hills Credit Union is accepting applications for Paycheck Protection Program loans at its website starting Wednesday. The Coast Hills location in Paso Robles is at 1402 Spring St.
“CoastHills is an SBA Preferred Lender, so we have the in-house expertise and authority needed to guide local businesses through every step of the PPP application and forgiveness process,” said CoastHills EVP Chief Financial Officer Tim Jensen. “Our responsive and experienced team worked closely with hundreds of businesses during the first round of PPP to evaluate their circumstances and make the whole process as efficient and painless as possible.
“We’re well equipped to help local small-to-medium businesses that are doing their best to navigate the pandemic obtain the funding they need to retain or hire employees and keep operating. For some businesses, this is make or break.”
An important facet of the program is that the loans are forgivable as long as all conditions are met. Also, businesses that were granted funding in the first round may receive another PPP loan provided that they have used the entire balance of their first draw prior to receiving the second, among other stipulations.
CoastHills funded nearly $33 million in PPP loans to 621 Central Coast businesses during the initial wave.
Additional updates to the program include the maximum number of employees lowered from 500 to 300. Also, businesses may use the funding for operational expenses, including COVID-specific related materials and safety controls. The previous round of PPP funding limited the use to payroll, utility, lease or interest expenses.