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Gulf Coast Bank

SBA Paycheck Protection Program

PPP Loans 

An SBA PPP loan is a loan that helps businesses keep their workforce employed during the COVID-19 pandemic.
 
As an SBA Lender for over 40 years, we are prepared to help you receive funding quickly with our easy-to-use online portal. Our knowledgeable team will make sure you get the most PPP funding available to you as fast as possible.
 
We are currently only accepting applications from Gulf Coast Bank customers. In the not-too-distant future, we will start accepting applications from non-customers as well. If you would like to become a GCB customer, we will process your loan application immediately. Our goal is to help as many businesses as possible, but our priority is to take care of our loyal customers.
 
Information for First Draw Customers: Overview of First Draw PPP 
Second Draw PPP Loans:

Gulf Coast Bank is currently processing PPP 2nd Draw PPP Applications for businesses that have experienced a 25% or more loss of revenue in 2020 compared to 2019 OR a 25% or more loss in revenue in any one quarter of 2020 in comparison to the same quarter in 2019.

Eligibility requirements for a 2nd Draw PPP Loan:

  1. Businesses with 300 of fewer employees
  2. Received a PPP loan already and used or will use the full amount of your previous PPP loan for authorized purposes on or before the expected date of disbursement of the Second Draw PPP loan
  3. Experienced a 25% or more decrease in revenue in 2020 compared to 2019 - OR - a 25% or more decrease in revenue in any one quarter of 2020 in comparison to the same quarter in 2019

To apply for a 2nd Draw PPP Loan you will need:

  1. Documentation proving a 25% or more decrease in revenue: You must submit documentation that proves revenue loss for all loans regardless of size to help ensure that you, the borrower, will qualify for forgiveness. This does not have to be tax documents at this time; however, it is unknown whether tax documents may be required when applying for forgiveness.
  2. Documentation of payroll: If you received your 1st PPP loan with Gulf Coast Bank, we already have this information, and it is not required again unless there are changes. This information will be used to calculate your 2nd-Draw PPP loan and you will need to provide supporting payroll documentation.

Please provide this information is a timely manner to prevent any delays in the loan process.

Due to the current high volume of calls, we are requesting that you contact us by email to get started. Email sbaloans@gcbank.com with your name, business name, phone number, and monthly payroll average.

If you have questions, contact us at sbaloans@gcbank.com and a Gulf Coast Bank SBA PPP Specialist will assist you as soon as possible.

You may visit the Treasury website and the SBA website for additional information:

The SBA: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

The Treasury: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

Loan Forgiveness

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. 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.

By the time the SBA PPP loan program previously closed on August 8th, 2020 Gulf Coast Bank assisted 1,422 businesses secure over $132,017,000 in funding. We take pride in being able to support our community in this way. 
 
Gulf Coast Bank is now accepting applications for Paycheck Protection Program (PPP) loan forgiveness. Our team has been trained and is ready to accept your application and assist you, the borrower, in the process.

How to Apply 
In order to apply for loan forgiveness, you will need to complete a forgiveness application. To make this process as easy as possible, we have an online portal for you to upload all necessary documentation.

When to Apply
Per SBA guidelines, PPP borrowers have 10 months after their covered period ends to apply for loan forgiveness. Your covered period is 24 weeks from when you received your PPP funds. 

Simplified Forgiveness for Loans $50,000 or Less
The SBA and the Treasury Department recently announced simpler PPP forgiveness for loans of $50,000 or less. A borrower that received a PPP loan of $50,000 or less may use the newly issued version of the forgiveness application forms, PPP Loan Forgiveness Application SBA Form 3508S. 

Timeline
Our SBA specialists are working diligently to process forgiveness applications as quickly as possible. After our review, we will submit your file to the SBA. The SBA then has 90 days to review your application.

Loan Forgiveness Applications & Instructions
We are including the forms below to help you understand the calculations, as well as gather the information that you need to apply for forgiveness. This is only for your reference. When you are ready to apply for forgiveness, you will need to fill out the forms electronically inside our online portal. 

When you have gathered the required information and are ready to apply, contact us and we will send you your link to log in to the portal. Inside the portal you can check which forgiveness application you need to complete by clicking the button: "Check your EZ Form Eligibility" then complete the corresponding application inside the portal. 

The SBA has issued forms and instructions for the forgiveness application. For your reference, here are the current applications:  


Gulf Coast Bank has been funding SBA loans for over forty years and is a Preferred SBA Lender.

This has been a stressful time for everyone, and it has been especially hard on small businesses. The Gulf Coast Bank team has worked long hours and put our skills and expertise regarding SBA programs to use helping those affected in our community.

If you have any questions, please contact us at 337-893-7733 or sbaloans@gcbank.com. You may also utilize our Contact Us online form by clicking the button below.  

We appreciate this opportunity to serve you and your business and look forward to working together for years to come.

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