SBA Paycheck Protection Program
We take great pride in being able to support our community in this way and have enjoyed building new relationships. We look forward to helping small businesses with any other needs they may have going forward.
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:
- Businesses with 300 of fewer employees
- 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
- 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:
- 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.
- 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 firstname.lastname@example.org with your name, business name, phone number, and monthly payroll average.
If you have questions, contact us at email@example.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
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.
How to Apply
When to Apply
- PPP Loan Forgiveness Application EZ
- PPP Loan Forgiveness Application
- PPP Loan Forgiveness Application Form 3508S (Loans $50,000 or less)
Gulf Coast Bank has been funding SBA loans for over forty years and is a Preferred SBA Lender.