CoastHills Launches PPP To Help Small Businesses
The federal government is throw a $ 349 billion lifeline to small businesses, and CoastHills Credit Union helps local businesses access financing, even if they do not have a pre-existing banking relationship with the Credit Union.
The US Treasury unveiled the Paycheck Protection Program (PPP) at the end of last week, and CoastHills teamed up with the Small Business Administration (SBA) to help provide the loans, which can be tax exempt as long as all conditions are met.
“We are in a unique position, as a preferred lender to the SBA, to help small businesses in our five member countries get the help they need. Said CoastHills President / CEO Paul Cook. “Credit unions have a duty to help their communities, and at CoastHills, we’re making a difference in the lives of our neighbors.
“Opening our doors to local businesses in need is a great example of this vision. “
CoastHills has a dedicated web page to help businesses apply for PPP loans, and business owners are welcome to visit and download the request form directly on their own devices. From there, requests can be returned electronically to the credit union by emailing [email protected]
In order to be eligible to receive the loan, businesses must be eligible for the SBA 7 (a) loan, have fewer than 500 employees, and have been in business by February 15, 2020. Loan repayments can be used to distribute up to eight weeks of wages and benefits, 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 that currently serves over 68,000 members in Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties. Founded in 1958, it has 11 branches and a full-service call center staffed with local staff. With assets of over $ 1.2 billion, CoastHills is the second largest local financial institution on the Central Coast.