COVID-19 Resources for Business Members

Suncoast understands that the coronavirus (COVID-19) has impacted many small businesses. Please know, we are here to help you through this.

This page will include the latest information for Suncoast business members, including government resources and loan options.

Questions about Suncoast Payment Relief

If you’re a Suncoast business member and need information about payment relief, please call us at 1-800-999-5887, ext. 89046. Leave a message with your question and contact information and a member of our business team will call back. Due to high call volume, we will contact you as soon as possible.

There are also a number of government resources available to help small businesses during this time. For the most up to date information visit

Additional Funding Available for Paycheck Protection Program

Updated 01/19/2021

Congress has approved additional funds in support of the Paycheck Protection Program (PPP).

Suncoast is now offering members with business accounts the opportunity to apply for SBA’s Payment Protection Program (PPP). 

The general eligibility requirements from the SBA are as follows:

  1. Your business employs 300 or fewer employees
  2. Your business has experienced a reduction in revenue in 2020 of at least 25% in gross receipts during the first, second, third, or fourth quarter in 2020 as compared to the applicant’s gross receipts during the same quarter in 2019.
  3. If you have previously received PPP funding, you may apply again.

You may be eligible for a second PPP loan if the following has occurred:  

  1. You have received funding from the first draw
  2. You have exhausted or will use the full amount of the first draw on or before the expected date that the second loan will be funded. 

Suncoast Business Members should apply through our online application portal by logging into SunNet. The application will be available until March 31, 2021 unless otherwise directed by the SBA.

If you are interested in applying for this loan, please log into SunNet Online Banking.

For further guidance, please visit for more details. 

How to Apply for Paycheck Protection Program Assistance

Applying does not guarantee funding, but you can increase your likelihood if you submit your application swiftly and include all necessary documentation.

Use our streamlined application process to apply. Our link is for any current Suncoast Member. You will need to include the following documents, if available:

  • Payroll processor records
  • Payroll tax filings
  • Form 1099-MISC
  • Income and expenses from a sole proprietorship
  • Copy of driver's license of all business owners
  • Sunbiz filing
  • If you are applying for a second draw, then you will need your SBA loan number from your first loan

For borrowers that do not have any such documentation, the borrower must provide other supporting documentation such as bank records sufficient to demonstrate the qualifying payroll amount.

Once your application is complete and submitted, a pop-up box will be presented which provides your application number. Using this information, you will have access to the portal where you can check on the status of your application.

Our team remains committed to helping you through this process. If you need additional assistance please contact

Paycheck Protection Program Loan Forgiveness Update

Updated 01/19/2021

At Suncoast Credit Union, our priority is to support our members during difficult times. We understand that achieving loan forgiveness is important to you and that you may have questions.

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan. However, borrowers must apply for forgiveness within 10 months after the last day of the loan forgiveness covered period. After that date passes, loan payments are no longer deferred and the borrower must begin making payments on the loan. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.

We are closely following all regulatory requirements and continue to receive updates from the SBA as the process evolves.

SBA PPP application timeline

SBA PPP application timeline

Loan forgiveness is not automatic, you must request it once the process is available. Please keep in mind that this is an SBA program, so it is your responsibility as the borrower to understand and follow SBA guidelines. However, here is some information to help you prepare:

How do I request loan forgiveness through Suncoast?

If you have a PPP loan that Suncoast fulfilled, we will email you with instructions on how to apply for loan forgiveness.

Please make sure to submit all of the required documents to support your request. Additional information on the required documentation can be found here:

Who is eligible for loan forgiveness?

To be eligible to receive loan forgiveness, loan funds must be used for specified purposes, and at least 60% must be used for payroll costs, according to the SBA. Non-payroll costs may not exceed more than 40% of the loan amount. 

During the eight to twenty-four week period after your loan is disbursed, you must generally maintain employee headcount and compensation levels, per the SBA guidelines.

The best resources to review and make recommendations based on your specific scenarios are accountants, CPAs and business attorneys.

How much of my loan can be forgiven?

Loan forgiveness could potentially be up to the full principal amount of the loan and any accrued interest.

For loans closed after 6/5/2020, loan maturity increased from two years to five years.

The amount of loan forgiveness you receive will depend on a number of factors. This includes the total costs for the following items during the eight to twenty-four week period following loan disbursement:

  • Payroll costs
  • Payments of interest on mortgage obligations incurred before February 15, 2020
  • Rent payments on leases dated before February 15, 2020 and
  • Utility payments under service agreements dated before February 15, 2020

What is the covered period?

The covered period represents the time during which the PPP funds (received and used) are eligible for forgiveness.

  • Members that received a PPP loan that was funded prior to June 5th may choose either an 8 or 24 week covered period
  • Loans that were funded June 5th or later have an automatic 24 week covered period

To avoid confusion, your loan payment due date currently reflects November 1, 2021. This allows ample time for you to make the best decisions for your business.

You can choose if you want to take advantage of the maximum covered period, as well as the grace period that follows.

What happens after I apply for loan forgiveness?

Once you apply for PPP forgiveness and submit all of the necessary documentation to support your request, Suncoast will begin processing your application.

  • As the originating lender, we have 60 days to process your forgiveness request and submit it to the SBA
  • The loan is sent to the SBA, and they have 90 days to process the submission and make the final decision
  • We will let you know the SBA’s decision

What happens if my loan is not completely forgiven?

If your SBA loan is not completely forgiven, you will be provided options to remit payment for the residual balance. Payments on the residual balance will begin within 30 days of the SBA’s final decision.

How can I check the status of my PPP loan forgiveness application?

Once you have applied for loan forgiveness, you can log back into the portal with the credentials that you used to apply. This includes your SBA number or loan number, your email address, and password.

How can I get my documents ready for the loan forgiveness process?

Document your expenses for the eight to twenty-four weeks following loan disbursement, including payroll costs and other expenses. We will need documentation for any costs you plan to request forgiveness for.

Keep in mind that while loan payments will be deferred for ten months, interest will continue to accrue – even if the loan is not forgiven, partially or in full. The borrower will be responsible for any amounts not forgiven.

Visit the SBA and Treasury for the latest information on loan forgiveness. In addition, the National Law Review has provided updated guidance for the Paycheck Protection Flexibility Act that was signed by President Trump on June 5, 2020.

Other eligibility requirements may apply.

Be Aware of Phishing Emails Claiming to be About SBA Applications

As you apply for SBA loans and forgiveness, be extra vigilant when you open any emails claiming to be from the SBA or related sources. Scammers are pretending to be from trusted institutions and sending out malicious emails.

The Cybersecurity and Infrastructure Security Agency (CISA) issued a warning about phishing emails that include malicious links to a fake SBA COVID-19 loan relief webpage that steals your credentials.

Go to the CISA website to learn more about these phishing emails and see examples of what the spoofed website looks like.

SBA Economic Injury Disaster Relief Loan

The Small Business Administration is also offering assistance to members who have been affected by COVID-19. Learn more about this program and apply for these loans directly on the site.

For questions regarding the SBA Economic Disaster Relief Loan, email or call (800) 659-2955 and (800) 877-8339 for hearing impaired.