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:
Paycheck Protection Program Loan Forgiveness Update
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.
Suncoast cannot accept any Paycheck Protection Program (PPP) loan forgiveness applications at this time. Though the Small Business Administration has started accepting applications on August 10, we are waiting on pending legislation before our team can begin accepting loan forgiveness applications.
We are working to simplify the application process for our members. Once our application portal is open, we will contact all members who we assisted with PPP loans with a link to the portal. Thank you for your patience throughout this process.
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?
- When the loan forgiveness process is ready, we will email you instructions and update this page
- You will need documentation showing that you used the loan for SBA-eligible purposes
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
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 firstname.lastname@example.org or call (800) 659-2955 and (800) 877-8339 for hearing impaired.