COVID-19 Resources for Business Members

05/30/2020

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

Updated 5/20/20

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 is working on a portal to help members efficiently submit loan forgiveness requests. This page will be updated with the latest information. To ensure that we can provide the best service, please do not submit loan forgiveness requests until our portal is open.

Members who received Paycheck Protection Program (PPP) funding from the Small Business Administration (SBA) may be eligible for loan forgiveness. Please keep in mind that this is an SBA program, so it is your responsibility as the borrower to understand and follow SBA guidelines.

Loan forgiveness is not automatic, you must request it once the SBA process is available. 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 75% must be used for payroll costs, according to the SBA. Non-payroll costs may not exceed more than 25% of the loan amount. 

During the eight 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.

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 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 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 six 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.

What if I want rescind my loan request and/or return PPP funds that I have received?

Please email our team at paymentrelief@suncoastcreditunion.com and send us your request in writing to rescind your loan and/or return PPP funding. We will help you from there.

Visit the SBA and Treasury for the latest information on loan forgiveness. Other eligibility requirements may apply.


Florida Business Disaster Loan Program

The Florida Business Disaster Loan Program, managed by the State Department of Economic Opportunity, is providing short-term, interest-free loans to small businesses. Visit their website for information about eligibility requirements, to learn about the loan process and to apply for the loan program.

You can apply for this program directly on the Florida Disaster Loan website. For questions regarding the Emergency Bridge Loan Program, please contact the Florida Department of Economic Opportunity by phone at (833) 832-4494 or email FloridaBusinessLoanFund@deo.myflorida.com.


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 disastercustomerservice@sba.gov or call (800) 659-2955 and (800) 877-8339 for hearing impaired.