Coronavirus Aid, Relief, and Economic Security (CARES) Act

Looking for information on SBA Paycheck Protection Program (PPP) loan forgiveness?
Please visit our PPP loan forgiveness FAQs to learn more.

What You Need To Know

Important Update: On Thursday, April 23, U.S. Congress approved an additional $320 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).

The bill also includes an additional $60 billion in funding for the SBA’s Economic Injury Disaster Loan (EIDL) program.  We understand how vital these funds are to small businesses, and have dedicated nearly one third of all our associates to speed this effort. We stand ready to serve as many customers as quickly as possible. 

Given the extraordinary demand for relief from this program, we expect small businesses to consume the new funding quickly.  Seacoast is working around the clock to review and process your SBA applications and will provide regular updates on their status.

Here is what you can expect from Seacoast:

    • We will provide you a copy of our PPP Checklist and the SBA Application. Please review them thoroughly and immediately raise any questions you may have with your local Seacoast SBA expert or Commercial Banker. 

    • Submit your completed documents as quickly as possible. Seacoast may respond with questions to ensure the information is as complete and accurate as possible. The sooner we receive the required documents the faster we can complete and submit an accurate application.

    • Once our review is complete, we will notify you. Once the SBA has approved your application, we will contact you with documentation and funding requirements.  Please note, we require you to have a current Seacoast Business Checking account.  We will use this account to disburse the proceeds of your loan.

    • Please stay informed. While Seacoast will continue to post updates here on our website, we encourage you to periodically review guidance and updates from the U.S. Department of Treasury (Treasury) and SBA websites.

Frequently Asked Questions

    • How will Seacoast serve customers?  According to guidance from the SBA the program is first come, first serve.  As such, Seacoast will work tirelessly to meet the needs of our customers in an efficient and timely manner.

    • Who can apply?  Based on SBA guidance, businesses and certain nonprofits (including 501(c) (3) nonprofits and 501(c) (19) veterans’ organizations) with 500 or fewer employees are generally eligible for the loans. Independent contractors, self-employed workers and gig workers, such as drivers for ride-share apps, also qualify. Qualified borrowers must certify that they’ve been substantially impacted by COVID-19 including supply chain disruptions, staffing challenges, a decrease in sales or customers, or shuttered businesses. Businesses must have been operating as of February 15, 2020 and must have paid employee salaries and payroll taxes or contractors. No personal guarantees or collateral will be associated with the loan.

    • Should I make an appointment at a Seacoast location to get information on PPP?  No. Our branch locations will not be accepting PPP applications or documentation. Please contact your local Seacoast SBA expert or Commercial Banker.

    • Are faith-based organizations, including houses of worship, eligible to receive SBA loans under the PPP and EIDL programs?   Yes. Per the SBA website, The SBA clarifies that “faith-based organizations are eligible to receive SBA loans regardless of whether they provide secular social services. That is, no otherwise eligible organization will be disqualified from receiving a loan because of the religious nature, religious identity, or religious speech of the organization.” Please refer to the SBA website for additional information.

    • How much can I borrow?  Businesses can receive loans up to two and a half times their average monthly payroll or $10 million, whichever is less, at 1% for two years, with an automatic six-month deferment, depending on how much they paid their employees.

    • What can I use the money for?  Loans can be used for payroll support, including paid sick, medical, or family leave, and costs related to the continuation of group health care and retirement benefits during those periods of leave; employee salaries (up to $100,000 annual salary); mortgage interest payments; rent (including lease agreements); utilities; interest on any debt that originated before the covered period (principal excluded).  Additionally loan funds can be used to cover interest payments on any other debt obligations that were incurred before February 15, 2020 and/or refinancing an existing Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020.

    • Can I defer payment?  Yes. You will not have to make any payments for six months following the date of the loan disbursement; however, interest will continue to accrue on PPP loans during this six-month deferment.  The loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight-week period after the loan is made and employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for six months.

    • Can my Payment Protection Plan loan be forgiven?  Yes. The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest.  The borrower will not be responsible for any loan payment if the borrower uses all loan proceeds for forgivable purposes as outlined in the legislation and employee and compensation levels are maintained.  The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations, rent payments on leases and utility payments under service agreements incurred before February 15, 2020 and during the eight-week period following the date of the loan.

    • How long will it take to receive my funds?  We are working closely with the SBA to process applications as quickly as possible. Seacoast will contact you with the status of your application once we receive a decision from the SBA. Please work with your local banker for information regarding your specific application and needs.

    • Other things you should know.  These loans are non-recourse. No personal guarantee is required except if using the loans for purposes other than those allowed. Final rates (which are not to exceed 1%), underwriting standards and other terms & conditions are to be determined. These loans will be issued by SBA 7(a) lenders.

Please note guidance from U.S. Treasury and the SBA is ever-changing.  While we do our best to provide real-time updates, there is an inevitable delay from when we receive the guidance to when we can post our interpretation of it.  As such, this FAQ is not intended to demonstrate specific commitments for loans from Seacoast Bank. 

We encourage you to contact your local Seacoast SBA expert or Commercial Banker with questions to ensure you have the most up-to-date information possible.  We will continue to share additional details of the CARES Act as we know them. We will work with you with one goal in mind:  to get you comfortable with the right product to meet your needs. 

Please stay informed. While Seacoast will continue to post updates here on our website, we encourage you to periodically review guidance and updates from the U.S. Department of Treasury (Treasury) and SBA websites.



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