SANTA MARIA, Calif. -- Small businesses impacted by the coronavirus pandemic can get help from CoastHills Credit Union.
The Santa Maria-based credit union is helping local businesses connect to a share of nearly $350 billion in federal funding.
"These funds will mean the world to us," business owner Sean Porcher said.
Porcher is the owner of seven Jiffy Lube franchises on the Central Coast. He's had to close one in Atascadero because business is down 60-70% since the safer at home order from the Coronavirus went into place. He says they're doing everything they can just to pay employees. The SBA loan he applied for thrrough CoastHills Credit Union will allow him to give people more hours, and keep people working.
"This is the difference between closing and surviving,' Porcher said. "For us, it's a big deal."
CoastHills is working with the Small Business Administration to deliver forgivable loans through the Paycheck Protection Program. So far they've helped over 300 local businesses apply for $23 million in forgivable SBA loans.
“We are in a unique position, as a preferred lender with the SBA, to help small businesses throughout our five-county field of membership get the help they need.” CoastHills president/CEO Paul Cook said.
The Paycheck Protection Program provides eight weeks of cash flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during the COVID-19 pandemic. The program is designed to help small businesses keep their workers employed.
The loans are available to businesses with fewer than 500 employees. Loans can be used for payroll and benefit costs, rent or mortgage interest, and utilities. They will be forgiven as long as certain conditions are met.
CoastHills will work with businesses regardless of whether they've done business with the credit union before. For more information on how to apply, click here.
For details on the federal program, click here.