Resources for Businesses
We are working with many businesses on Cape Cod to prepare applications for all the assistance programs available. We will continuously update this site with the latest information.
Additional Phase 4 Industries to Reopen May 10
Updated: May 7th, 2021
The Baker-Polito administration announced that the state will move forward in the reopening plan to open certain outdoor Phase 4 industries effective Monday, May 10th.
For more information please visit https://www.mass.gov/info-details/reopening-massachusetts
SBA Paycheck Protection Program
Funding for the SBA’s Paycheck Protection Program (PPP) has ended, and the SBA is no longer accepting PPP applications for first or second draw loans.
We are now turning our focus to helping our clients through the SBA’s loan forgiveness process. For details on the forgiveness process, please visit our dedicated webpage: mycapecodbank.com/ppp.
Simplified Forgiveness Application Available Online for Loans $150,000 and Less
Updated: March 6th, 2021
The simplified forgiveness application (form 3508S) for loan amounts of $150,000 less is now available to access online. We emailed our customers their personal link on March 5, 2021.
In order to submit the simplified forgiveness application, borrowers will need the following information:
- The number of employees at the time of loan application and at the time of forgiveness application;
- Amount of the loan proceeds spent on payroll costs;
- Requested loan forgiveness amount;
- And attestations that the usage of PPP loan proceeds and calculations used for applying for a PPP loan were accurate.
For any customers that are having issues logging in, please email us at SBALoanInquiries@mycapecodbank.com.
Shuttered Venue Operators Grant
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on Dec. 27. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million.
More details on how to apply and eligibility requirements are available at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/shuttered-venue-operators-grant.
The Cooperative Bank of Cape Cod in partnership with the Cape Cod Chamber of Commerce has launched “Twenty-Minute Tuesdays” – a monthly online Q&A video series that gives local businesses and nonprofit organizations access to the Bank’s expert team.
- Episode 1: PPP Forgiveness
- Episode 2: Year-End Tax Implications of PPP and EIDL Loans
- Episode 3: Next Round of PPP
- Episode 4: Business Planning in 2021
- Episode 5: Cybersecurity and Your Business
- Episode 6: Economic Outlook on Cape Cod
Daily Updates from Massachusetts
For the latest information on statewide case numbers, Covid-19 testing sites, vaccines, guidelines, and business restrictions, visit the state’s website at https://www.mass.gov/info-details/covid-19-updates-and-information.
You can also sign up for alerts from the state at https://member.everbridge.net/index/406686158291020/#/signup.
Cape Cod Reopening Task Force
The Cape Cod Reopening Task Force: www.ReopeningCapeCod.org. The site serves as a one-stop location for residents, businesses, employees, municipalities, and visitors to the region. The site includes detailed information for Cape businesses and an impact survey.
Beware of SBA Fraud
- There’s a new coronavirus-related scam making the rounds, but this time the crooks are targeting small businesses. It starts with an email that claims to come from the “Small Business Administration Office of Disaster Assistance.” It says you’re eligible for a loan of up to $250,000 and asks for personal information like birth date and Social Security number. Real lenders never do this, and asking for your personal information is a tip-off that the sender is trying to steal your personal information.
- Phishing attempts aren’t the only scam that business owners are reporting. The FTC has heard from people that have applied for loans through websites pretending to be part of the SBA’s Economic Injury Disaster Loan program, which has been extended to December 31, 2021. And other people report they’ve been contacted to repay loans they never took out. The likely culprits? Criminals who illegally applied for loans in their name. Learn more at: https://www.consumer.ftc.gov/blog/2021/01/target-new-covid-scam-small-business-owners
- Please be aware of a recent scam involving fraudsters impersonating the Small Business Administration. The fraudsters are claiming to be conducting “site visits” on behalf of the SBA. The SBA does not conduct site visits. If you are contacted by someone claiming to be from the SBA for such a visit, suspect fraud and please report it to the SBA and/or local your local police department.
You can read about other SBA related scams at: https://www.sba.gov/document/report-sba-programs-scams-fraud-alerts.
For more tips on how to protect yourself from fraud, please visit our security resources webpage: https://www.thecooperativebankofcapecod.com/resources/your-security/
Your Banker is Available
As your business partner, we are here to help. Please reach out to your Commercial Relationship Manager, your Branch Manager – Small Business Specialist, or any of us here at The Coop if you need to speak to someone directly about your business banking or help you navigate the information below. If you would like to submit an inquiry online, you may Contact a Small Business Specialist and a banker will get back to you as soon as we are able.
Additionally, for any transaction related questions, our Customer Assistance Center is available to help our customers. Reach us during normal business hours at 508.568.3400 or toll free at 800.641.1100.