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.
Useful guides and videos to help prepare you for the process and to make it as streamlined as possible are available through our technology partner’s website: https://www.web.abrigo.com/cape-cod-cooperative-bank-ppp-forgiveness.
Here are the steps we recommend to make the process as easy as possible for you:
- Review the first 2 PPP Forgiveness Application Guide Videos: Forgiveness Requirements – Supporting Documentation and PPP Software – Accessing the Application. (https://www.web.abrigo.com/cape-cod-cooperative-bank-ppp-forgiveness)
- Determine if you are eligible to complete the PPP 3508EZ Forgiveness application, by visiting the Treasury’s website (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf), and read through the boxes on page one.
- If you can check at least one of the three boxes on page one, you are eligible to use the 3508EZ and will not need to review any other videos.
- If you determine that you are not eligible to use the EZ form, you will need to complete the 3508 Full Application. We recommend that you review the remaining videos, which include information and helpful tips on preparing the documentation, calculations, and inputs for the application process. The Final Upload and Submission Videos are especially important to ensure PPP Loan Forgiveness.
- SBA Interim Final Rules for forgiveness have been released (Updated 8/25/2020).
- The SBA released new FAQs on PPP Loan Forgiveness, Click here to download.
On Monday, August 10th, personalized PPP Loan Forgiveness Application links were emailed out to each business that had applied for a PPP Loan. If you did not receive that email with your personalized link, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. The email came from SBALoanInquiries@mycapecodbank.com.
1. Establish a PIN – You will be prompted to set up a PIN to access this link. Be certain to record the PIN as you will need it to continue to access and complete the forgiveness request. Only one PIN will be provided per company. You can access the application using this PIN as many times as you need to complete the application for forgiveness.
2. Check Your EZ Form Eligibility – Click the blue button to determine if you are eligible to use the EZ form for your forgiveness application. The application will automatically change to an EZ form if one of the three scenarios presented applies to your business. If you are able to select at least one of the boxes, scroll to the bottom of the page and select “Save and Close”. If these scenarios do not apply to your business, select “Cancel” at the bottom.
3. Help Text/Suggested Documents – Many of the input fields have a small “?” next to the field that describes what the form is looking for. If you are unsure of what to enter in a text block, please click on one of these “?” for an answer. In some areas in the application, there are hyperlinks for “Suggested Documents” that will aid you in completing that particular section correctly.
4. Save Buttons –Save buttons are displayed in many areas of the application. Please remember to save often as you progress through the application so your information is captured.
5. Verify Information – If any of the information is inaccurate in the prepopulated areas of the forgiveness application, please contact your relationship manager so we can correct it.
6. Schedule A – For those companies that need to complete the full application, you may either input the calculated values for the Schedule A or download a blank worksheet from the portal, enter the appropriate values into the worksheet, and the worksheet will calculate the inputs for you. Once the worksheet is completed, it can be uploaded to the application and the values will automatically fill in for you.
Our goal is to provide you a smooth forgiveness application process. If you have any questions or need help at any time, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. We’re here to help you get your PPP Loan Forgiven!
Keeping accurate records of how you spent the PPP proceeds will help ensure you meet the SBA required documentation requests and maximize the forgiven portion of your loan. To ensure that 100% of your loan is forgivable, at least 60% of the funds must have been used for payroll expenses with the remainder spent on certain eligible, non-payroll expenditures. Remember that the Covered Period can either be an 8 or 24 week period, determined by you at time of application for forgiveness.
Depending on how your business is organized, you will need many of the documents outlined below:
Self Employed, Schedule C Borrowers
- You will need to prove your expenses for utilities, rent, and mortgage interest. However, for the owner compensation replacement, you just need to provide your 2019 Schedule C to be able to claim net profit for forgiveness.
LLPs, Partnerships, S-Corps, and Corporations
You will need to provide documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or Alternative Payroll Covered Period. Not all of the forms listed below will be applicable to all organizations.
- You will need Bank statements or third-party payroll provider statements, IRS Schedule K1s, tax form 941 or 944 or equivalent third-party payroll service provider statements;
- A copy of the quarterly employment and wage detail reported to the Department of Unemployment Assistance, or their equivalent from your payroll processor;
- Report of your quarterly unemployment insurance contributions;
- If you have payroll, Records of any retirement or health insurance contributions;
- Employer Medical Assistance Contribution (EMAC);
- Workforce Training Fund contributions;
- Payment receipts, canceled checks or account statements for eligible non-payroll expenses;
- An invoice, bank statement or payroll documents showing you were in operation and had employees on February 15, 2020.
LLPs and Partnerships
For LLPs and Partnerships, you will need the following documents for payroll documentation:
- Schedule K-1s, IRS Form 941 or 944 for 2019 if you have payroll;
- State quarterly wage unemployment insurance tax reports or their equivalent from you payroll processor;
- If you have payroll, Records of any retirement or health insurance contributions;
- An invoice or bank statement showing you were in operation on February 15, 2020;
- A payroll statement or similar documentation showing you had employees on February 15, 2020.
Non Payroll Documentation:
You should plan to provide documentation that verifies the existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period, which can be either an 8 or 24 week period.
- Mortgage Interest on Business Property: You will need to gather Bank mortgage account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments; alternatively you could provide a copy of an eligible mortgage promissory note and copies of receipts or cancelled checks verifying payments from the Covered Period.
- Lease Payments on Business Property: You will need to provide a copy of your current lease agreement and receipts or cancelled checks verifying payments from the Covered Period. These documents should be from February 2020 through the Covered Period.
- Utility Payments: You will need bills and cancelled checks for the eligible utility payments including services for electricity, gas, water, telephone, transportation, or internet access for which service began before February 15, 2020, through the covered period.
We will update PPP borrowers via email and updates will be posted on this page. If you have any questions or concerns, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist.
The earliest possible date applicants can apply for PPP loan forgiveness is 56 days after your loan was funded. In the meantime, the best thing you can do to prepare for, and maximize forgiveness, is:
- Keep careful records of all eligible payroll expenses as well as eligible non-payroll expenses (mortgage interest, rent, and utilities);
- Do not spend PPP funds on anything other than payroll and other eligible expenses (the latter cannot be more than 40% of loan amount);
- Know that unspent PPP loan funds that cannot be justified for forgiveness, can be repaid without penalty.
- Review these tips to make applying for the SBA PPP Loan Forgiveness Application smooth and efficient:
- Business Name – Make sure your business name on the forgiveness application matches your original PPP 2483 application form exactly. Differences like “LLC, “Inc,” and “&” instead of “and” can cause issues in forgiveness processing.
- Disbursement Date – Be sure to fill in the correct disbursement date on the forgiveness application. The disbursement date is the date your loan was funded. This date is different from the date your loan application was submitted or approved.
- Covered Period vs. Alternative Payroll Covered Period – You can choose between a “Covered Period” which is a 24 week period immediately following the disbursement of PPP funds or an “Alternative Payroll Covered Period” also a 24 week period which may be a more convenient choice to align with your business’s payroll schedule, starting on the first pay period. Whichever period is selected, must be consistently used throughout the forgiveness application.
- Payroll Costs – You’ll need to calculate vacation pay, parental/family leave, sick leave, and other health benefits (excluding any employee contributions) for the same period. Payroll costs are considered incurred on the day the an employee’s pay is earned, and paid on the day the paychecks are distributed.
- Mortgage Interest, Rent, Utilities, and Transportation – These expenses that were incurred prior to Feb. 15th, are to be calculated during the Covered Period.
- EIDL Advance Amounts – You must include Emergency Injury Disaster Loan (EIDL) Advance Amounts as well as the EIDL application number on the form.
The online application for PPP loans closed at noon Friday, August 7th.
To make it easier for businesses to apply, we’ve streamlined the process by allowing borrowers to apply online. Before considering the PPP loan, the following documents were helpful to review:
- Small Business PPP Overview – Click Here to Download
- PPP Interim Final Rules – as of April 3, 2020 – Click Here to Download
- PPP FAQ – https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
- Employer’s Federal Tax Return (Quarterly or Annual) – IRS 941 or IRS W3
- Sole Proprietorships please have your Schedule C available
Governor Baker announced the state of Massachusetts will begin reopening the economy in a four-phase approach. Phase one started Monday, May 18th with the reopening of limited industries. Phase two started Monday, June 8th with the reopening of retail stores, outdoor dining, libraries, and other sectors.
- For more information on sector specific protocols, visit: https://www.mass.gov/resource/reopening-sector-specific-protocols-and-best-practices
- For more information on the safety standards that have been released to aid workplaces in planning and preparing for reopening, visit: https://www.mass.gov/info-details/reopening-mandatory-safety-standards-for-workplaces
Additional Reopening Resources:
- Industry-Specific Reopening Guidelines – https://www.backtoworksafely.org/
- U.S. Chamber of Commerce Ready to Reopen Playbook – Click Here to Download
- U.S. Chamber of Commerce Standardized Employee Screening Questionnaire – Click Here to Download
- Cape Cod Reopening Task Force – https://www.reopeningcapecod.org/
- Cape Cod Reopening Task Force print ready signage – https://www.reopeningcapecod.org/print-ready-posters
For more information, check the Cape Cod Chamber of Commerce website, https://www.capecodchamber.org/members/public-policy-and-advocacy/covid-19/
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.