Resources for Businesses

We are working with many businesses on Cape Cod to prepare applications for all the assistance programs available. Information on these programs is becoming available each day, and we will continuously update this site with the latest information.

⇒Reopening Guidance for Businesses

⇒Paycheck Protection Program Forgiveness Pointers

⇒Paycheck Protection Program Online Application

⇒9 Things to Know about Your PPP Loan

⇒Paycheck Protection Program Best Practices

⇒Tax Credits – CARES and FFCRA Acts

⇒Relief Programs

⇒Additional Resources


UPDATE: May 29, 2020

Paycheck Protection Program Forgiveness Application

The SBA has released additional guidance about the PPP and loan forgiveness. They have also released the form that applicants will need to complete to have their PPP loan forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. The form is currently for informational purposes only and should not be completed or submitted at this time. The period of time when applicants can apply for forgiveness has not yet been opened.

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 25% 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 an 8 week, or 56 day, period immediately following the disbursement of PPP funds or an “Alternative Payroll Covered Period” also an 8 week, or 56 day, 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. 15thare 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.

UPDATE: May 14, 2020

Reopening Guidance for Businesses

Governor Baker announced Monday, the state of Massachusetts will begin reopening the economy in a four-phase approach. Phase one starts Monday, May 18th with the reopening of limited industries. Safety Standards have been released to aid workplaces in planning and preparing for reopening.

Additional Reopening Resources:

For more information, check the Cape Cod Chamber of Commerce website, https://www.capecodchamber.org/members/public-policy-and-advocacy/covid-19/


UPDATE: May 8, 2020

Paycheck Protection Program Forgiveness Pointers

Please check this page often for updates as the SBA has not yet finalized its rules on loan forgiveness, and has not yet provided a PPP Forgiveness worksheet or application.

The PPP Forgiveness Phase does not start until 8 weeks after loan funding.

The best thing you can do to prepare for, and maximize forgiveness, is:

  1. Keep careful records of all eligible payroll expenses as well as eligible non-payroll expenses (mortgage interest, rent, and utilities);
  2. Do not spend PPP funds on anything other than payroll and other eligible expenses (the latter cannot be more than 25% of loan amount);
  3. Know that unspent PPP loan funds that cannot be justified for forgiveness, can be repaid without penalty.

Again, please check back as we are checking with the SBA daily on the next steps for businesses with PPP Loans.


UPDATE: May 4, 2020
SBA Lender

Paycheck Protection Program Online Application

Congressional appropriation for a second round of funding for the SBA’s Paycheck Protection Program (PPP) has been approved! Congress has immediately made available an additional $310 billion for those businesses and nonprofit organizations who haven’t yet received a loan under this program. If you have already submitted your application for the PPP, you do not need to apply again. 

To make it easier for businesses to apply, we’ve streamlined the process and now you can apply online!

Applicants can now apply directly to The Cooperative Bank of Cape Cod, through our online application. Please review the PPP documents below before submitting your application:

Please note: If you have already submitted an application, please do not re-enter an online application. Only online applications will be accepted.

Apply Now


UPDATE: April 23, 2020

9 Things to Know about Your PPP Loan

The SBA’s Paycheck Protection Program (PPP) has been a popular solution, resulting in a high volume of transactions in a short period of time. With everything happening so quickly, we would like to review key points about your PPP loan:

  • The loan amount applied for is based on a multiple (2.5x) of average monthly payroll, including certain ancillary payroll costs.
  • The amount of your loan that may be forgiven is based on your actual payroll costs during the 8-week period immediately following funding. That payroll expense must be at least 75% of the loan amount to justify forgiveness of that portion.
  • Other non-payroll expenses (mortgage interest, rent and utilities) incurred during the 8-week period may be used to justify loan forgiveness. However, those amounts may not be greater than 25% of the PPP loan amount.
  • It’s essential to maintain accurate records of your expenses to justify full (or partial) loan forgiveness.
  • If the combination of payroll expenses and qualified non-payroll expenses, incurred during the 8-week period, is less than the PPP loan amount, that difference will not be forgiven and will result in an amount that must be repaid over the term of the loan.
  • Unspent PPP loan funds can be used to repay the portion of the loan that would otherwise not be forgiven. There is no penalty for prepayment.
  • If the combination of payroll expenses and qualified non-payroll expenses is less than the PPP loan amount, that difference will not be forgiven.
  • Don’t use PPP loan funds for unauthorized expenses or as general working capital.
  • If PPP loans are used for expenses other than those authorized, you may not only be in violation of the loan requirements, but also may need to repay all or a portion of the PPP loan.

For the full guidelines on the SBA’s PPP loans, please download the PPP Interim Final Rules – as of April 3, 2020 – Click Here to Download.

We understand the speed and complexity at which things are moving. If you have any questions, concerns, or just need a business-savvy friend to talk to, please reach out to your Commercial Relationship Manager or Branch Manager – Small Business Specialist. We’re here for you.


Update: April 15, 2020

Paycheck Protection Program Best Practices

Based on our experiences with the SBA’s PPP Loans thus far, we have put together the following best practices to minimize the processing time for those who haven’t applied yet.

  • Review the guidance from the SBA on which businesses are eligible.
  • Employer’s Federal Tax Return (Quarterly or Annual) – Please have the IRS 941 or IRS W3 form ready to go with your application. Your accountant/payroll company should be able to provide you either of these forms, or you may average the most recent 12 months of payroll.
  • Loans must close within 10 days of approval. Our Relationship Managers or Branch Manager – Small Business Specialists will work with you to explain the process and scheduling of closings.
  • Loan amounts may differ from the forgiveness amount. The multiple of average payroll (2.5X) is the basis for determining the loan amount, but the actual payroll (and certain other defined expenses) for the 8 weeks following loan funding is the basis for calculating forgiveness. Customers applying for the PPP should understand that applying for a loan amount greater than can be justified for forgiveness will need to be repaid. This could happen if the average monthly payroll figure used to determine the loan amount is greater than the actual payroll from mid-April through mid-June, which for most businesses is the time frame in which the forgiveness should be applied. The SBA’s guidance suggests that seasonal businesses should ensure they use an applicable time frame to avoid this problem.

If you have any questions on any of these important points, contact your Relationship Manager, or a Branch Manager – Small Business Specialist, or email SBALoanInquiries@mycapecodbank.com.


Tax Credits – CARES and FFCRA Acts

While there has been much in the news regarding the SBA’s loan programs, there are other provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Families First Coronavirus Relief Act (FFCRA) to assist businesses and their employees. These two acts provide businesses access to an employee retention tax credit and a tax credit for required paid leave. It is important to note the same wages cannot be counted for both credits but many business on Cape Cod are eligible for one of the programs. Please discuss these tax credit options with your accountant before deciding which option is right for you, if applicable.

The CARES Act is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit. There are specific guidelines and requirements, please visit the IRS Basic FAQs that covers which employers are eligible, limits, and documentation to keep for your 2020 tax filing.  Visit https://www.irs.gov/coronavirus/employee-retention-credit for more information.

The FFCRA requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. Employers are entitled to a refundable tax credit for the required leave paid, up to specified limits. For example, if an employee works 24 hours due to school or daycare closures, or taking care of a family member or have Coronavirus themselves, employers can pay 2/3 of their employees’ pay under the new FFCRA and receive a tax credit for those wages.  Visit https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave for more information.


Update: April 14, 2020

SBA LenderFor businesses and nonprofit organizations that have been impacted financially by the Coronavirus, there are currently 2 programs available with the passage of the CARES Act, both of which are processed through the U.S. Small Business Administration (SBA).

1. Paycheck Protection Program (PPP) up to $10 million

2. SBA Economic Injury Disaster Loan (EIDL) up to $2 million

SBA Economic Injury Disaster Loan (EIDL)

The U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program is accepting applications from Massachusetts businesses and nonprofit organizations. The application is available online with Eligibility Verification being the first step.

EIDL Application Process:

The application process is completed online directly through the SBA. Visit https://disasterloan.sba.gov/ela.


Update: March 30, 2020

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.

U.S. Small Business Administration

  • CARES Act: With the passage of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) on Friday, March 27, we will now have more tools in our toolbox to help business customers navigate the various options available to them for payment relief and disaster recovery loans. The Coop has been designated as a Preferred Lender by the U.S. SBA, which means we will be able to move quickly for applicants once guidelines are defined and provided for the CARES Act. Please contact our Commercial Team or your Commercial Relationship Manager to get started.
  • Disaster Loan Assistance: If you’re experiencing financial hardship, the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program is accepting applications from Massachusetts businesses and nonprofit organizations. For more information and to apply online, visit https://disasterloan.sba.gov/ela.
  • SBA Guide for Businesses: The U.S. Small Business Administration has developed a resource page for businesses in order to “maintain the safety, security, and health of the American people.” This resource page contains information on recommendations and guidance for businesses and employers to plan and respond to Coronavirus. Topics include: how to respond, preventing stigma related to COVID-19, prevention, workforce capacity, inventory and supply chain shortfalls, and more. Visit the SBA Guidance on Coronavirus for additional information.

Massachusetts Small Business Tax Relief

The Baker-Polito Administration announced administrative tax relief measures for small local businesses which have been impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors. This tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived. For more information, visit https://www.mass.gov/news/baker-polito-administration-makes-new-announcements-on-childcare-small-business-tax-relief-and

SCORE Cape Cod & the Islands

Locally, the Cape Cod & the Islands chapter of SCORE has a resource page that includes a Communications Planning Checklist and other preparedness resources. Visit SCORE Cape Cod & Islands Coronavirus preparation tips.

Chambers of Commerce

The local Chambers of Commerce have shared information to their memberships. They will continue to be a great resource for local information and we encourage you to reach out to them with any specific questions about local preparation.

Speak with Small Business Specialists

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