The Coop and Cape Cod Chamber of Commerce offer insight into Paycheck Protection Program application process

The Cooperative Bank of Cape Cod, in partnership with the Cape Cod Chamber of Commerce, addresses the Paycheck Protection Program and the Economic Aid Act in the latest installment of its “Twenty-Minute Tuesdays” series this week.

The new edition of the monthly online Q&A video series, which provides local businesses and nonprofit organizations access to the Bank’s team of experts, debuts on January 19. The series is hosted by Cape Cod Chamber of Commerce CEO Wendy Northcross.

The Economic Aid Act, which became law last month, extends the authority to make PPP loans through March 31, 2021, and revises certain requirements of the program.

Mary Lenihan, a first vice president and commercial relationship manager of the bank, and Donnie Robicheau, a vice president and one of The Coop’s small business specialists, joined Gary DellaPosta, a Falmouth-based Certified Public Accountant and business advisor, to provide a broad overview of the second-round of the PPP loan program.

Topics discussed include program eligibility and criteria, modifying and reapplying for PPP after receiving a first-round loan, loan forgiveness information, defining eligible expenses, documentation requirements, and tax implications associated with the loan program.

“The Coop successfully processed more than 900 PPP loan applications for the community’s small businesses and nonprofits in the first round, and we will work tirelessly ensure the Cape receives its fair share of the second infusion of these much-needed funds,” Bank Chair, President & CEO Lisa Oliver said. “The Twenty-Minute Tuesdays program has proven to be an effective and important tool for The Coop to provide important information to our neighbors during the pandemic. I urge those who could potentially qualify and benefit from the loan program to view the session.”

Each prerecorded Q&A session can be viewed on the Cape Cod Chamber of Commerce landing page at  http://bit.ly/20MinuteTuesdays.

Additional information regarding Paycheck Protection Program resources can be found at www.thecooperativebankofcapecod.com/ppp

Other topics slated to be the future focus of Twenty Minute Tuesday include:

  • A new year, a fresh start for your business
  • We want to close our business for the winter – what now?
  • Is now the time to apply for a COVID-19 Economic Injury Disaster Loan (EIDL) loan?
  • What is the next “big thing” for commercial and business interest on the Cape?