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Since our last email to our business customers, there have been several updates on programs available to businesses and private nonprofit organizations that we wanted to share. We stand ready to help you navigate the many options that are available should you need assistance. Our Commercial Relationship Managers and Branch Managers – Small Business Specialists are available should you want to speak with someone. We are just a phone call away. As you have heard, on March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law, which contains significant programs and initiatives aimed to assist businesses, business owners, and nonprofit organizations who have been impacted financially by the Coronavirus. There are currently several programs available with the passage of this Act, which are processed through the U.S. Small Business Admnistration (SBA). Paycheck Protection Program (PPP) up to $10 million SBA Economic Injury Disaster Loan (EIDL) up to $2 million Please note that many businesses are trying to apply for these programs and due to high volume, we ask for your patience and we work as efficiently as possible to help all businesses during these extraordinary times. CARES Act – Paycheck Protection Program (PPP) Applicants will need to apply directly to The Cooperative Bank of Cape Cod following the Application Process below. As an SBA Preferred Lender, we can quickly approve the loan and submit the information to the SBA, expediting funding for our customers. Small Business PPP Overview – Click Here to Download PPP Interim Final Rules - As of April 3, 2020 The Cooperative Bank of Cape Cod PPP Application - Click Here to Download SBA PPP Application – Click Here to Download Application Process: Review the PPP documents above Complete both the SBA PPP Application and The Cooperative Bank of Cape Cod PPP Application? Contact your Commercial Relationship Manager or Branch Manager – Small Business Specialist for instructions on how to securely submit the application If you are not sure who your relationship manager is, or are not a current customer, please fill in the information in the contact form and we will get back to you shortly. 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. Application Process: The application process is completed online directly through the SBA. Visit https://disasterloan.sba.gov/ela. If these programs are not applicable to your business, but you anticipate having an issue meeting your obligations, we urge you to speak with us and keep us updated on your business’ plans to get through the many challenges we are all facing. Please don’t wait to talk to us if you are having issues with cash flow or the day to day operation of your business. All of our relationship managers are available to help you navigate the many options available for funding needs, discussing options, or just an ear to listen. Where you can find updates We have continually updated our website as programs are announced and if there are any developments. We have many resources online that are worthy of sharing. Please visit mycapecodbank.com/coronavirus for the latest general updates and https://www.thecooperativebankofcapecod.com/covid-19-information-for-businesses/ for business specific updates. We will also be updating social media often to keep everyone in the loop (Facebook, LinkedIn, and Instagram). I cannot stress enough that if you need us in any way, we’re available and ready to serve you! Don’t hesitate to reach out to us and stay in communication. We're in this together and are looking forward to the brighter days ahead. Be well, Lisa Oliver President & CEO