Through the federal CARES Act’s Paycheck Protection Program (PPP), Cape Cod 5 has secured $8.9 million in funding for 78 Vineyard businesses.
Overall the bank assisted 2,065 Cape and Island businesses to obtain authorization of funds from the Small Business Administration (SBA).
By the bank’s estimates, businesses will be able to retain and continue to pay more than 10,000 workers in the Cape and Islands region, according to a press release.
PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
As an approved SBA lender, the bank began accepting loan requests on April 3, when funds were first available. Applications have been processed for a variety of business types and sizes. Of the approved loans, 60 percent facilitated by Cape Cod 5 are for loans as large as $50,000 and some as small as $600.
“We at Cape Cod 5 realize that our small businesses are the lifeblood of our economies on the Cape, Islands and in Southeastern Massachusetts,” Dorothy Savarese, chair and CEO of Cape Cod 5, said in a press release. “Many of them have been adversely affected by this pandemic in ways entirely beyond their control. This is why we felt it was our responsibility to participate in the Paycheck Protection Program, and work quickly and prudently to get much-needed funds in the hands of our local businesses.
“Our team has worked tirelessly – literally around the clock – throughout this entire process to ensure that we were able to assist as many of our customers as possible. And we will continue to stand as their trusted financial partner during these unprecedented circumstances, just as we have throughout the bank’s 165 year history.”
Cape Cod 5 is continuing to facilitate PPP applications and work with customers as long as the program is available and funded.