The Cooperative Bank of Cape Cod has launched an online application process for businesses, including nonprofit organizations, to apply for the SBA’s Paycheck Protection Program (PPP) funding.
As an SBA Preferred Lender, The Coop has helped more than 750 local businesses thus far with PPP funding, with more than 200 applying online in the last two weeks. In doing so, The Coop estimates it has helped to save close to 10,000 jobs. To date, the bank has received approval for a total of $80 million in PPP loans and has funded 95 percent of the approvals.
The streamlined application can be accessed at www.mycapecodbank.com and completed on any device.
In addition to the application, the website provides best practices for minimizing processing time and other background documents helpful to applicants. Funds are still available, and interested organizations are encouraged to apply soon.
“Our team has been working tirelessly to process applications and help navigate applicants through the process,” said Lisa Oliver, president and CEO of The Cooperative Bank of Cape Cod. “Our small businesses and nonprofits are the backbone of our region and the engines that drive our economy. Until we can collectively get back to work, we’re here to help them hire back employees, cover eligible expenses, forbear current loan payments, and weather this storm.”