This Week’s 20-Minute Tuesday: PPP/EIDL Loan Impacts

The Cooperative Bank of Cape Cod, in partnership with the Cape Cod Chamber of Commerce, addresses year-end tax implications of PPP and EIDL loans in the second 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 expert team, debuts on Dec. 8. The series is hosted by Cape Cod Chamber of Commerce CEO Wendy Northcross.

Robert Carey, the bank’s vice president and commercial relationship manager, will be joined by Gary DellaPosta, a Falmouth-based Certified Public Accountant and business advisor, to help local businesses and nonprofits navigate the challenges of accounting for COVID-19 relief funds.

Topics to be discussed include the availability of various federal and state assistance programs, which loans are forgivable and which are taxable, and how to avoid scams associated with the loans.

“Several thousand of these loans provided a lifeline this year to businesses on Cape Cod, and it is crucial that they know what to expect for tax consequences or what they need to address with their accountants before year-end,” Bank Chair, President and CEO Lisa Oliver said. “The Twenty-Minute Tuesdays program is yet another vehicle for The Coop provide important information to our small business customers during the pandemic.”

Each prerecorded Q&A session can be viewed on the Cape Cod Chamber of Commerce landing page

Local business owners or representatives of non-profit organizations who would like to submit questions in advance can be done via the Chamber’s landing page.

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?