Paycheck Protection Program

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to small businesses.

 

 

IMPORTANT NOTE

Due to the volume of requests, at this time we are only accepting PPP applications from current Cape Cod 5 customers. Cape Cod 5’s ability to process PPP loan requests will be impacted by volume, by the SBA’s ability to process and accept applications, and by the availability of funds as part of this program. Completion of the application and submission of all required documentation will also impact the Bank’s ability to submit the application to the SBA. As a reminder, Cape Cod 5 cannot guarantee any loan requests submitted via the Cape Cod 5 portal (regardless of when submitted) will receive funding, and a loan request does not constitute a completed application to the SBA. 
 

HOW TO SUBMIT A PPP LOAN REQUEST

Please note, due to volume, we are only accepting documentation from current
Cape Cod 5 customers. 
To view the documentation and process required to request a PPP loan, please click on the statement below that best describes your situation.
I currently have a business banking relationship (loan or deposit) with Cape Cod 5.

I am an independent contractor or am self-employed.

Please complete the following steps. Scanned documents should be in PDF format.
  1. Download and complete the SBA’s PPP application here
  2. Download and complete the Estimated Loan Amount and Loan Forgiveness Calculator Workbook here
  3. Provide supporting documentation including 2019 tax returns that can be used to calculate salary
  4. Provide copy of your driver's licenses (front and back).
  5. Complete the request form and upload all documents above via the secure portal here

Important Note: Submission of information to this portal is for Cape Cod 5’s underwriting purposes and does not constitute a completed application to the SBA. We will provide updates as to the status of your submitted request and/or if any additional information is required to submit your application to the SBA. 


I am another eligible business type.

Please complete the following steps. Scanned documents should be in PDF format.
  1. Download and complete the SBA’s PPP application here
  2. Download and complete the Estimated Loan Amount and Loan Forgiveness Calculator Workbook here
  3. Obtain IRS Form 941 for periods covered in Applicant’s eligible payroll calculation
  4. Copy of driver's licenses (front and back) for each owner of Applicant with greater than 20% ownership.
  5. Supporting documentation evidencing other eligible payroll costs (e.g., health insurance premiums paid, retirement plan funding, state/local taxes related to employee compensation)
  6. Complete the request form and upload all documents above via the secure portal here

Important Note: Submission of information to this portal is for Cape Cod 5’s underwriting purposes and does not constitute a completed application to the SBA. We will provide updates as to the status of your submitted request and/or if any additional information is required to submit your application to the SBA. 

I am a Cape Cod 5 customer, but do not have a business banking relationship.

Current Cape Cod 5 Customers Without a Business Banking Relationship

Customers who do not currently have a business banking relationship (loan or deposit) with Cape Cod 5 will be asked to provide the following additional materials when uploading documents via the secure portal. Scanned documents should be in PDF format.
  1. IRS Form 941 for periods covered in Applicant’s eligible payroll calculation

  2. Supporting documentation evidencing other eligible payroll costs (e.g., health insurance premiums paid, retirement plan funding, state/local taxes related to employee compensation)

  3. Prior two years of Applicant's Business Federal Income Tax Returns

  4. Copy of Applicant's by-laws / operating agreement / partnership agreement, where applicable

  5. Copy of driver's licenses (front and back) for each owner of Applicant with greater than 20% ownership.

  6. Verification that the business was in operation as of 2/15/2020 (e.g. rent check, utilities bill, bank statement)

  7. Download and complete the SBA’s PPP application here

  8. Download and complete the Estimated Loan Amount and Loan Forgiveness Calculator Workbook here

  9. Complete the request form and upload all of the above documents via the secure portal here


Important Note: Submission of information to this portal is for Cape Cod 5’s underwriting purposes and does not constitute a completed application to the SBA. We will provide updates as to the status of your submitted request and/or if any additional information is required to submit your application to the SBA. 

RETURNING USERS

If you have already requested a loan through our portal, click the button below to log in to view the status or update an existing request.
Log in to the portal

 

PPP LOAN FORGIVENESS RESOURCES

Click the button below to access information and resources regarding potential PPP Loan Forgiveness.

View loan forgiveness information

When will my PPP loan be funded?
Based on the updated guidance from the SBA released on April 8, 2020, all PPP loans must be closed and funded within 10 calendar days following approval by the SBA. The PPP is a federal relief program implemented by the U.S. Treasury Department and all participating banks, including Cape Cod 5, must comply with the rules, requirements and processes set forth by these governing bodies. Future information released by these agencies may impact loan processing and closing.
Who can I email if I am having technical trouble with my submission?
If you experience technical issues with the secure portal or submitting your request, please email [email protected]
What is the Paycheck Protection Program (PPP)?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans administered by the Small Business Administration (SBA) to small businesses to be used towards job retention and certain other expenses.
Who is eligible?
  • Small businesses with less than 500 employees (subject to certain exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations, and Tribal businesses, as well as individuals who are self-employed or are independent contractors
  • Businesses and entities must have been in operation before February 15, 2020 and have had employees to whom they paid salaries and payroll taxes or paid independent contractors
What are the loan terms?
  • Loan amount equal to 2.5 times an applicant’s average monthly payroll cost, up to $10 million.  Details on how to calculate this are detailed in the Cape Cod 5 PPP Estimated Loan Forgiveness Calculator
  • Loan may be forgiven by the government (subject to final Program rules and proper documentation)
  • Interest rate maximum of 1.00%
  • Unsecured loans (i.e. no collateral)
  • No personal guarantees
  • No pre-payment penalties
  • Loan payments are deferred for up to six months
  • Loan has a maturity of 2 years
Is Cape Cod 5 providing these loans?
As an SBA Approved Lender and part of its community commitment, Cape Cod 5 is an active participant in the Paycheck Protection Program. See above for how to apply.
Please note: Due to volume of requests, at this time, we are only able to accept PPP loan requests from current Cape Cod 5 customers.
SBA Lender logo

 
Will my PPP Loan qualify for forgiveness?
We have compiled information relative to PPP loan forgiveness as currently mandated by the U.S. Treasury Department and SBA. Please note that future information released by these agencies may impact the forgiveness guidelines below and all participating banks, including Cape Cod 5, will follow applicable regulations to determine the loan amount that is forgivable.
Learn more about PPP Loan Forgiveness

Need Help?

Call 888-225-4636

—  or  —

  Email Us