November 9, 2020
Preparedness and fast action by leading mutual bank puts 100% forgiveness goal in reach
South Shore Bank is successfully helping small businesses navigate the forgiveness process of the Small Business Administration’s Paycheck Protection Program (PPP). Advanced preparation and a partnership with fintech company StreetShares, allowed South Shore Bank to immediately begin processing forgiveness applications once the SBA opened the process in August, long before most banks started. Based on the current progress, South Shore Bank is confident that 100% of its borrowers will receive partial or full forgiveness of their PPP loans.
Since the start of the COVID-19 pandemic, South Shore Bank has worked tirelessly to help businesses obtain essential funding. The Bank boldly began processing PPP applications resulting in more than 1,000 local businesses receiving critical funds at a time of great fear and uncertainty. South Shore Bank helped save more than 13,000 jobs by efficiently processing PPP loans.
“At this forgiveness stage of the process, our unrelenting drive and passion is to help get PPP loans forgiven. It is based on our deep sense of commitment to the communities we serve,” said South Shore Bank Chief Commercial Banking Officer Stephen DiPrete. “We are pleased to announce that over 150 of our loan clients have received SBA forgiveness payments, and to date, 70% of our PPP clients are actively engaged in the forgiveness process. It’s been a true team effort, bank wide to get to where we are today.”
Streamlining and automating this process was key; the partnership South Shore Bank forged with StreetShares to provide PPP borrowers with a secure digital platform that includes an online forgiveness application, a forgiveness calculator, e-sign, and much more was innovative and extremely effective.
South Shore Bank is here for the success of our clients. In the words of Joe Gratta, CEO, Atlantic Mechanical, “Really appreciate you and your team at South Shore Bank working non-stop for all of us. You guys are great!”
For SBA updates and additional information about PPP, please visit southshorebank.com/business.