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COVID stimulus: PPP loans helped Cape Cod restaurants stay in business


Financial help for restaurant owners
For those in the hard-hit restaurant and hospitality industry, the second round of PPP loans also increased the borrowing cap from 2.5 times their normal payroll to 3.5 times. 
“They knew these guys needed more help than the average borrower,” said James Quitadamo, chief credit officer for the Cooperative Bank of Cape Cod.
One sign that may indicate business owners are feeling more confident about the future this year is that there isn’t the same frenzied rush to get in on the second round of PPP loans. Last year, the first round of loans ran out of money within 13 days and the program needed a supplemental Congressional appropriation to refund it.  ....

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