In 2020, South Shore Bank successfully helped more than 1,000 businesses save more than 13,000 local jobs through the Small Business Administration’s Paycheck Protection Program (PPP) as the bank staff worked tirelessly to ensure its clients and communities secured essential PPP funding.

While the bank is grateful for its role in the PPP, it does not feel right profiting on this program at a time when so many are facing hardships. For this reason, South Shore Bank is taking the PPP net proceeds and creating the South Shore Bank Community Fund with $500,000 to assist its clients who have been negatively impacted by COVID-19 with making monthly rent or mortgage payments.

 

The fund is modeled after the successful Quincy Hospitality Support Fund created by Quincy Mayor Tom Koch, the City of Quincy’s Affordable Housing Trust Fund, and the Quincy Chamber of Commerce that helped workers in the restaurant, hospitality, and food & beverage industries who had been impacted by the almost complete economic shutdown caused by COVID-19.

 

The Quincy Chamber of Commerce is the administrator for the South Shore Bank Community Fund.

 

Welcome to the bank where success is shared.

 

To qualify for assistance, you must meet the following requirements:

• Must be 18+ years old.
• Must have been a South Shore Bank client prior to August 1, 2020.
• Must currently be a South Shore Bank client.
• Liquid assets must be less than $15,000 (submit bank statement).
• Must provide proof of rent or mortgage obligation (e.g., lease agreement, mortgage statement).
• Must have been employed prior to March 1, 2020.
• Prior or current annual income must be less than $100,000 (submit pay stub).
• Fully complete and submit the South Shore Bank Community Fund Request Form.

 

Please note:

• South Shore Bank employees are ineligible to make request submissions.
• Approved submissions made by the 15th of the month will be applied to next month's rental or mortgage payment.
• You may be approved up to $2,500 for each monthly request (max 3 months; must re-request each month) while funds are available.  Approved funding will be sent directly to your landlord or applied directly to your mortgage on your behalf.

 

If you have any questions, email Melissa Burke at mburke@thequincychamber.com or call the Quincy Chamber of Commerce at 617-471-1700.