News

Important Message for our Mortgage & Small Business Customers

COVID-19 UPDATE FOR OUR MORTGAGE CUSTOMERS
If you have a mortgage or home equity loan with WCB and need payment relief for up to 90 days because you have been terminated, laid off, furloughed, or have had your household’s income reduced because of the current pandemic, you can obtain approval to modify your payment obligations for up to 90 days in order to allow you to use your current funds for living expenses.

To apply, please contact ldigregorio@wcbbank.com.
For all mortgage-related inquiries, please call 781-245-3890

 

FOR BUSINESS CUSTOMERS INTERESTED IN APPLYING FOR THE SBA CARES ACT LOAN PROGRAM
The President signed the CARES Act on Friday, March 27, and directed the Treasury to develop a loan program through the Small Business Administration (SBA) to assist small businesses during this unprecedented time.

Please call our Small Business Relief line at 781-486-7700 and leave your name, business, contact information and questions via voicemail. We are checking these messages frequently and will follow up with you in a timely manner.

Wakefield Co-operative Bank is accepting applications for the SBA Paycheck Protection Program as of Friday, April 3rd.

As of Thursday, April 2nd we are waiting for additional information from the government in order to implement this loan program. We may contact you to request additional documentation in addition to the forms below to complete your loan.


If you're a small business owner interested in learning about the SBA Paycheck Protection Program (PPP), please refer to the PPP Borrower Sheet. To apply for the SBA Paycheck Protection Program through Wakefield Co-operative Bank, please use our PPP Application. These documents identify the information you will likely need to provide along with your application. Please send the completed application and supporting materials to Leo J. Barrett, Jr. at lbarrett@wcbbank.com or by mail to:

Wakefield Co-operative Bank
Attn: Leo J. Barrett, Jr.
342 Main Street
Wakefield, MA 01880

 
Please visit the SBA website for complete, up-to-date information regarding this program.

About the SBA Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

The Paycheck Protection Program will be available through June 30, 2020.