As we enter the closing months of 2020, I am as excited as ever for the future of South Shore Bank. We have a clear purpose, a strong financial institution, and a talented and knowledgeable team that is committed to our goals. And despite the many ups and downs of safely working through a pandemic to political and social unrest to an almost complete economic shutdown, we met these challenges head on and accomplished a lot this year.
Responding to the MA Stay At Home Advisory
When MA Governor, Charlie Baker, issued his emergency stay at home advisory, we did not hesitate and formed a pandemic team that met daily to address issues and to ensure our clients could access funds and complete their banking transactions through our digital channels, drive-up windows, Face2Face live teller machines, ATMs, or by appointment. As the MA government moved into its phased reentry plan, our own South Shore Bank reentry team prepared to safely welcome clients back into eleven of our branch lobbies with precautions ranging from requiring face coverings to instituting deep cleaning and sanitizing procedures to directional floor markings for social distancing.
Delivering on the Paycheck Protection Program
When the federal government announced the Small Business Administration Paycheck Protection Program (PPP), our staff worked tirelessly to close over 1,000 Small Business PPP loans, resulting in over 13,000 local jobs saved. We are thankful for our role in helping local businesses and communities receive essential funding, although it did not feel right profiting on this program when so many people are facing hardships. For this reason, we used the net PPP proceeds to create the $500,000 South Shore Bank Community Fund to assist our clients impacted by the pandemic with making rent or mortgage payments.
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