After processing more than 1,000 Paycheck Protection Program loans earlier this year, South Shore Bank has decided to use funds earned from participating in the program to help customers still affected by the COVID-19-related recession.

The Weymouth-based bank said in a statement that it would take the $500,000 net proceeds earned by participating in the U.S. Small Business Administration program and create a fund to help customers make monthly lease, mortgage or rent payments.

“While South Shore Bank is grateful for the earnings and role in the PPP process, it does not feel right to profit when so many are facing hardships,” the bank said in a statement.

The South Shore Bank Community Fund is modeled after the 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.

The Quincy Chamber of Commerce is administering the South Shore Bank Community Fund. To qualify for assistance, South Shore Bank customers must have been a South Shore Bank client prior to Aug. 1, have been employed prior to March 1, have no more than $15,000 in liquid assets, and have prior or current annual income less than $100,000.

“While we are grateful for the earnings and our role in the PPP, we do not feel right profiting at a time when so many are facing hardships,” South Shore Bank CEO and President Jim Dunphy said in the statement. “Creating this fund will allow us to provide more badly needed help for our clients who have been devastated by the pandemic and resulting business shutdown. We are in this together and proud to help our communities and clients during this extraordinary time.”