June 9, 2020

Dear friends,

As we stand in solidarity with cooperators and community members rallying for an end to anti-Black violence, we remember that many origins of cooperative networks in the United States are rooted in Black economic solidarity and mutual aid. From the Peoples’ Grocery in 19th century Memphis to the Black Panther Party’s free breakfasts and medical clinics, African Americans have responded to systemic racism, exclusion, and extraction of resources with innovation, generosity, and wisdom. CFNE is committed to putting our experience and resources at the service of economic self-determination for African Americans, indigenous communities, and people of color -- including by shifting more of our investments to Black-owned financial institutions, building capacity among co-op developers of color, providing seed money to under-collateralized co-ops led by people of color through Co-op Launch Loans, and continuing to make loans without looking at borrowers’ personal assets or credit.

Free Financial Education / Educación Financiera Gratuita

Para español, continue hacia abajo
In partnership with A Bookkeeping Cooperative and Open Bookkeeping, we are offering a 2-part, virtual workshop series on Basic Financial Education for Co-ops. Spanish sessions will be Monday June 22 & 29, from 5-7 pm. English sessions will be Tuesday June 23 & 30, from 5-7 pm. Attendees will learn basic financial concepts & reporting, how to plan multiple futures in these uncertain times, and how to present information to your team for decision making.These free workshops will be interactive and give time and space for participants to support each other and share their wisdom. Register here .

En alianza con A Bookkeeping Cooperative y Open Bookkeeping, ofrecemos un serie de 2 talleres en línea sobre Educación Financiera Básica. Talleres en español serán lunes el 22 y 29 de junio, de 5-7 pm. Talleres en inglés serán martes el 23 y 30 de julio, de 5-7 pm. Asistentes aprenderán los conceptos e informes financieros básicos, cómo planificar múltiples futuros en estos tiempos de incertidumbre, y cómo presentar información a su equipo para la toma de decisiones. Estes talleres gratuitas serán interactivos y darán tiempo y espacio para que los participantes se apoyen mutuamente y compartan sus conocimientos y experiencia. Inscríbase aquí .

PPP Flexibility Act

The federal government has changed the PPP program in ways that may affect you and your co-op's decision-making. Here’s a summary from the US Federation of Worker Co-ops .
 
For some of you, the new rules mean that where you originally thought it made no sense to apply for funds, it now makes sense to do so. The deadline to apply for a PPP loan is June 30. For others, the new rules mean that the requirements are more flexible and you now have 24 weeks to spend your funds and seek forgiveness before December 31. 

And for some of you, you will decide to stay on track for spending the funds in 8 weeks, and seek forgiveness sooner than later. If you have no doubts about your ability to meet the previous requirements, you're encouraged to obtain forgiveness ASAP. 
 
As always, please contact your loan officer or reach out to us at cfne@coopfund.coop if you would like to discuss your options, or if there are ways that CFNE can support your co-op.

In cooperation,
Micha Josephy
Executive Director
Cooperative Fund of New England www.coopfund.coop