May 7, 2020

Dear friends,

At CFNE, we’re fortunate that working with co-ops gives us an amazing cross-section of experiences in this new reality. Some of you are struggling with decisions about unemployment in the face of mandated shut-downs. Others are in essential industries trying to keep your members safe. You span the food system from seed to compost, from fishery to grocery. We are so honored to work with each and every one of you, and to see your creativity and resilience.

Federal Relief Updates

As of Wednesday, there were about 90 billion dollars left in the PPP forgivable loan program. If you need help deciding whether the program is right for your co-op, feel free to get in touch. If you have already applied, we recommend taking a look at We Received Our PPP Funding, Now What? , a recorded webinar and slide deck from Wegner CPAs.

While there are still a lot of questions about loan forgiveness, we will be keeping our resource page updated as we learn more.

Also, the Economic Injury Disaster Loan (EIDL) program, which had been on pause, has been reopened for n ew applications from agricultural businesses only . In addition, any applicants who did not apply in the new portal with an application number starting with a "2" are being asked to reapply NOW in the new portal in order to update their application and to obtain an application number that starts with a “3”. According to the SBA, this will not impact an applicant's place in line.

Recursos en espa ñ ol / Resources in Spanish
Estamos recogiendo recursos en español para apoyar a empresas cooperativas hispanohablantes. En particular, hay información acerca de cómo solicitar y administrar préstamos de emergencia, reestructuración de finanzas, y planificación. Se puede encontrar todo en nuestra página de recursos . There is a growing number of resources on our Resource Page in Spanish , so please refer Spanish-speaking cooperators there for up-to-date information.

We appreciate all of the feedback that these emails have been helpful. The pace of new information is finally slowing, so we’ll be moving to as-needed updates. We will continue to pass along details about financial management and reopening strategies as they develop.

In cooperation,
Micha Josephy
Executive Director
Cooperative Fund of New England