Navigating The CARE Act
We know there's a lot of information circulating about The CARE Act, but we want to share what our partners at Odeko put together, because its specific focus on coffee shops and cafés. Their team has done a great job consolidating the relevant information you need to apply and secure capital for your business. If you have any questions, please don't hesitate to reach out to firstname.lastname@example.org and we'll help in any way that we can!
The Payroll Protection Program (PPP) loans that have been made available by the CARES Act, are distributed through lenders that are approved in the pre-existing SBA 7A lending program.
If you already have a lender that's providing PPP loans, it's advisable to go to them directly. It's best to kick off the conversation with them as soon as possible.
If you don't have an SBA 7A lender in mind, here is a full list, we have banking partners who can take your applications. We can help with getting your paperwork together, at no charge - we just want coffee to come back.
Loans are forgivable if certain stipulations are met in how the funds are used. The loans can cover up to two months of average monthly payroll costs from the prior year, plus an additional 25% for other expenses like utilities and rent. The full amount is subject to a $10 million cap.
The program overview below includes further information on:
When, where and how to apply
Who is eligible
What can the loans be used for
What counts as payroll costs
Criteria for accessing loan forgiveness
Loan repayment, interest, deferment info
These loans are being dispersed on a first come first serve basis. The 349B made available is expected to dry up very quickly. We think it's best to turn the required paperwork around within the next 24 hours to make sure any borrowers eligible can get in on time.