PPP Loan Received by the COOP
On April 22, the Coop received a Federal Paycheck Protection Program (PPP) loan from the Small Business Administration in the amount of $1,454,763. We worked with the National Cooperative bank on the application.
This loan might be entirely forgiven and turned into a grant. However, at this time we must operate under the assumption that the loan will not be forgiven and that we will need to pay it back in less than 2 years.
The loan proceeds will primarily be used to pay payroll and employee benefit expenses during the period of April 22 to June 16. By using this loan money for these expenses, we free up other money that will help prepare the Coop for financial sustainability in the event that the current COVID 19 crisis conditions last longer than expected.
In addition to being prepared for this pandemic lasting longer, the Coop needs to be better financially prepared for any other pandemics that may come our way.
Please click here to learn more about our Member/Owner Equity Investment (MOEI) Campaign to raise at least $2,000,000 in additional MOEI.