November 24, 2020
Dear friends,
As New England enters a new round of pandemic restrictions, we want to encourage all co-ops to keep lines of communication open. Let us know how you are being impacted and how we can support you and your members.
Technical Assistance Matching Grants
CFNE is offering a limited number of technical assistance matching grants of up to $2,500 to borrowers who have identified training, consulting, or technical support that will help grow their internal capacity. If you have a technical assistance need and are able to commit some of your co-op’s resources, speak with your loan officer to discuss whether this would be a good option.
"What's Working" Webinar
With the possibility of new closure orders, what can we learn from cooperatives that have successfully shifted the way they do business during the pandemic? What can restaurants and other businesses that are newly "seasonal" due to outdoor seating learn from peers in traditionally seasonal industries?
Join us to hear "What's Working" from a panel of worker-owners in industries from food production to solar installation. Bring your own success stories, no matter how small -- the doors are open, members are getting a paycheck, or customers are being engaged in new ways -- as well as challenges and ideas for regional collaboration. Register here.
PPP Updates
On October 8, 2020, the SBA issued a simplified form for forgiveness of PPP loans under $50,000. Borrowers may be eligible for full PPP forgiveness even if they reduced the number of employees or salaries, but will still need to submit documentation of forgivable expenses to their PPP lender.
If you received a PPP loan, continue to track any allowable expenses, and be in contact with your PPP lender for their forgiveness guidelines. Ask your accountant about the tax impact of forgiveness, or check out Wegner CPAs year end tax planning webinar on Wednesday, December 2.
Announcements
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Open enrollment for health, vision, dental, accident and disability benefits for U.S. Federation of Worker Cooperatives members runs through Dec 9, 2020.
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We are hiring! CFNE is excited to be adding a Communications Manager to our virtual, New England-based team. Please help us by sharing this opportunity widely. Full description and benefits on our website.
Although this will be a different type of holiday season for many of us, we wish you health, happiness, and the warmth of a community that reaches beyond physical boundaries.
