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The Small Business Administration announced yesterday that the Economic Injury Disaster Loans and the Paycheck Protection Program are closed for now, due to a lack of funding. We know this is devastating news for our worker co-ops that are struggling to maintain their businesses now, so here’s some information to help your organizations at this time:
- If you already applied for the EIDL or PPP, your loan will still be processed on a first-come first serve basis. If you have applied for either, please fill out this form to let us know.
- If you did not yet apply – you should still get ready to apply for round 2. A new infusion of money will almost certainly be directed to these funds in the coming weeks, so make sure you are ready. We’re here to help – email email@example.com with any questions..
- Apply for grants and loans that are still available. Check out the Cooperative Development Foundation Disaster Fund, the Emergency Loan Fund from Shared Capital Cooperative, and the COVID-19 Co-op Emergency Fund & Resources from the Cooperative Fund of New England (for NE folks).
- Stay tuned to our website for updates. Our website will include any relief funds resources we find through the SBA or otherwise. We also have a frequently asked questions document to answer the questions you’ve asked so far.
Help the USFWC to continue providing the latest information to support worker co-ops curing the COVID-19 crisis – become a sustainer today.
What is your worker co-op doing during COVID-19?
We have been inspired by co-ops like Access Cooperative who are offering free a half hour consultation to people that are trying to figure out Language Justice in their organizations.
Find out what other worker co-ops are offering, and share how we can support your business.
Join the conversation on Slack
The USFWC Worker Co-op Slack is open to the community — it is a platform to help people in the worker co-op community to connect and share information. Read our Slack Chat guide and join here