Coronavirus (COVID-19) Resources
Many kombucha brewers fit the classic definition of a small business.
For those based in the USA, there are a number of financial resources available that provide relief during the time business is impacted by the Coronavirus Pandemic.
Two Resource Pages
Two resources that are specifically aimed at our industry are:
- The Kombucha Brewers International Coronavirus Resource Page.
- The (Craft Beer) Brewers Association Coronavirus Resource Page.
Both pages point to references you will want to study in detail. They include links to webinars where qualified experts discuss the options and share insights. Be aware, however, that the details are changing almost daily, and a webinar from just a few days ago might not have accurate information.
A key document is The Small Business Owner’s Guide to the CARES Act. This lists the three main programs small businesses can take advantage of:
Paycheck Protection Program (PPP) Loans
Debt Relief Program Payments
Economic Injury Disaster (EIDL) Loans
Note that the funds available from each program support different needs. For example, if you have taken out an SBA to finance your business with monthly payments of, say, $5,000, then via the Small Business Debt Relief Program the government will make your payments for six months which is $30,000 of “free” money. In addition, you could continue to pay yourself and your staff under the PPP loan and have those funds “forgiven”.
Disclaimer
The content of this article is accurate to the best of our knowledge and is presented for general informational purposes only. Check with your qualified financial advisors before proceeding. The opinions are those of the editor. Please send suggestions or questions to ian@boochnews.com. Comments are welcome.
