Pandemic Resource Series #1
We know that times are tough, but we're in this together. To make things easier we compiled a list of useful
Government Resources
We are always here to support our customers, especially during uncertain times. We would be more than happy to partner on marketing ideas, social media or anything else you may have in mind.
As an additional help to roasters during this year, we are offering extended payment terms. Whatever we can do to assist, just get in touch!
Below you will find a list of government resources that may be relevant for your business.
Government Assistance
Graphics courtesy of the SBA
Paycheck Protection Program
Who: Any small business
-
for "coffee manufacturing" that means fewer than 750 employees
-
includes LLCs, sole proprietors, independent contractors, and self-employed persons
What: Money to pay your employees (up to 2.5 times monthly payroll)
How: Apply through your bank (Or find a lender here)
When: Apply now through June 30, 2020
Details: This is a 2-year forgivable loan with an interest rate of 1%
-
No fees, no collateral, no personal guarantees
-
Loan is forgiven if at least 75% of it goes towards maintaining payroll or quickly rehiring employees and maintaining salary levels
-
See the very short application form.
Economic Injury Disaster Loan Emergency Advance
Who: Any small business
-
for "coffee manufacturing" that means fewer than 750 employees
-
includes LLCs, sole proprietors, independent contractors, and self-employed persons
What: Grant of up to $10,000 (a "loan advance" you do not need to repay)
How: Apply here through the SBA
When: Applications available now
Details: You'll need your number of employees, gross revenue and cost of goods sold for the 12-month period prior to Jan 31, 2020.
-
Yes, you can apply to both the PPP and EIDL but if you receive both, you must use the amounts for different expenses to maintain loan forgiveness.
-
A good explanation can be found here.
SBA Debt Relief
Who: Current SBA loan holders
What: The SBA will pay the principal, interest, and fees for current SBA loans (and new ones issued prior to September 27, 2020) for 6 months
How: If you currently have an SBA loan, get in touch with your lender
When: Now through March 13, 2021
Unemployment Relief during COVID-19
Who: Anyone unemployed and seeking work
What: States have an expanded ability to provide unemployment insurance for workers impacted by the COVID-19 pandemic
How: You must apply through the state in which you reside. Find a full list of Unemployment Offices by state.
When: Now
Further Reading
-
Still unclear on the difference between PPP and EIDL? Read here
-
The US Camber of Commerce Emergency Loan Guide
-
SBA slides on PPP and EIDL
Pandemic Resource Series #2
We know that times are tough, but we're in this together. To make things easier we compiled a list of useful
Online Marketing Tips
Collaborate with Gold Mountain Coffee Growers
@GOLDMTNCOFFEE: If you have one of our coffees, tag @goldmtncoffee in a post on Instagram featuring the coffee and message us a link to your online store where the public can buy it. We will then repost with a swipe up option so that any of our 30,200 followers can easily buy from your online store directly.
INSTA LIVE: If you have any of our 2021 coffees or have reserved some for 2022, we'd love to do an Insta live split screen with you! It's a great chance to talk about the coffee, coffee farming, positive impact, current challenges and the importance of supporting your local roaster (for the whole value chain). Just reach out to us. This can be a great driver of traffic to your online store and create a sense of community among your customers while discussing how these coffees affect people's lives up and down the hemisphere.
Google Merchant Center
Update your Google Merchant Center to get more search hits for your store (this is important!). Your Google Merchant Center can help optimize how google understands your web presence and thus drive more targeted search traffic in your direction. And it is free!
cometogether.coffee
This is a free platform that lists coffeeshops and roasters by location with the goal of helping to get the word out about your current status and how customers can help support you. Fill out this short online form to get listed.
Instagram Shopping
Selling your products directly on Instagram is a must! With Instagram Shopping, your customers will be able to click through to your store directly from photos you post on Instagram. To get this set up, you will need to set up a Facebook Catalog, or connect your ecommerce platform. This is a wonderful way to generate additional exposure for your online store. Read here and see Instagram Shopping help.
shipsbeans
The folks at Cropster created an online directory to help you reach more customers. If you don't have an online store, you can set one up for free!
Subscriptions
Subscriptions are like wholesale accounts at retail prices. Most ecommerce platforms allow for subscription services. A great way to build an online customer base and drive recurring sales.
Additional ideas
-
SMS marketing
-
Loyalty programs
Pandemic Resource Series #3
Additional SBA Funds
Restaurant Revitalization Fund
Who: Restaurants, bars, cafes, related business where on-site sales comprise at least 33% of revenue
-
must have experienced a COVID related revenue loss
What: Provides restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
How: Apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA
When: Now until funds are exhausted
Details: No requirement to repay the funding as long as funds are used for eligible uses no later than March 11, 2023
Loan increases for COVID EIDL
Who: Small businesses affected by COVID
What: The SBA increased the loan maximum to $500,000 and is also accepting new first time applicants
When: Now
Details: Loan fixed at 3.75% over 30 years with no prepayment penalty
-
use of funds for working capital and normal operating expenses