Natural Products Sector Will Try Again With $310Bn More Available For Small Business PPP Loans
NPA found 95% percent of natural food, supplement and cosmetic marketers that applied for a small business loan under CARES Act funding were denied. But industry is hopeful $310bn more made available will lead to more successful applications.
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Natural products companies fared better in the second round of CARES Act federal PPP funding as a Natural Products Association survey showed 25% that re-applied were successful. It also found 70% of businesses surveyed applied for assistance in the second tranche, which has $120bn still available.
'We've got be sure that companies can continue to get ingredients for their products," says CRN CEO Steve Mister, Concern supplies from India, which is a week into a a three-week nationwide lockdown, and other potential supply chain problems were noted by CRN members in a survey it conducted to help USDA gauge global food and nutrition ingredient supply chains during the pandemic.
VMS businesses are deemed essential in Department of Homeland Security guidance that provides as basis for orders by most states and localities across the US. During an AHPA webinar, attorney Trent Norris says the federal government prefers leaving business exemptions to shut-down decisions to the states.