In This Issue:
- Reallocation of Remaining PPP Funds
- New Relaxed Forgiveness for Small PPP Loans
- CPG Corporate Venture Funds
- Links to Relevant Content and Events
Reallocation of Remaining PPP Funds
- Around $130 billion in PPP funds remain unused.
- In a letter to Congress over the weekend, Treasury Secretary Mnuchin requested that the PPP be reopened, with existing PPP borrowers allowed to take an additional loan.
- Although reopening the PPP has been proposed and dismissed several times, it appears unlikely that Congress will take action before the November 3rd election given the current impasse.
New Relaxed Forgiveness for Small PPP Loans
- The SBA and Treasury Department issued new guidance late last week, allowing borrowers with PPP loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness.
- The new rules exempt those borrowers from any penalties in forgiveness based on reductions in headcount and/or wages, which applies to the PPP forgiveness process generally.
- The SBA unveiled a new, simplified form for forgiveness, which can be found here.
CPG Corporate Venture Funds
Our featured CPG corporate venture investment fund this week is Grefusa Ventures.
- Grefusa, the Spain-based snacks supplier, set up Grefusa Ventures in 2018.
- The privately owned company, which has a brand portfolio including Snatt's "bread snacks," stated its intent to invest outside its core concentration in salty snacks.
- In 2019, Grefusa announced the division's first investment, in the Spanish gaming business Play&go Experience.
Links to Relevant Content and Events
ARTICLES
- Pontifax AgTech Closes Latest Fund at $302M
- With $68M in Fresh Funding, Revol Greens Plans to Build the World's Largest Indoor Farm
- Instacart Raises Another $200M as Online Grocery Shopping Trends Upwards
- Picnic Raises $3M for Its Robot-Powered Pizza Assembly
- Functional Water Brand Oxigen Raises $15M
- Finding Startup Success in a Challenging Market
- Iron Man Actor Robert Downey Jr’s Investment Firm Backs World’s Biggest Insect Farm
EVENTS
Naturally Bay Area QUICK BITES Lunchtime Series
The Importance & Value of Our Farmworkers
- Erik Nicholson - Founding Partner, Pandion Strategy
- Pete Brennan - Host, Naturally Bay Area & Co-Founder, Soñar Foods
Wednesday, October 14th, 12:00 - 1:00 p.m. PT
Register here
Naturally Bay Area QUICK BITES Lunchtime Series
Know Your Roots! Building a Purpose-Driven Organization
- Members of the Oakland Roots Sports Club Leadership Team
- Pete Brennan - Host, Naturally Bay Area & Co-Founder, Soñar Foods
Thursday, October 22nd, 12:00 - 1:00 pm P.T.
Register here
The Plant Based Food Association is expanding its investor membership at this time. Current investor members are listed here. The application for new investor membership can be found here.
Please check out DWT's newly re-launched Startup Law Blog
At DWT, we are proud to have one of the largest Food & Beverage legal practices in the country, with over 40 attorneys representing food innovators, entrepreneurs, and investors at every level of the food chain, from Farm to Label.
Please contact our Food and Beverage team if we can assist you in any way in these unprecedented times.
The facts, laws, and regulations regarding COVID-19 are developing rapidly. Since the date of publication, there may be new or additional information not referenced in this advisory. Please consult with your legal counsel for guidance.
DWT will continue to provide up-to-date insights and virtual events regarding COVID-19 concerns. Our most recent insights, as well as information about recorded and upcoming virtual events, are available at www.dwt.com/COVID-19.