Proceeds are required to be used for working capital which includes:
– Inventory, marketing, payroll, refitting a workspace for new social distancing guidelines, operating and emergency maintenance;
– Current property taxes, utilities, rent, supplies;
– Regularly scheduled interest and principal payments on mortgages, loans, and other existing business debt;
– Existing debt that is due within 90 days;
– Credit cards that were used to pay monthly operating expenses and that the business historically was able to pay off each month.