COVID-19 SproutBox Emergency Subscription Assistance Program #2

SproutBox Emergency Subscription Assistance Program #2

Times are tough. Our business customers have always stood by us and we want to do our part to standby with them. Version 2 of our SESAP program has been designed to extend support to our ur severely impacted business customers additional credits to use SproutBox Services. All SproutBox customers who have been severely impacted by the COVID-19 related downturn may apply. We will grant credits based on the severity of the disruption, industry, and other factors.

The Original Version of this Program is available at https://sproutbox.in/sesap

Who is the SESAP For?

At SproutBox we pride ourselves on the community that we have built and the significant value we provide to our CoWorkers. Since our facilities have had limited access to a few of our CoWorkers and Members ^[1], SproutBox understands that some of our Customers will find themselves in a tough spot financially as a result of COVID-19.

How does the program work?

With this in Mind, SproutBox has decided to offer a credit up to 100% for the days in which SproutBox Facilities were un-accessible through a credit/cash-back mechanism to our CoWorking Members that apply for this Assistance.

For Our Mysore CoWorkers: “For this program, our facilities can be considered temporarily closed for some of our coworkers from the 15th of March 2020 till the 20th of May 2020, a total of 66 Days”

For Our New Delhi CoWorkers: “For this program, our facilities can be considered temporarily closed for some of our coworkers from the 24th of March 2020 till the 17th of May 2020, a total of 54 Days”

Why Version 2 of the Program?

While our Previous Version was designed for the initial level of lockdown, times since the first day of announcement of the Covid-19 related lockdown have changed for several of our customers. In our earlier version SproutBox to ensure fairness to all its CoWorkers was offering a Credit equivalent to the 50% on the number of days on which Lockdown can be considered, may no longer feel sufficient, and requests for discounts, from our CoWorkers across both our Locations have had us re-look at the program and offer a helping hand where we can.

Program Details

SproutBox is offering 2 Alternative Programs, other than the Original Program Offered. You are requested to choose any one of the following options. Please note since the conditions from the time the original program was offered have changed, you can re-look at your application and apply fresh using this program, and anyone of the Options Below

SESAP-ONE

In this program, SproutBox will credit 50% of the Fee for the Affective Lockdown Period [54 Days for Delhi / 66 Days for Mysore] ~ i.e Credit of [27 Days for Delhi / 33 Days for Mysore] in your Next Invoice as a Credit Note.

To avail of this program, you should have paid your dues for April and May and should have all your previous invoices cleared.

Month	Payable Per Month	Credit Value	Amount to be Paid
March 2020	Rs. 10,000	0	Rs. 10,000
April 2020	Rs. 10,000	0	Rs. 10,000
May 2020	Rs. 10,000	0	Rs. 10,000
June 2020	Rs. 10,000	Rs. 9000	Rs. 1000

For calculation of Credit here, a Pro-Rata Value of 27 Days is used. Per Month Value: Rs. 10,000 ~ Per Day Value Rs. 10,000/30 = Rs. 333.33. Total Credit Due = Prorated Value x Number of Days for Credit = Rs. 333.33 x 27 = Rs. 9000

Similarly for Mysore, the Same Calculations can be seen as Rs. 333.33 x 33 ~ Negative Rs. 1000 (So Rs. 1000 will also be credit in the subsequent invoice)

SESAP-TWO

In this program, SproutBox will credit 100% of the Fee for the Affective Lockdown Period [54 Days for Delhi / 66 Days for Mysore] ~ i.e Credit of [27 Days for Delhi / 33 Days for Mysore] over the invoices raised till March 2021.

To avail of this program, you should have paid your dues for April and May and should have all your previous invoices cleared.

Month	Payable Per Month	Credit Value	Amount to be Paid
March 2020	Rs. 10,000	0	Rs. 10,000
April 2020	Rs. 10,000	0	Rs. 10,000
May 2020	Rs. 10,000	0	Rs. 10,000
June 2020	Rs. 10,000	Rs. 2,000	Rs. 8000
July 2020	Rs. 10000	Rs. 2,000	Rs. 8000
August 2020	Rs. 10000	Rs. 2,000	Rs. 8000
September 2020	Rs. 10000	Rs. 2,000	Rs. 8000
October 2020	Rs. 10000	Rs. 2,000	Rs. 8000
November 2020	Rs. 10000	Rs. 2,000	Rs. 8000
December 2020	Rs. 10000	Rs. 2,000	Rs. 8000
January 2021	Rs. 10000	Rs. 2,000	Rs. 8000
February 2021	Rs. 10000	Rs. 2,000	Rs. 8000
March 2021	Rs. 10000	Rs. 2,000	Rs. 8000

Value of Credit: Fees Payable on Prorata Basis x Number of Days of Lockdown

Credit Per Month: Value of Credit / 10 (Pending Months in Financial Year 2020-2021]

For Example Fees Payable per month = Rs. 10,000 or Rs. 333.33 Per Day

For Delhi:

Value of Credit: Rs. 333.33 x 58 Days = Rs. 19,333.34

Credit Value Per Month: Rs. 1,933.34

For Mysore:

Value of Credit: Rs. 333.33 x 66 Days = Rs. 22,000

Credit Value Per Month: Rs. 2,000

Terms and Conditions for SESAP Credits:

That “SproutBox Emergency Subscription Assistance Programme” is without prejudice to the terms and conditions of the principal agreement and instance of any contradiction between the SESAP and principal agreement, the principal agreement shall prevail, unless permitted specifically.
The program is open only for paying customers of SproutBox Coworking Spaces.
Please note a CoWorking Client (Company / Individual) can only apply for these Credits Once
Once awarded, the Credits will not be increased later.
SproutBox reserves the right to discontinue this programme at any time and not take any more applications.
Credits awarded can only be used by the Same Company / Client and not put to use for another account.
SproutBox reserves the right to approve or reject any application and the decision is final

Frequently Asked Questions

How does a customer who is on a pre-paid term for a quarterly, half-yearly or annual pre-payment earn the benefit of this program?

The program provides an extension credit, and at time of renewal of the contract, the credits will be made available to the client in terms of a credit note adjustment for period of use, and or modification of billing cycle.

Can these credits be encashed or transferred to a bank?

No these credits can only be used for SproutBox Coworking Spaces and CoWorking Services. The Credits will be refunded as a Credit Note / Discount on your Future Invoicing, starting 01 June 2020.

Will I get these Credits Now? Can I use them in my March / April Invoices?

While the Credits will be allocated after the lock-down is over, You can not use the Credits for your Invoices for March 2020 or April 2020. We request you to please pay your current invoices, and have your accounts in good standing.

Can a customer transfer these credits to another customer?

No, the credits can be used only by the organization for which the credits were awarded.

What is the validity of these Credits?

Depending on the Option of SESAP-ONE or SESAP-TWO, The credits can be availed as per the Respective Option.

Can these credits be used on any other transaction other than renewals?

No these credits are only towards renewal of CoWorking Membership and can not be used for any other services.

Can all clients of SproutBox apply for these credits?

While SproutBox facilities may not have been reachable due to current circumstances for some of our clients, SproutBox facilities have been operational in a limited manner, and accessible for coworkers that had curfew-passes issued from relevant government authorities to use the facility.

In Our Original Program the application was not open to all our clients, but keeping in mind that the lockdown has now been for nearly 50+ Days, SproutBox is opening this program for all it’s clients that would like to apply for the program.

Will this change anything in my agreement?

Yes, SproutBox would like to make an addendum to your agreement, showcasing the said amount applying to your invoicing. Please also note, that this value is calculated on your current invoicing value, and assumes your current invoicing value will not decrease till 31st March 2021. In case of a value change in your contract value, the discounts offered maybe different by SproutBox.

What Happens if I don’t want to Continue?

SproutBox and its Clients are under an agreement, with a clause defined for the exit. SproutBox urges its CoWorkers to honor their part of the contract, and offer a suitable exit plan and inform SproutBox about it’s an exit. Exiting the Contract does not relieve either party of their dues towards each other, and they will need to be fulfilled.

How will SproutBox Manage with it’s Reduced Cash flow?

We are an MSME (Medium and Small Enterprise) and are Cashflow positive, as well as profitable. While the effective discounting works to 8% (in case of an immediate credit), to 16% in case of a Sustained credit and will impact SproutBox’s cash flows and costs over the next few months but ensuring the longevity of our coworkers, our staff, our stakeholders, and also our business is of the utmost importance at this time.

I want a different program

While we understand that options represented in our Original program, and this program may not be the ones you are seeking, but SproutBox to ensure the longevity of all it’s stakeholders, and to ensure serviceability of its contracts, is only able to offer one of these programs. We are sorry but a third option can not be worked out.

Before applying, please take a moment to consider if you really need this. If you don’t need this program and apply anyway, you will likely be taking assistance from an organization that does.