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Dear CEOs,
Please know that we first and foremost encourage you to do what is needed to take care of the health and well-being of yourself and those around you. We are aware that some of you or your employees may be physically affected by COVID-19 first-hand, not just via the economic shockwaves.
We are sending a second update this week, given there seems to be more clarity coming out about the Federal assistance packages, as well as state-level initiatives and resources that are being put into place. This is still a changing situation, but hopefully this will provide insights into questions to be asking within
your companies and with your legal and other advisors. We realize each state where you operate may have different rules, so we are trying to gather
regional and state level info as well as Federal information. If you are able, please forward good state or regional resources you have
found so that we are able to share with your peers. We will forward this to companies within each region as appropriate.
We know most, if not all, of you are now juggling a very different WFH schedule and routine. We have gathered a few resources that may help you as you adjust to this "abnormal new normal" - some for your family and some just for you.
As always, we have added a bit of humor - because TGIF - even though we know weekends and weekdays are blurring together right now.
Regards,
Golden Seeds Investor Network
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Enterprising startup founders have filed for SBA Disaster Loans to secure working capital to bridge this tumultuous Covid19 storm. Others are waiting for PPL loans to roll out.
Here's what to consider.
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Alice, the intelligent business
provid
er
, has created a business resource center that is u
pdated daily, with real-world funding, resources, and support for small business owners adapting to the impacts of coronavirus. Click here to access.
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The Small Business Owner's Guide to the CARES Act
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| "The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA." |
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Understand the Terms of Credit Facilities
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As companies develop strategies to deal with the economic impact of the COVID-19 outbreak, they should thoroughly understand the terms of their credit facilities, including material adverse effect clauses, financial covenants and borrowing base and reporting covenants." Link to article.
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| "Long relegated to the back end of contracts amongst other rarely read, much less invoked, provisions, force majeure (also known as impossibility) clauses have re-emerged in the COVID-19 era as potentially important risk-allocation mechanisms. If found to apply in a set of circumstances, these clauses may provide an absolute defense to liability by a party who terminates a contract over the objections of the other party." Link |
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Support for Startups During COVID-19
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| Hosted by Nate Cook, Entrepreneur in Residence at Cornell University, this webinar addresses SBA Disaster Loans, Unemployment Insurance, and other resources and opportunities currently available to businesses and non-profits impacted by COVID-19, and features special guests |
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Webinar: What You Need to Know About the Coronavirus Aid, Relief and
Economic Security Act
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Register for this webcast to learn about the US government actions to support recovery and provide economic relief in response to the COVID-19 pandemic. Hosted by EY.
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For Those With Kids at Home
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