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May 1, 2020
Dear CEOs,
We enter May
with as much uncertainty as we did April. For those who have been sick or have family or employees who are sick, we wish all of you speedy recoveries, and we hope the stay-at-home restrictions help others avoid contracting Covid-19. Given the regional differences in infection rates, we are seeing more discussion of "reopening" and have been sorting through information as to what this means for companies. This week's update is divided into three topic areas:
- Updates and alerts regarding PPP, especially the recent Treasury FAQ's that came out and the "necessity certification". We highly recommend revisiting this topic with your legal advisors and Boards given the recent changes. There are quite a few webinars on this topic - we are including these on the Google Calendar as we receive them.
- Guidance on thinking about "back to work" and reopening. The guidelines and timing vary by region however there are some common themes emerging around safety for employees and customers.
- Longer term strategy considerations, such as sales in a remote environment and financial implications.
Thanks to those who have joined the
Slack group - we are starting to get more traction there and are actively updating the
Google calendar. New events come in with short notice, so please check out the main channel - "CEO-info-sharing" for up to date alerts on webinars or other resources. You may have questions for your peer CEO's so feel free to start discussion threads to make it as dynamic as possible. The focus is to enable you, as founders, to have those discussions. Please send either
Deb Kemper or
Matias Healy thoughts or comments on how we could make this newsletter or the Slack Channel more helpful.
Regards,
Golden Seeds Investor Network
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Updates and Alerts Regarding PPP
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Important Information to Avoid Charges Regarding the PPP Loan
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Click
here to learn how to avoid federal criminal and civil penalties in connection with applications for PPP loans.
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On April 23, 2020, the Department of the Treasury ("Treasury") and the Small Business Administration added FAQ 31 to the
Frequently Asked Questions
on Paycheck Protection Program ("PPP") loans. The new guidance addresses the required certification that a PPP loan is necessary to support the applicant's operations. In light of the new guidance, PPP loan applicants should carefully consider whether they are eligible borrowers, and PPP recipients should assess whether to retain the funds and document the necessity or return the funds. Link
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NVCA Letter to the Treasury Department and SBA
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"Today, the
NVCA sent a letter to the Treasury Department and the Small Business Administration (SBA) to explain the challenges startups are experiencing in the COVID-19 crisis and why these companies cannot rely solely on venture capital funds to sustain ongoing operations of the company. The letter also explains why some startups may find it reasonably necessary to access the Paycheck Protection Program (PPP) to sustain ongoing operations and maintain their workforce through these uncertain times."
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Webinar: PPP Loan Forgiveness Accounting & Tax Considerations
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Join Wolf & Company for a complimentary webinar discussing key PPP Funding and considerations with a deep dive into you and your customers' most pressing questions.
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Back to Work and Reopening
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| Before bringing employees back to work, employers are best advised to follow the guidelines and recommendations that the Centers for Disease Control and Prevention (CDC), the Occupational Safety and Health Administration (OSHA), and the Equal Employment Opportunity Commission (EEOC) have issued. Here is an overview of key safety and health considerations employers should assess as they make plans to reopen. |
The Washington Post offers FAQs as American head back to work. To read the article click
here.
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PwC's COVID-19 CFO Pulse Survey
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Watch this webcast replay hosted by PwC revealing the latest CFO Pulse Survey results on how leaders are tackling financial impacts, return to work and more.
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Longer Term Strategy Considerations
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Please join us on Wednesday, May 6 at 12:30 pm ET for an informative CEO Strategy Session aimed at offering insights, starting up great conversations, and opening networking channels to help your company navigate challenges.
On Wednesday, May 6,
Judith Erwin
, CEO of Grasshopper Bancorp will speak on Managing Through Uncertainty.
Register in advance for this meeting.
After registering, you will receive a confirmation email containing information about joining the meeting.
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To Survive, Change Your Metrics
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If Satisfaction = Experience - Expectations, and much of the experience is out of our control, now is the time to make sure your expectations are realistic and achievable.
Link to Medium article.
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COVID's Impact on Brands and their Social Audiences.
Shareablee
, is the world's largest system of social performance data for brands and agencies who want to understand the impact of their cross-platform campaigns.
In this talk
, you will hear the firm's findings on how brands are communicating with their audiences on social media during this crisis.
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