During this time of significant disruption to local bio businesses, firms and organizations, as well as the potential global effects that are sure to be felt at all levels, Oregon Bio has researched some helpful resources and asked a few experts about short-term support to help small businesses mitigate and manage through this worldwide pandemic.
Here are some tips and topics:
- Take this opportunity to reach out to your business’s banker, insurer(s) (commercial, health and D&O, for example), attorney(s), OSHA, your state’s employment department, and other contacts who may help you determine your firm’s liability and exposure. It’s time to assess your risk from all standpoints.
- If you don’t have a specific crisis/risk plan in place now, make one. Include immediate, short-term and longer-term strategies, crisis communication* plans, and workforce management. If you have a crisis plan, dust if off and improve it as needed, again based on mitigating risk and exposure.
- Look to local jurisdictions and agencies for support and assistance. The U.S. Small Business Administration (SBA) has published its Disaster Loan Assistance program as well as developed guidance and loan resources. SBA expert can help you make application for emergency loans and assist you in assessing near-term credit and financial needs.
- Local jurisdictions #2: For example, the cities of Beaverton and Hillsboro launched small business emergency assistance grant programs. Beaverton’s can be found here. Hillsboro has already closed theirs, but it may be wise to check back.
- Local jurisdictions #3: Prosper Portland has issued a specific COVID-19 small business loan deferral program. The three-month deferral of loan payments to existing Prosper Portland borrowers who request it and whose business have experienced a decline in revenue of 10% or more. Prosper is prioritizing public-facing businesses with annual revenues under $1 million. Contact Prosper about your existing loan by emailing email@example.com.
- Connect with relevant trade associations at the local, national and global level. Look for guidance and information regarding best practices, connection to resource networks and experts who might consult with you and your leadership team. This may be a key opportunity to invest in quality consulting to shield you from increased risks.
- On Monday, March 23, Oregon lawmakers released a detailed policy framework for a sweeping bailout created to help the state weather the economic devastation caused by COVID-19.
- Ear to the Ground blog: Contractual obligations and the COVID-19 Pandemic in the Absence of a Force Majeure Clause
- Alert: Will Business Interruption Insurance Cover Coronavirus-related Disruptions?
- Alert: Employers to Receive Special Tax Treatment for Qualified Disaster Relief Payments
- Alert: ‘Families First Coronavirus Response Act’: What Employers Need to Know