SBDC Disaster Preparedness & Resiliency Toolkit

Mar 17, 2020

Our thoughts are with all who have been impacted by the recent outbreak of COVID-19. As business owners and leaders it is important to remain informed and prepared as this outbreak continues to impact our local and global communities. While recognizing social distancing is essential and important during this time, we do not want to overlook the importance of investing in our local economy.

The Economic Development Collaborative has compiled a list of resources now available for employees and employers who have been impacted by COVID-19. As new resources become available, this guide will be updated as needed.

IMMEDIATE STEPS TO TAKE

As the spread and impact of COVID-19 is still an unknown, the EDC recommends employers and self-employed individuals to take the following action steps:

  1. CONTACT YOUR INSURANCE PROVIDER- Do you have business interruption insurance? If so, you may have coverage that supplements any income or sales loss during this time.
  2. TRACK LOSSES- During moments of disruption it is important to track any loss your business may have incurred as programs designed to assist cash flow needs and access to capital depend on accurate counts of economic injury or production loss.
  3. DO YOU HAVE PERFORMANCE BASED CONTRACTS WITH YOUR SUPPLIERS OR CUSTOMERS? – reviewing your current contracts and obligations will clarify limitations of liability and force majure.
  4. HAS YOUR BUSINESS EXPERIENCED DISRUPTION OR CONCERN IN THE FOLLOWING AREAS?
    • Supply chain disruption and liability
    • Questions or concerns about the implications of tariffs
    • Technology plans for setting up remote work stations for employees
    • Concerns about cash flow during disruption
    • Concerns about credit and finance issues
    • Concerns about force majure
  5. NO-COST BUSINESS CONSULTING IS AVAILABLE!
    For businesses that have experienced the following concerns or disruptions our EDC SBDC Advisors can assist providing guidance during this time. Please contact the EDC office at 805.409.9159 to request an appointment.

EMPLOYER AND EMPLOYEE RESOURCES

STATE AND LOCAL ASSISTANCE

A State of Emergency has been declared by Governor Gavin Newsom due to the impacts of COVID-19 The state is in the process of working within its emergency response networks to bring relief to individuals and businesses that have been directly affected. For a current detail of all benefits available for employers and employees, please refer to our comprehensive business resource guide.

BUSINESS FINANCING

EDC DISASTER LOAN FUND
In addition to our traditional EDC loan funds, EDC is offering low interest micro loans from $5,000- $50,000 through our Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19. Contact Marvin Boateng, Lending Manager to apply. Email [email protected] or call (805) 409-9158.

SBA ECONOMIC INJURY DISASTER LOANS
NOTE: At this time, assistance will become available when the State of California qualifies for federal aid. We believe this will be eminent.

SBA’s Economic Injury Disaster Low Interest Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail [email protected]

For a more detail of finance options available, please refer to our comprehensive business resource guide.

DISASTER PREPAREDNESS

DISASTER PREPAREDNESS & RESILIENCY TOOLKIT

The best time to prepare for business disruption or disaster is NOW. To simplify your disaster preparedness efforts, EDC has created a Disaster Preparedness & Resiliency Toolkit for Business. Use this toolkit to assess your business’s level of preparedness.

https://edcollaborative.com/business-disaster-recovery-resources/

Posted in COVID-19 Resource, Featured Articles.