Update as of April 8, 2020:
Our goal has always been to help our clients make the best decisions for their businesses – in good times and bad. COVID-19 is causing disruption to businesses across the globe, and we are all adjusting to an environment that is changing daily. We are working diligently to remain as educated and up-to-date as possible in order to best support you.
We have set up this page to keep you abreast of tools and solutions to help you navigate this unprecedented situation. Understandably, this is a time filled with many unknowns. While the current crisis is surely unique, we have both the expertise and experience to provide the best possible outcome.
We’re all in this together, and we’re here to help.
Continue to reference this page as the situation progresses for regular updates.
We have compiled critical information to help you best navigate this crisis:
- A list of best practices outlining HR and financial readiness activities for a crisis.
- A look into employee safety, communications, and compliance in the face of COVID-19.
- An overview of options when it comes to workforce reduction decisions.
- Information for HR professionals regarding the new Families First Legislation.
- A webinar discussing current labor and unemployment laws with the Texas Workforce Commission, moderated by vcfo’s Vice President of Human Relations, Kim Flores.
Small Business Support
- Our guidelines for applying for a Payroll Protection Program (PPP) loan.
- Our instructions for applying for an Economic Injury Disaster Loan (EIDL).
- A list of potential funding and financing sources for small businesses and certain small non-government organizations.
- A COVID-19 Emergency Loans guide from the U.S. Chamber of Commerce.
- The U.S. Small Business Association (SBA) will provide disaster assistance loans for small businesses impacted by this crisis.
- American Express contacted Bill Schwartz, Consulting CFO with vcfo, in an article about how small businesses can approach temporary shutdowns.
Around the Nation
- The U.S. Environmental Protection Agency (EPA) has suggested cleaning products for use against COVID-19.
- The White House has released their guidelines for all Americans during this pandemic.
- Please keep a close eye on updates from officials in your area. Here’s where you can find information from our current markets:
- Stay informed on the status of payment of taxes and fees in your state.
A Bright Future
- From keeping team members motivated to giving back to the community and pivoting business models, here’s how the companies in our network are responding in the face of a global pandemic.
- Forbes highlighted “50 Ways Companies Are Giving Back During the Coronavirus Pandemic.”
Nobody ever regrets making fast and decisive adjustments to changing circumstances. In downturns, revenue and cash levels always fall faster than expenses. In some ways, business mirrors biology. As Darwin surmised, those who survive “are not the strongest or the most intelligent, but the most adaptable to change.” (A quote from a message from Sequoia to their portfolio companies on March 5th, 2020.)
Your vcfo team is here to help you be an adaptable survivor. The time to prepare to weather the potential financial consequences of this crisis is NOW.
We will continue to keep you informed of any policy changes as we navigate these uncertain times. Please do not hesitate to contact anyone on our team to discuss any concerns you may have. There also may be other areas where you need assistance, such as crisis management, communications, or IT, and we are more than happy to make these introductions.
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