News

March 20, 2020

COVID-19 Resources Roundup: Part 1

Upstate New York: COVID-19 Resources for the Investment Community

Upstate Capital connects investors and entrepreneurs to resources in these unprecedented times. Below we have outlined COVID-19 information that you may find helpful. Check back for updates, and send us any questions or resources you’d like to add to info@upstatecapital.org.

Updated March 20, 2020

Funding

  • The State of New York’s disaster declaration was approved on March 19th, which means that the entire state is eligible for U.S. Small Business Administration working capital loans available to small businesses and most private nonprofit organizations that have been affected by the COVID-19 outbreak. Here’s the information sheet.

  • Techstars NYC Managing Director, Jenny Fielding, and Techstars London Managing Director, Eamonn Carey, hosted a podcast for an AMA on all things fundraising, running your business and getting through the uncertainty that lies ahead. You can listen to the replay here.

Strategy

  • VC firm, Sequoia Capital,  offers guidance to startups: “assess their runway (as future financing might become challenging), reassess sales forecasts, raise return on investment for marketing spend, and assess headcount and capital spending. All business fundamentals need to be looked at once again.” Read more here.

Practical Solutions

  • Clean All, a Syracuse-based manufacturing company that produces swimming pool sanitizing chemicals and janitorial cleaning products, is selling make-your-own kits to help alleviate the hand-sanitizer shortage. Since Clean All already works with all the chemical ingredients needed to make hand sanitizer, it decided to bundle them up into kits with instructions that allow buyers to make their own.  Read more here.

Human Resources

  • Law firm Nixon Peabody created this guide on preparing employees on the impact of Coronavirus.

Government

  • ESD has set up a web portal and FAQ page for individuals and businesses with business-related COVID-19 issues and questions on this website with all COVID-19 info:
    https://esd.ny.gov/esd-covid-19-related-resources

  • Many businesses and organizations have expressed a desire to support New York State as it responds to the virus outbreak. Individuals or groups looking to volunteer or contribute to the State’s effort should contact the Governor’s Office at covid19assistance@exec.ny.gov.

  • DOL is reminding businesses of its Shared Work Program that can provide an alternative to laying off employees during business downturns by allowing workers to work a reduced work schedule and collect partial unemployment insurance benefits for up to 26 weeks. Instead of cutting staff, you’re able to reduce the number of hours of all employees or just a certain group:
    https://www.labor.ny.gov/ui/employerinfo/shared-work-program.shtm

Help your neighbor: If you come across additional COVID-19 resources that the Upstate Capital community would benefit from, please share them with us!  Send them to info@upstatecapital.org.