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COVID 19 and YOUR Kitsapeda.org/covid-19 BUSINESS KEDAS WEEKLY WEBINAR April 23 rd , 2020 Panelists: Hosted by: Kathy Cocus KEDA Business Development Director cocus@kitsapeda.org COVID-19 Resources & Information

  1. COVID 19 and YOUR Kitsapeda.org/covid-19 BUSINESS KEDA’S WEEKLY WEBINAR April 23 rd , 2020

  2. Panelists: Hosted by: Kathy Cocus KEDA Business Development Director cocus@kitsapeda.org

  3. COVID-19 Resources & Information Kitsapeda.org/Covid-19 Current updates & reliable resources: Funding Relief SBA Loans CARES Act Lenders Unemployment Grants FAQs Local Resources SBDC Lenders Local Governments & Chambers Government Contr acting (PTAC) Industry Sectors

  4. Working Washington Small Business Grants Thurs - April 9th Within Hours April 8, 2020 KEDA posts to website, SM & KEDA creates FAQs to guide Governor Jay Inslee sends newsletter applicants, posts updates introduced WWSBG Applications immediately begin 600 coming in applications received Review in Process KEDA Staff & Friday, April 10 th volunteers create KEDA will forward 64 to Dept over 1000 database & process of Commerce applications & inquiries to evaluate apps Approx 16 expected to be received by noon funded for Kitsap

  5. FEDERAL UPDATE: $484 B add’l emergency coronavirus aid passed by Senate • Expected to be passed by the House and signed into law on Thursday bringing total coronavirus relief spending to nearly $3 trillion. • $321 B add’l funding for the Paycheck Protection Program targeted at small businesses $30 B reserved for community-based lenders, small banks and credit unions • $30 B reserved for mid-sized banks and credit unions • • $60 B add’l funding for the Economic Injury Disaster program for small businesses including $50 B for loans & $10 B for grants; • • $75 B for hospitals • $25 B for testing &contact tracing includes $11 B to be distributed to states; $1B for CDC; $1.8 B for NIH; $1 B for Biomedical Advanced R&D Authority; • $1 B testing the uninsured; $825 million for community and rural health centers; • $2.1 B for Small Business Administration administrative expenses.

  6. WASHINGTON STATE UPDATE: Governor Inslee: Expect most restrictions to remain in place beyond May 4 th

  7. Weekly Webinars: Partnering to Inform & Update COVID-19 & Your Business Thursdays @ 10am -details @kitsapeda.org Upcoming: April 30: What Does Doing Business Look Like Now? May 7: The New Marketplace – Making it Work for Your Business May 14th: Your Business Resource Partners View past webinars:

  8. Crisis Finance: Small Businesses to Startups Joe Morrison Investor x Entrepreneurial Ecosystem Builder

  9. Daily – Run Anchorage’s 49 th State Angel Fund Occasionally — Teach, Consult About Interest – Impact Businesses Joe Morrison (Startups, Triple Bottom Line, (Alaska + Kitsap) and “ESG”— Environmental, Social, Governance models)

  10. Today COVID-19 Disclaimer: Things are changing, rapidly.

  11. Framing Communities Talk “Reopening” https://www.seattletimes.com/seattle- https://www.cnbc.com/2020/04/09/this-map- news/health/uw-coronavirus-model-says-washington- shows-the-states-that-suffered-the-biggest- state-can-start-safely-reopening-the-week-of-may-18/ job-losses-last-week-due-to-coronavirus.html

  12. Framing: The Floor and the Ceiling V Shaped Recession U Shaped Recession Depression (L Shape) https://en.wikipedia.org/wiki/Recession_shapes

  13. Small Business: Financing Survival CARES ACT – $2.2 Trillion: Largest governmental aid package in US History. And at the SBA: • Funding of the “PPP” or Paycheck Protection Program ($349 Billion). • 70% applied, 20% say they were approved. • Expanded the “EIDL” or Economic Injury Disaster Loan eligibility. • 50% applied. Funding depleted April 16 Refunding expected ~April 24. Bill calls for • +~$310 Billion to the PPP • $60 Billion: Community Banks + Credit Unions • 28% of small businesses, maximum? • +~$50 Billion to the EIDL Source: Application rates from a National Federation of Independent Businesses survey, as discussed by CNBC. https://www.cnbc.com/2020/04/21/how-small-businesses-can-survive-coronavirus-without-federal-loans.html

  14. Financing Survival: What You Can Do (1/3) SBA products will be re-funded. Be ready. Know Your Bank / Credit Union’s Plan. Examples for PPP: • Kitsap Credit Union: • Taking PPP inquiries, has assistance programs • Kitsap Bank: • Encourages current customers to prepare documentation and use loan estimator • If You’ve Applied • Review communications to confirm your application is in queue / will be considered

  15. Financing Survival: What You Can Do (2/3) SBA products will be re-funded. Be ready. A) Get ready to apply for the EIDL online http://sba.gov/disaster (thereabouts) B) Know the other SBA products • $25,000 SBA Disaster Bridge Loan • Debt Relief — SBA pays principal, interest and fees of current and new (<September 27, 2020) SBA 7 (a), 504 and microloans Rear View mirror: The importance of — • The small business banking relationship (and an SBA Preferred Lender)

  16. Financing Survival: What You Can Do (3/3) Other resources A) USDA Rural Development loans, grants https://www.rd.usda.gov/coronavirus B) This INC page discusses everything from ad credits (Google, Yelp) to the red backpack fund for women entrepreneurs https://www.inc.com/gabrielle- bienasz/small-business-grants-2020.html

  17. Startups: Now It’s Even Harder Entrepreneurs: Mind sectors, opportunities • Consider accelerating / decelerating sectors • Volatility Creates Opportunity Startup Financing Conventional Wisdom: -- Valuations should decrease -- VCs will rebalance, value dry powder -- Angels will pull back but continue

  18. Startups: Let’s Invest here! Now It’s Even Harder (Well, Maybe) Good startup investors value traction, validation, teams — and companies > ideas. Source: StartupCommons.org Version 3.6

  19. Startups: Now It’s Even Harder Advice for Startups: • Bootstrap • Can’t Get Financing? • What did you need to take your next step? • How can you get it without relying on cash? • The Do Not Ever Run Out of Money Rule — Now Even More Important + Good stewardship of rare financial resources If you have to: • Pivot • Earn Income • Side Hustle

  20. • You already know this: Be Proactive Close Thanks, Entrepreneurs and Small Businesses • Crisis Finance is Simple Math Reach me at • Recessions, even Depressions, End Biz21consulting@gmail.com • Getting Through this is a Win Twitter: @joencmorrison Online: biz21.co and 49saf.com

  22. Kol Medina Kitsap Community Foundation

  23. CHARITABLE GIVING, CHARITABLE ORGANIZATIONS, & COVID-19 Kol Medina, Kitsap Community Foundation

  24. MY TOPICS TODAY 1. Kitsap County Nonprofit Survey results 2. Reality Check for Nonprofits 3. Response Revenue for Nonprofits 4. Charitable Dollars for Businesses?

  25. RESULTS OF COVID-19 NONPROFIT SURVEY Survey closed on April 1

  26. FURLOUGHED OR LAID OFF EMPLOYEES 35 30 25 20 15 10 5 0 Civic/Public Benefit Environment/Animal Education Health/Housing/Human Arts Welfare/Recreation Service

  27. HOW MANY EMPLOYEES? 300 250 200 150 100 50 0 Civic/Public Benefit Environment/Animal Education Health/Housing/Human Arts Welfare/Recreation Service

  28. ELIGIBLE FOR UNEMPLOYMENT INSURANCE No Yes

  29. NEED FOR SPECIFIC RESOURCES (THINGS SUCH AS MEDICAL EQUIPMENT, TECHNOLOGY, ETC.) Yes 36% No 64% Average Urgency: 4/5

  30. NEED FOR LABOR (WHETHER THIS IS STAFF OR VOLUNTEER OR OTHER) Yes 24% No 76% Average Urgency: 3/5

  31. NEED FOR FUNDING (CAPITAL, PROGRAM, ADMINISTRATIVE, ETC.) No 30% Yes 70% Average Urgency: 4/5

  32. IMPACT OF QUARANTINE ALL SECTORS 2 Weeks Shelter in Place 1 Month Shelter in Place 2 Months Shelter in Place 3 Months Shelter in Place 6 Months Shelter in Place 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% We likely could NOT survive We likely will survive, but will have significant challenges We likely will survive, but will have few challenges We likely will survive, no significant challenges

  33. IMPACT OF QUARANTINE ARTS, CULTURE, & HERITAGE 2 Weeks Shelter in Place 1 Month Shelter in Place 2 Months Shelter in Place 3 Months Shelter in Place 6 Months Shelter in Place 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% We likely could NOT survive We likely will survive, but will have significant challenges We likely will survive, but will have few challenges We likely will survive, no significant challenges

  34. IMPACT OF QUARANTINE EDUCATION 2 Weeks Shelter in Place 1 Month Shelter in Place 2 Months Shelter in Place 3 Months Shelter in Place 6 Months Shelter in Place 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% We likely could NOT survive We likely will survive, but will have significant challenges We likely will survive, but will have few challenges We likely will survive, no significant challenges

  35. IMPACT OF QUARANTINE ENVIRONMENT/ANIMAL WELFARE/RECREATION 2 Weeks Shelter in Place 1 Month Shelter in Place 2 Months Shelter in Place 3 Months Shelter in Place 6 Months Shelter in Place 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% We likely could NOT survive We likely will survive, but will have significant challenges We likely will survive, but will have few challenges We likely will survive, no significant challenges

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