Over the past 24 hours we’ve continued to learn more about the Coronavirus and its devastating impact on many entrepreneurs. As our members come together, we are also picking up new resources on how to weather the storm. Here’s the latest:
- Reducing Rent Expenses: Many entrepreneurs are beginning to think about how to control rent costs. This article from Axios provides a good starting point for thinking about the issue. Some landlords are beginning to provide relief for their tenants. It’s also worth checking out the force majeure provisions in your lease. Some experts are saying that exemption from rent under this clause is unlikely (see pessimistic case), but others say that there is an outside chance of getting relief under this provision (see optimistic case). Some of our members are beginning to negotiate with their landlords to get rent holidays and/or reductions. If you’re having success with this approach, please consider sharing your experience with the group or on the Netcito community site.
- DC Emergency Legislation (includes grants for small businesses): DC just passed emergency legislation that includes a small business grant program and relief for laid off employees. It also includes a provision that prohibits landlords from evicting tenants during the crisis.
- Property Insurance Coverage: Netcito member and advisor Andy Meehan shared this article that indicates property damage and business interruption insurance could cover damages caused by the COVID-19.
- Paid Leave for Workers: Congress just passed the Families First Coronavirus Response Act, which requires businesses with fewer than 500 employees to pay for sick leave, medical leave, and family leave. Businesses get reimbursed for these costs through tax credits. Learn more about it in the Inc Magazine Financial Assistance Tracker. You can also sign up for a Webinar if you want to learn more.
- Talk to Other Entrepreneurs: Netcito will host another online meeting on Monday March 23 from 12-1p. Sign up here. If you have a non-member colleague or friend who might benefit, they are welcome to join us and no cost.
If you haven’t seen it already, we encourage you to check out our prior post on dealing with the coronavirus. The crisis checklist for startup CEOs is a particularly helpful resource.
We are working hard to step up our game and support our members during this crisis. Please feel free to reach out and let us know of anything else we can do to support you.
– Peter and Zach
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