McKinsey: Manufacturers Can Follow 5 Stages to Handle the Pandemic

Automakers and other manufacturers should follow the process of resolve, resilience, return, re-imagination and reform, according to this McKinsey analysis. “In addition to dealing with the significant societal changes coming in the next few months, industrial companies may want to consider strategies for addressing some of the persistent issues affecting the sector to avoid the next crisis,” the authors write.

Read the Full Story at McKinsey

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From Today’s Webinar and ESD – Updates Related to the SBA’s Economic Injury Disaster Loan (EIDL) Program and the Paycheck Protection Program (PPP)

• EIDL Applications– the EIDL application process has been simplified and a new application portal is live on the SBA website right now: sba.gov/disaster. Businesses that successfully submitted an application or uploaded documents late last week via the temporary document upload portal do not have to take additional action as their applications have been received for processing. Anyone that was unable to complete an application on the prior application portal AND/OR did not upload their application to the document upload portal, should restart their application via the new portal.
• EIDL Advances­- also available now are advances of up to $10,000 on EIDL loans. The form is part of the new EIDL application process above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to yesterday received an email notifying them of this. 

This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

Small Business Development Centers can help you navigate the system and complete the application.  Find your nearest SBDC here 

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Paycheck Protection Program/Stimulus questions:

• PPP and stimulus related changes will be available in the coming days as SBA completes the rulemaking process, updates procedures/systems, and then onboards lenders. You should complete the EIDL application in the interim. Businesses may benefit from both, so long as they don’t use them for the same purposes/time periods. No duplication of the use of proceeds, in other words.

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Read More at Our Friend and Associate Member Harris Beach 

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Survey Reveals Top Employer Concerns During COVID-19

Employers are trying to figure out how to handle employees who cannot perform their jobs remotely and those who must care for children out of school or others who are sick.

Trying to decide whether to pay employees during absences related to COVID-19, was a top concern ( 89%) of respondents to a survey conducted by Littler, an employment law practice.

The report, COVID-19 Flash Survey Report was completed by more than 900 employers based in North America and with operations around the world.  

Read More at Industry Week

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