It's been a tough week. We hope you, your family, and your employees are staying safe and healthy.
We've been speaking with a few of our contractors about how to buckle down during these uncertain times. We wanted to broaden the conversation and share some of that advice with the community. First, a few tips on managing your working capital:
- Credit Limits: Request a limit increase on credit cards and credit lines. So far, we've heard financial institutions are being cautious but accommodating. Given the high volume of requests, expect delays and do it soon.
- Insurance: General liability and worker's compensation are based on projected revenue and payroll costs, respectively. Reach out to your providers (also see this FAQ) to request a reassessment to lower your rates now, rather than get a refund later in the year.
- Vendor Payments: Many of your suppliers and vendors will waive fees on credit card payments and offer discounts even for on-time payments. Be transparent and honest with vendors — everyone is in the same boat.
Over the coming weeks we'll provide occasional updates here, in our newsletter, and social media (Twitter, Facebook, LinkedIn, Insta). Please share with anyone you think would benefit.
Remember, we're all in this together, and we will beat the virus.
- Safety: Going "remote" doesn't quite work in construction, so ensuring the safety of your employees on job sites should be your #1 priority. The AGC has a pulled together some safety recommendations from personal responsibilities and social distancing to job-site best practices. You can check them out here.
- Payroll Support in NYC: The New York Chamber of Commerce is deploying grants to support employee retention (payroll) for two months. NYC business with 1-4 employees that are losing significant revenue (25%+) due to COVID-19 are eligible. Learn more and apply here.
- NYC Small Business Loans: NYC-based companies with fewer than 100 employees who have seen sales decreases of 25%+ will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit. Sign up for more information here.
- N95 Masks: Our health care workers desperately need N95 masks. If you have any to spare, please donate them to your local hospital. Contact COVID19supplies@esd.ny.gov for details on how to donate. 🙏
- Hiring? If you're fortunate enough to be hiring, please reply and let us know. We have many highly-qualified, pre-screened candidates we can send your way.
- Blood plasma from recovered coronavirus patients shows near-term promise for both prevention and treatment. Meanwhile, vaccine trials are already underway in Seattle, while New York's own Regeneron is targeting early summer for clinical trials of its novel vaccine and treatment.
- While Boston halted all construction in the city, in New York Cuomo declared construction an “essential” business. For the time being, this should allow New York construction sites to remain active even with the latest quarantine order. NJ Governor Murphy is expected to announce quarantine measures Saturday, but it's unclear if construction will be exempted.
- Thinking through the impact of the pandemic can be overwhelming. Check out Construction Dive's article summarizing 6 ways the coronavirus may impact construction