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Business Guideline for Managing the COVID-19 crisis

The Chamber wants Vashon Businesses to know that we have your back and will continue to be your support through these challenging times. The list below may be used as a resource for businesses to consider as they move through the planning stages and develop a stable support system and back up plan for moving forward. This information is on our website and will remain there as long as necessary to support our businesses.

Please know that you are not alone in this. We have an amazing community eager to support our businesses:

  • If your business has been substantially affected, contact your insurance company and find out if the current situation qualifies for business interruption insurance.
  • As a tenant
    • Review lease documents and understand your rights especially relating to:
      • Force Majeure
      • Timing of rent payments and cure periods
      • Co-tenancy provisions - if other tenants are not in occupancy you may have rights to rent reduction, temporary rent relief, or lease termination.
      • Landlord obligations – if the landlord fails on its obligations this may allow some flexibility and/or leverage
    • Utilize bargaining power – landlords will most likely be under duress too; prudent landlords will look to retain occupancy even at the cost of rent reductions, shorter lease terms, etc.; the best way for landlords to work through their own issues is having occupancy…some rent is better than no rent.
  • As a borrower
    • Reach out to your bank and see if there is anything they can do in the short-term to extend credit or increase your line in case it may be needed (now or later.)  Talk to your bank now to discuss your situation and see how you can work together to get through the situation.  Understand what levers you might have and implement carefully while maintaining the relationship. Don’t be afraid to ask for the bank’s ideas - some banks will be supportive through this process, some will not:
    • Can covenants be changed/altered given the current environment?
  • Small Business Administration Loans (SBA) for some eligible businesses
  • Tax Relief:
  • Financial:
  • Protect and manage cash:  Be proactive in preparing cash flow projections for rolling 3-6 months; adapt systems for electronic invoicing; actively manage collections.
  • People:
  • IT Security: