The LAEDC’s COVID-19 Economic Implications Briefing series continues next Monday, June 1st at 11:00 AM PDT. Bill Allen, LAEDC CEO, and the LAEDC’s Institute for Applied Economics (IAE) will discuss their findings on the economic implications for Los Angeles County related to this pandemic. Join us for this quick update to gather insight on your local economy. Space is limited, and registration is required.
We invite you to submit questions to firstname.lastname@example.org to have them answered on the webinar by the IAE team.
By registering to take part in this webinar you agree to receive regular updates from our organization about future events, data, research, programs and initiatives. When you receive such updates, you will be able to opt-out, if you wish to unsubscribe from future communications on behalf of the LAEDC.
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Attend a Back to Business Webinar from the Valley Economic Alliance for answers and information regarding your Worker’s Comp and Health Insurance questions: Protecting Your Business in the New Business Environment: Special Topics Risk Management
Register at this link.
Both reshoring and the deployment of automation have become more interesting to respondents. The survey reveals that 64% of manufacturers say they are likely to bring manufacturing production and sourcing back to North America, which is a 10% increase from the same sentiment reported in Thomas’ March survey of manufacturers. Another key finding shows that 25% of US manufacturers are considering expanding industrial automation as a result of COVID-19. . . . . full story click here
Technology companies are bringing their expertise to the fight against coronavirus. This week we saw even more companies contributing to the effort.
Optima: The need for specific consumer goods and hygiene products, pharmaceuticals and medical technology has increased exponentially. The broad-based Optima Group has responded to this development by supporting customers with special machine solutions which can be flexibly adapted to suit the new market requirements. A new website provides information about the portfolio. Anchor Harvey, an aluminum forging company with more than 30 years of experience forging products for the medical industry, has announced the expansion of the company’s medical industry forging capabilities to meet the increasing demand for emergency medical supplies during COVID-19. MaskForce Consortium: Recently, a consortium of Milwaukee-area manufacturers teamed up to help alleviate the shortage of N95 masks that hospital workers desperately need today. The group, which calls itself MaskForce, has accomplished a lot in only three weeks. They collaboratively designed an innovative mask with a replaceable filter that can be worn for hours without discomfort. One partner helped to speed regulatory approvals and sourced filter media. And another has set up a manufacturing cell to produce at least 50,000 masks. Stratasys, Inc. and Origin have signed an agreement in which Stratasys will market and promote Origin 3D-printed nasopharyngeal swabs to healthcare providers and other testing centers in the U.S. Origin plans to increase production from 100,000 per week to over a million per week in May.. more and details at link
Here are some of the big name tech companies that are hiring during the pandemic — many of which have more than 100 openings. Glassdoor, John Deere, Apple, Zynga, Facebook, Microsoft, Nvidia, Mathworks, Google, Zoom, GE Healthcare, Siemans, HP, and more click here to go to site for more details
When coronavirus ground the country to a halt, the agricultural industry could no longer sell its produce. E-commerce giants used the chance to bring the sector online.
Amid the devastation, e-commerce giants also saw an opportunity. Farmers were desperate to try new sales channels, and consumers were being forced to shop online. An entirely new industry was there for the taking if the companies could help the farmers out.
Both JD.com and Alibaba-owned Taobao quickly launched rural live-streaming initiatives, building on the engagement-centric format that had skyrocketed in popularity in China over the previous few years. The companies helped farmers and merchants set up online stores with expedited approvals and showed them how to design the content of their broadcasts. They made their apps more intuitive and used their logistics networks to ship the products directly from farm to home.
The push was largely a bet: rural live-streaming had existed before but hadn’t truly taken off. In 2019, Taobao’s goal was to attract a mere 1,000 farmers to its platform. “Most farmers didn’t know how to live-stream; even fewer understood e-commerce,” says Zhang Guowei, the head of JD Live.
But the pressure of the crisis—and the unique scale of China’s consumer base—provided the necessary catalyst. Taobao now has over 50,000 rural live-streamers and aims for at least 200,000 more within the year. Growers who had once sold 90% of their products offline have now flipped to selling 90% online. Live-streaming has not only helped the industry weather the crisis—it’s forged an entirely new way of business that is likely to continue long after the pandemic is over. full article MIT Tech Review here . . . .
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
EIDL Loan Program
Economic Injury Disaster Loans (EIDL) are available to businesses and non-profits with 500 or fewer employees whose cash flow has been affected by the coronavirus pandemic. Borrowers may apply for an emergency advance grant up to $10,000 within three days of applying for an EIDL. Click here for link
Work Sharing Program
Employers can apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs. The Work Sharing Program helps employees whose hours and wages have been reduced:
- Receive UI benefits
- Keep their current job
- Avoid financial hardships
The Work Sharing Program helps employers:
- Minimize or eliminate the need for layoffs
- Keep trained employees and quickly prepare when business conditions improve
- Avoid the cost of recruiting, hiring, and training new employees
Work Sharing Program Link
If you are considering reducing your employees’ hours or implementing layoffs, we strongly encourage you to call the Verdugo Jobs Center at (818) 937-8000. We will take down your information, and our Rapid Response team will contact you within one business day to provide information and services, free of charge, that may mitigate COVID-19 impacts, including:
Link for Rapid Resonse
The Economic Development Division continues to connect with the business community in an effort to understand and address needs. Please contact us directly to share the challenges you are facing, concerns or recommendations on how the City can help.
Phone: (818) 548-2005
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