COVID-19 Digest: April 27

COVID-19 Digest: April 27

April 27, 2020 • Estimated Reading Time: 11 minutes

COVID-19 Digest

Monday, April 27, 2020Please share this with your networks and encourage your colleagues to sign up here. If there are other topics or resources that would be helpful in future editions of this digest, please let us know here.Tech:NYC’s resource guide 2.0 is here. You can find updated information on government resources for businesses, new health tracking and treatment tools, and a new section with return-to-office preparedness plans and resources. It will be updated regularly as new resources become available.

The Latest in New York

The latest: New Tech:NYC and Center for an Urban Future joint report reveals challenges facing New York’s tech sector; NY Democratic primary cancelled; government to purchase from Upstate farms, supply food banks statewide; apartment hunting is still hard, but not impossible.Confirmed Cases: 

  • New York State: 291,996 (+20,406)

  • New York City: 160,489 (+10,016)

  • Statewide Fatalities: 17,303 (+1,141)

*New confirmed case counts are in the aggregate as of our last digest.General Updates:

  • New York has tested 7,500 people statewide for its antibody survey, with preliminary results showing that 14.9 percent of the population is positive for the COVID-19 antibody. (Bloomberg Law) The data shows that nearly a quarter of NYC residents may have had the virus. (Crain’s NY)

  • The Mayor and City Council have come to an agreement to open 40 miles of streets to pedestrians and create more permanent protected bike lanes, with a goal of eventually opening 100 miles worth of streets. (Bloomberg) 

  • Gov. Cuomo will sign an executive order allowing pharmacists to conduct diagnostic coronavirus tests, making more than 5,000 pharmacies available as testing locations. (Business Insider)  Eight clinics across New York City’s five boroughs will direct patients to administer “self-swab” tests with sterile Q-tips. Mayor de Blasio stated this is an easier and safer method of testing. (New York Daily News)

  • The Board of Elections passed a resolution today to cancel the June 23 Democratic presidential primary because there would be no qualifying contenders to Joe Biden’s bid. Other state elections will still be held in 42 of New York’s 62 counties. (New York Times)

  • Some “low-risk” businesses in construction and manufacturing sectors could be allowed to open as part of a phased plan after the current May 15 PAUSE order expires. (NYS) 

A must read of the day: A chronicle of people working to keep NYC, and themselves, going: 24 Hours at the Epicenter of the Coronavirus Pandemic (The New Yorker)

Survey

Yesterday's results: Where are you riding out the New York State on PAUSE order? 

  • 61.8%: I remained in NYC.

  • 29.8%: I left NYC to stay somewhere else.

  • 8.4%: I was not living in NYC to start with.

Today’s poll: Even in uncertain times like these, tech is well-positioned to continue growing. Novel businesses will emerge as the pandemic reshapes our culture and carves out a new future in work, school, healthcare, and urban planning. If you were a venture capitalist, which of these would you invest in right now?

  • *|SURVEY: Telehealth|*

  • *|SURVEY: Micro-mobility|*

  • *|SURVEY: Education technology|*

  • *|SURVEY: Communications software|*

What You Need to Know

Tech Disrupted:

Today Tech:NYC, in partnership with the Center for an Urban Future, released a new report providing the first in-depth analysis of how New York’s tech sector is faring in the wake of the coronavirus pandemic. The full report can be found here, but here are a few takeaways from our findings:

  • While dozens of New York tech startups are weathering the storm and even growing, a far larger portion are experiencing dramatic declines in sales, delaying product launches, reevaluating future fundraising rounds, and laying off employees.

    • Many of New York’s tech companies have felt downstream effects as their larger customers and suppliers have been hit. This is being particularly felt by companies that rely on international supply chains or hardware components.

    • Companies that have recently scaled up for growth are the most exposed, unlike early-stage companies that were expecting less short-term revenue. Securing additional financing will be one of the biggest issues for scaleups, leading to wrenching changes in business strategy.

    • Many of the city’s tech companies have not yet been able to benefit from the federal CARES Act or from city-sponsored aid programs for small businesses.

  • But it’s not a completely negative picture: the unique nature of the crisis has presented new growth opportunities, acting as an accelerant for consumer trends already underway. Healthcare and telemedicine businesses have seen an obvious uptick in demand, but other companies that have solutions well-suited to the change in lifestyle consumers are experiencing right now are faring well. 

  • The report recommends a a variety of steps city and state lawmakers can take to improve upon those challenges, including but not limited to:

    • Ensure startups can access federal, state and city aid programs

    • Work to overcome banking-and investment-related obstacles that prevent tech companies from accessing federal relief.

    • Unleash capital from venture capital funds

    • Provide rent relief for NYC tech start-ups

To get the full report, which includes interviews with two dozen founders, investors, and other industry leaders, click here.RETURN-TO-OFFICE PLANS:

As New York plans its reopening, so too are companies forming their return-to-office strategies. In addition to following federal guidelines, here are more company updates on their current plans:

Request: please let us know as your return-to-office policies are developed and what considerations your companies are taking for developing them. Sharing this information is helpful to companies and employees across the NYC ecosystem and can be kept anonymous.

Reminder: Tech:NYC’s resource guide 2.0 is now available here.

POLICY:

  • A plan released on Saturday by the State’s Division of Budget anticipates $8.2 billion in budget cuts that need to be made. (NY1)

  • This week, the state will conduct an antibody testing survey of 1,000 FDNY, 1,000 NYPD, 1,000 transit workers, and 3,000 health care personnel. (WCBS)

  • The state is committing $25 million in emergency funding to purchase unused agricultural products, like milk, from struggling Upstate farms to supply food banks which have experienced huge demand increases. (Democrat & Chronicle). Philanthropies that want to contribute to the “Nourish New York” initiative are encouraged to email [email protected].

  • $3.1 billion in unemployment benefits have been distributed to 1.4 million New Yorkers who have filed claims. (NY State of Politics)

  • Alternate side parking is now suspended through May 12th. (Twitter)

EVENTS:

  • April 28: Virtual: How could COVID-19 change work? A No-Predictions Allowed Discussion with Upfront Ventures, Basis Set Ventures, Menlo Ventures, and Bloomberg Beta. (Details)

  • April 28: Virtual: Falling, Pivoting, or Booming: Business Challenges and Recommendations for Startups in the Age of COVID-19, with Cornell Tech’s Fernando Gomez-Baquero. Hosted by TechDay. (Details)

  • April 30: Virtual: Retention Strategies for your Workforce, with Inspire Human Resources CEO Jaime Klein. Hosted by Newlab. (Details)

  • April 30: Virtual: In Conversation with Josh Wolfe, Founder and Managing Director of Lux Capital. Hosted by Company. (Details)

  • May 1: Virtual: Startup Financing Forum: Current Prospects & Strategies for Angel Financing. Hosted by NY Tech Alliance. (Details)

  • May 1: Webinar: Virtual Career Lunch Series, with Button senior recruiter Caroline Taylor. Hosted by thelighthouse. (Details)

  • May 6: Virtual: brunchwork at home, with Credit Karma co-founder and CTO Ryan Graciano. Hosted by brunwork. Use code TECHNYC30 for 30% off. (Details)

  • May 11-15: Virtual: Consensus: Distributed, a free virtual conference. (Details)

Renting, buying, moving:

  • People were already leaving NYC before the coronavirus. Now what? (Wall Street Journal)

  • Here’s some new data on the state of NYC’s market, and it’s no surprise the spring home-shopping season has been disrupted. (Streeteasy) The company also shares a great rundown of renter and homeowner protections in place for NY and NJ residents. (Streeteasy)

  • Moving companies are considered essential businesses, so if you absolutely have to move out while the PAUSE order is still in effect, here’s some tips for how to do it safely. (Curbed)

  • Moved, a moving concierge startup based in NYC, has introduced “contactless moves” for both residential and commercial customers. (Moved)

  • If you started the homebuying search before the outbreak and now aren’t sure how to proceed, here’s an FAQ of things to know on what’s changed. (Curbed)

When In Doubt

Check these sources for verified information from government agencies and public health authorities:

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