Standing in Solidarity to Assure Business Continuity amidst a Global Crisis

Contributed by Cigniti Technologies

Dear Fellow Member,

Hope you are keeping safe.

We are in the middle of a global crisis that has rendered the world almost dysfunctional. The COVID-19 outbreak has led to serious challenges in terms of business & economic stability.

To address such immediate challenges, we at Cigniti are enforcing strict measures to enable organizations across the world to continue their businesses efficiently even in times like these. We are also supporting the fight against the pandemic, by strengthening our remote working capabilities.

  • We are testing software/applications built on the premise of ‘no-touch’, thus, enabling the zero-touch technology.
  • We are providing round-the-clock services to qualified programs supporting the diagnosis, protection, and recovery of the people impacted by the pandemic.
  • To contain the cyber-risks & security vulnerabilities, we have enforced and strictly adhering to the security protocols, compliance, and standards.
  • Hundreds of our dedicated professional testers are continuously delivering remote services amid the national lockdown.
  • We have strengthened our Security Test Center of Excellence (TCoE) to serve the increasing security testing requests.
  • Multiple security features have been implemented between our end and client’s end to ensure top-notch security and uninterrupted service delivery.

 Read more on how Cigniti is standing in solidarity with the world to fight this global crisis.

PACT Update – What You Should Do – NOW

We are all overwhelmed with the impact of COVID-19 on our personal and professional lives.   We are also inundated with LOTS of information on what we should be doing professionally.  As PACT works to assess all of this information, we share here some quick guidance on what you should be doing NOW – particularly companies with less than 500 employees that are interested in the Federal CARES Act small business programs.

WHAT PACT IS DOING:

  • Lobbying on your behalf at the Federal and State (PA) levels to address important issues affecting startups.  On Tuesday, we spoke with Senator Pat Toomey’s office and shared some of our other efforts below.
  • Dissecting and sharing information that is actionable for companies, investors and professional advisors.   Our regularly updated list of resources can be accessed here.

WHAT YOU SHOULD BE DOING NOW:

FOR FEDERAL PROGRAMS:

  • Companies should call their bank now and find out if they are a current SBA lender.  Even if they are not currently, they may start to process SBA loans as part of the CARES Act.   If they are not a current SBA lender, talk to a bank in the region that already does SBA loans so you can “get in line” for the CARES Act, SBA 7a loan program.
  • Read the National Venture Capital Association guidance and discuss with your professional advisors.  Right now, VC backed companies are largely eliminated from the SBA 7a program due to affiliation rules.   Again, PACT is working hard lobbying with the NVCA and recruiting others to change the affiliation guidance.  Our up to the minute guidance is that the affiliation rules will be waived for most companies.  However, you should start to plan that the guidance may not change.

FOR PENNSYLVANIA PROGRAMS:

  • The Commonwealth of PA has created a $60M pool of capital for small businesses and it is exhaustedClick here to learn more. In addition, this program requires a personal guarantee as well as a 1:1 match up to a maximum loan of $100,000.   We are working hard with others including Life Sciences PA and Ben Franklin to change those requirements for future potential loan pools and make these loans more attractive to startups.  We just had a call with PA Legislative leadership this afternoon to discuss this issue.

FOR CITY OF PHILADELPHIA PROGRAMS:

  • The City of Philadelphia COVID-19 Small Business Relief Fund of $9.25M is exhausted.  Applications are currently being accepted for a future micro grant program for companies with less than $500,000 in revenue.  Each grant will be a maximum of $5,000. Click here to learn more.

If you have updates or insights to share that can be beneficial to companies, particularly validated by your own experts or other credible sources, please share with us.  We will be sending out timely and actionable communication as we get updated information.

Please contact the PACT Team if you have any needs.

Thank you all and be safe!

Dean

Crisis Resources for PACT Members

To Our PACT Members,

We know these are difficult times for all. We thank you for your support.

What do you need in this time of crisis?

Our team is currently testing a variety of technologies and planning how to deliver content and create robust virtual connectivity.  Please stay tuned for our online Spring Lineup.

PACT wants to help you get through this crisis with the aid you need. We are plugged into federal, state and local resources that are working to make dollars available to businesses. Take a look below at the complied list of quick links for easy access.

The PACT Team is here for you. Let us know how we can help.

Essential Resources & Needs

Overall Resources
The Chamber’s crisis support page offers many useful links for ease of reference.

Federal
Programs are available at the Federal level:

Philadelphia
The City of Philadelphia and PIDC launched a $9M Small Business Relief Fund for businesses with less than $5M in revenue.

Pennsylvania
Department of Community and Economic Development – the source for all PA programs and assistance including PIDA Loans.

Delaware
Delaware Division of Small Business – the source for all DE programs and assistance.

New Jersey
New Jersey Economic Development Authority – the source for all NJ programs and assistance.

Non-profits
PHL COVID-19 Fund aids non-profits that are on the frontline of the pandemic, providing urgent resources throughout the Philadelphia region. You can donate to support or seek support if your non-profit qualifies.

Healthcare Supplies
There are critical supply needs in our region and beyond to protect healthcare workers and patients. Life Sciences PA compiled a list of needs that you can access.

PACT Members Make Deloitte fastest-growing list

7 Philadelphia-area companies make Deloitte fastest-growing list
[Featuring PACT Members, Phenom People, Inc., Sidecar Interactive, Inc., Spark Therapeutics, Inc.]

Written by Kennedy Rose – Digital Producer, Philadelphia Business Journal

Seven Philadelphia-area companies made the list of Deloitte’s fastest-growing tech companies.

Deloitte’s latestTechnology Fast 500 ranks the fastest-growing technology companies in North America. Deloitte determines growth rate based on percentage fiscal year revenue growth from 2015 to 2018.

Read full article.