Constituent and Small Business News: June 2020 Economic and Revenue Forecast; Small Business Navigator; Resources

June 2020 Economic and Revenue Forecast 

The COVID-19 public health crisis has caused economic fallout at the local, state and national levels – Oregon’s economy is in a difficult place.

As a result of the ongoing pandemic, Oregon has entered into a severe recession. According to data from the Office of Economic Analysis, this is the deepest recession on record with data going back to 1939. It is projected that recovery will take years, likely leading halfway through the decade. It is also estimated that our pathway out of this recession will look unlike any in recent memory.

We understand that individuals and families face a great deal of uncertainty. In particular, our rural, vulnerable and marginalized populations have experienced exacerbated inequities in light of COVID 19.

We need to prioritize funding for those critical services Oregonians rely on. We must invest in the public health and safety so the economy can begin to grow again. It will also be necessary to invest in resources and programs that support Oregonians so they can take care of themselves and their families.

Under our current leadership, we’ve made prudent financial decisions and invested substantially in reserves. As we look at ways to fund vital services and give Oregonians, we will continue to act judiciously.

It’s a long and challenging road ahead, but I remain hopeful that with help from our federal delegation, we will receive additional federal support. What some Oregonians have received thus far has helped, but we know this crisis is ongoing.

I will work to ensure we make it through this crisis stronger than ever.

Forecast Documents:
Senate & House Revenue Committee Materials –
https://olis.oregonlegislature.gov/liz/2019I1/Committees/SFR/2020-05-20-09-00/MeetingMaterials

OEA Economic and Revenue Forecast Documents –
https://www.oregon.gov/das/oea/Pages/Index.aspx

OEA Blog regarding the June 2020 Economic and Revenue Forecast –
https://oregoneconomicanalysis.com/

Thank you,

Small Business Navigator

Brian Plinski, Entrepreneurship Strategist

In April, Business Oregon created the Small Business Navigator (SBN) to function as a clearinghouse for small businesses seeking help accessing resources. In addition to questions about state resources, we have provided businesses and sole proprietors with information about SBA programs and currently host a website for entities seeking to source PPE in order to reopen and get back to work. At Governor Brown’s direction, we are also responding to questions from Oregonians about Phase I reopening guidance, in conjunction with OHA, and have seen a significant increase in calls to the hotline.

We continue to track the legislative districts of the businesses supported through the SBN hotline and wanted to share that between May 11 – May 18, over 150 identifiable businesses called the navigator with questions or seeking guidance about resources, including 5 from your district.

Business Oregon will continue to support small businesses and the families and communities that depend on them. We have staff available to respond to emails and calls Monday through Friday from 8 am – 5 pm via the resource hotline at 833-604-0880 or biz.covid19@oregon.gov.

Revenue Updates and Additional Resources:

Governor's press release,  Below are helpful links along with an opportunity to re-watch the committee meeting.

• The Oregonian, PBJ (no paywall), Pamplin, OPB, AP, KATU, the Salem Reporter, East Oregonian, KGW, the Statesman Journal.
• NPR explored the economic downturn’s effect on cities like Detroit, Las Vegas, and Las Angeles.
• To help area residents stay at home, keep healthy and deal with the unexpected, Santiam Hospital has expanded a free program to deliver supplies, support to residents of Stayton, Sublimity, Aumsville, Mill City, Turner and the surrounding Santiam region.
• The Governor’s office is compiling information from their newsletters on MyOregon.gov into a monthly newsletter.
• One of the new stories includes information on Safe Storage during COVID-19.
• Ways high schools and students are getting creative to celebrate graduation.
• Oregon health insurers are asking for the lowest average rate increase since the Affordable Care Act in 2014.
• More than 20 local Chinese-American organizations pooled their resources to donate 12,400 face masks and more than a dozen face shields to Clackamas County on May 20.
• OPB covered the how summer programs are adjusting to new guidance.
• Washington and Clackamas counties plan to submit their reopening plans this week, Multnomah County so far is not.
• Three inmates have been transitioned to the hospital for COVID-19 treatment.
• Hotels are looking at various steps to improve health and safety as they reopen.
• For entertainment: the Stoller Family Estate vineyard put out a music video about their new rules for inviting customers in safely, an article accompanies the link.