COVID-19 has impacted our personal and professional lives in ways that we could never imagine. And while many retailers have temporarily closed their brick and mortar stores, we’ve also seen how visionaries in fashion tech and beauty tech have helped keep the industry moving forward — from Heuritech’s AI-powered platform and virtual stores by Obsess to beauty startup Olika’s hydrating hand sanitizers.

It is our hope that we will continue to come together as a global community and turn our current challenges into new opportunities. And while we’re in transition, we’ve compiled a list of government resources available for fashion and fashion tech.*

Stay safe!

— Kenya and Erik

State of New York Offers Premium for Personal Protective Equipment (PPE). New York-based fashion designers and fashion tech startups able to take on immediate design and manufacturing opportunities can help address the COVID-19 crisis. New York Governor Andrew Cuomo announced that the State will pay a premium and offer funding for PPE, including gloves, gowns and masks. For inquiries, contact Empire State Development for additional information.

Families First Coronavirus Response Act. The bill, signed into law on March 18, provides paid sick leave and free coronavirus testing. The Families First Act also expands unemployment benefits and establishes a federal emergency paid leave benefits program for employees taking unpaid leave due to the coronavirus outbreak.

U.S. Treasury and IRS Tax Guidance Related to COVID-19. The U.S. Department of Treasury and Internal Revenue Service (IRS) extended the tax deadline from April 15 to July 15.

USPTO. The U.S. Patent and Trademark Office will offer relief for customers impacted by COVID-19, including waiving petition fees in certain situations. Read more here.

 NIST Teleworking Resources. As more fashion industry professionals telework and offer online services to customers during this period, maintaining effective cybersecurity practices will be critical to continuing business operations. The National Institute of Standards and Technology has developed a telework resource guide for information on securing enterprise telework, remote access and other devices. Read more here.

France Commits 45 Billion Euros to Coronavirus Aid Package. French Finance Minister Bruno Le Maire has committed 45 Billion Euros to help workers and businesses impacted by COVID-19. The government has also set up a solidarity fund to assist businesses.  Read more here (subscription required). 

*Detailed COVID-19 analysis on federal legislative and executive branch updates available for FIA clients.

 

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