Communicating, Collaborating & Community Sustainability Through COVID-19 Page 14 Emergency Loan Assistance Page 18
Support Member Restaurants Page 22
Cultivating growth and prosperity
Cultivating growth and prosperity
MARY BETH SEWALD PRESIDENT & CEO
e hope this issue of the Business Voice finds you and your loved ones healthy and safe. While Nevada, along with the rest of the world, is taking extraordinary precautions to curtail the escalation of Coronavirus cases, the impact of self distancing and mandated business closures are having a significant impact on most of our businesses.
W
The Vegas Chamber has been open for business throughout the Coronavirus quarantine. While our physical doors are closed, our Vegas Chamber team members have been engaged daily in helping our members access the resources and information you need to withstand this economic situation. We’ve been in constant contact with leaders from our Congressional delegation, to the Governor and his staff, legislators, County Commissioners, local governments, and business, healthcare and education leaders. And we’ve been working with business organizations throughout Nevada to get the word out statewide about important resources and information that can help sustain businesses and jobs. Here are just a few ways we are working daily to provide you with the support you need • Teleconferences with experts sharing the latest information on Small Business Administration Emergency Disaster Loans, assistance offered through the federal stimulus package, and options available through local banks
•
Updates on social media about members that are open for business, especially restaurants that are doing curbside pickup and delivery
Our website, VegasChamber.com, is updated daily with the latest business information. And as more resources are made available, we will keep you informed on how your business can get access to them. The Vegas Chamber will continue to convene our members, including our Policy Committees, the Southern Nevada Forum, and Chamber committees, along with webinars and teleconferences. Please check out the Events Calendar, as well as our emails, for the latest opportunities for you to connect and engage. We encourage Nevadans to safely shop local whenever they can, and appreciate the business community for doing their part by working remotely, being innovative, and supporting each other and the community. Nevada is battle born, and our innovation and entrepreneurism is part of our DNA. We’re One Nevada. Together, we will get through this tough, but temporary time, and work to bring back our thriving economy. Please reach out to the Vegas Chamber if there is anything we can do for you.
• Information on how to comply with special regulations put in place by the federal government for Coronavirus including employee sick leave, Family Medical Leave Act, and payroll protection.
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
3
Business Voice VOLUME 41 NUMBER 04 Vegas Chamber
Featuring Congresswoman Susie Lee
575 Symphony Park Avenue, Ste. 100 Las Vegas, NV 89106 702.641.5822 • VegasChamber.com
Mary Beth Sewald President & CEO Vegas Chamber 2020 Board of Trustees Executive Committee Tom Burns
Chairman Cragin & Pike
Gina Bongiovi
Chair-Elect Bongiovi Law Firm
Terrance Shirey
Joseph Asher
Senator Richard Bryan
William Hill US
Fennemore Craig, P.C.
Fafie Moore
NV Energy
The Beckley Group The Howard Hughes Corporation
Michael Bonner
Cox Communications
Greenberg Traurig, LLP
Betsy Fretwell
Bob Brown
ERA Brokers Consolidated
Bill Noonan
Boyd Gaming Corporation (Retired)
Jim Prather
Las Vegas ReviewJournal
Bruce Spotleson
Opportunity Village
The Neon Museum
Kerry Bubolz
John Wilcox
Bank of Nevada
Vegas Golden Knights
Lisa Howfield
Tyler Corder
Lori Nelson-Kraft
Alex Dixon
KLAS-TV
The JABarrett Company
Brandon Barkhuff
Danielle Bisterfeldt
John Guedry
Findlay Automotive
JDW Group LLC
Past Chairpersons
Las Vegas Convention and Visitors Authority
PureStar
Berlyn Miller 1979
Michael Feder
Phil Arce 1984
Ellen Schulhofer
Dickinson-Wright, PLLC
Elaina Blake 1985
Jeff Grace
Dave Vlaming 1986
Brownstein Hyatt Farber Schreck
Chris Wilcox
Eide Bailly LLP
Ryan Woodward
National Technical Institute
Gartner
Mark Hutchison
Hutchison & Steffen, PLLC
Gregory Lee
Eureka Casino Resort
Sara Lindgren
Production Team Joyce Goedeke Publisher/Editor
U.S. Congresswoman Susie Lee, representing Nevada’s Third District, will be the featured speaker at Eggs & Issues on Friday, April 17. Congresswoman Lee currently serves as the Chairwoman of the Technology Modernization Subcommittee of Veteran Affairs, as well as on the Education and Labor Committee. She is also involved in New Dems and Problem Solver’s Caucus.
Jay Barrett
Hugh Anderson
Switch
If you are already registered for this event and would like to register for this teleconference, please contact Erica Valdriz at evaldriz@vegaschamber.com or 702.245.8465.
Paul Anderson
Boyd Gaming
Lisa Beckley
Michael Bolognini
Teleconference
Emeritus Board
Immediate Past Chairman Nevada State Bank
HighTower Las Vegas
Friday, April 17 8:30 - 9:30 a.m.
Trustees
Jeffrey A. Silver 1988 Peter Thomas 1989 William Martin 1991 Bob Maxey 1992 Denny Weddle 1993
JPMorgan Chase
David Smith 1994
Rex Liu
Ted Wiens, Jr. 1995
Family & Cosmetic Dentistry
John O’Reilly 1996
Marta Meana
Diane Dickerson 1997
Cara Clarke
University of Nevada, Las Vegas
Edward Crispell 1998
Napoleon McCallum
Bill Wells 2001
Pomai Weall
The Las Vegas Sands Corporation
Editor
Production Coordinator/ Contributor
Noel Gonzalez
Graphic Designer
Bill Nelson
Piercy Bowler Taylor & Kern
Boyd Nelson
Southwest Gas Corporation
Brig. Gen. Robert Novotny
The Business Voice (USPS #717-970) is published by Vegas Chamber 575 Symphony Park Ave., Ste. 100 Las Vegas, NV 89106 Annual Subscription $25 Periodical postage paid at Las Vegas, NV POSTMASTER: Send address changes to: Vegas Chamber, 575 Symphony Park Ave., Ste. 100 Las Vegas, NV 89106
Jay Kornmayer 2002 Lou Emmert 2003 Tim Cashman 2004 Hugh Anderson 2005 John Wilcox 2006
Nellis Air Force Base
Fafie Moore 2008
Karla Perez
Steve Hill 2009
Valley Health System
Kristin McMillan 2010
Teresa Di Loreto
Michael Bonner 2011
Nevada Military Support Alliance
Kevin Orrock 2012
Tina Quigley
Jay Barrett 2013
Chase Rankin
Bruce Spotleson 2014
Las Vegas Review-Journal
Bob Brown 2015
Mark Shearer
John Guedry 2016
Raiders
Larry Singer
Newmark Knight Frank
Vicky VanMeetren
Bill Noonan 2017 Michael Bolognini 2018 Terrance Shirey 2019
Roseman University of Health Sciences
Chris Way
KTNV-TV 13 Action News
EDITORIAL POLICY:
For more information, visit VegasChamber.com.
The Business Voice is a member newsletter of the Vegas Chamber. The Vegas Chamber welcomes input, ideas and suggestions from our members. As with any periodical, we must adhere to strict deadlines and we reserve the right to edit all materials submitted for publication. Commentaries that are marked as such do not necessarily reflect the opinion or position of the Chamber, its trustees or employees. The Chamber cannot guarantee the validity or accuracy of the content of paid advertisements. All content is subject to change. Questions or concerns about content of the Business Voice can be addressed to the Vice President of Marketing and Brand Strategy, Vegas Chamber, 575 Symphony Park Avenue, Ste. 100, Las Vegas, NV 89106.
Table of Contents
9 07
APRIL 2020
From The Darkness We Will Rise
7
Welcome New Members
8
Member News
9
Leading by example: Las Vegas resorts show outpouring of community support
10
Vegas Chamber's Executive Women's Council marks one-year anniversary
13
Communicating, Collaborating & Community Sustainability Through COVID-19
14
Coronavirus Emergency Loans
18
Member Restaurants Open For You
22
Chamber News
25
14
13
25
Local Government Response to COVID-19 Relating to 26 Businesses What's Virtually Happening
27
Leadership Las Vegas Applications Open – Deadline Extended to May
28
Ribbon Cuttings
29
Vegas Chamber: Meet Your Future
30
Board of Trustee Spotlights
31
Avoiding Emotional Investing
32
18
30
29
32 VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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A Positive Outlook
From the Darkness We Will Rise The never-ending news cycle surrounding the coronavirus
silenced our nation’s skies and altered our sense of
outbreak has been daunting and overwhelming. The
security. We bounced back from the depths of the
gravity of the situation changes every day, sometimes
Great Recession, when one out of seven jobs was lost.
every hour, compounding the sense of vulnerability and
We bounced back from wars, floods and the most
uncertainty that has gripped the world amid the growing
unspeakable horror of 1 October.
public health threat. It is certainly easy to be overcome by the sense of unease.
Each of these events shook the foundation of our economy. And each time, even when it seemed like the
At the same time, I remain optimistic that the public
darkness may never end, we found our way back to the
health threat will be short-lived and that our nation
light. In time the visitors returned, and we were here to
will get in front of the virus, preventing new infections
welcome them back.
and focused on helping the sick get back to full health. Getting to that point will be a great relief, yet the reality is it will be only the first step in our nation’s recovery, as what has been primarily a public health crisis is quickly becoming an economic one.
The coming weeks and months will be tr ying for Southern Nevada. In times like these, our community wants to do the one thing we may not – come together. People will lose paychecks and jobs; they will not lose
In a matter of days across the nation, we’ve seen people, businesses and governments take extraordinary measures to isolate themselves . These steps will help slow the virus’s spread and protect our most vulnerable citizens, but they also mean staggering losses throughout the economy, especially for the leisure and hospitality industry that is the business backbone of our state. In Southern Nevada, the tourism industry directly employs nearly a quarter-million people and accounts for a third of all economic activity. Tens of thousands
Jeremy Aguero, Principal Analyst
more people indirectly depend on the tourism dollars flowing into our community. The difficult layoffs and furloughs have already begun, and they are likely the tip of the iceberg.
their humanity. This extraordinary challenge will be bettered by the extraordinary kindness, extraordinary resolve and extraordinary resiliency that are the truest
For a community dependent on tourism, these feel like the worst of times. But even amid the uncertainty of today, I am confident we will bounce back. We bounced back in the 1980s after the fires at the MGM Grand and the Las Vegas Hilton killed a combined 93 people and scarred the image of Southern Nevada’s resort hotels. We bounced back after the 9/11 terrorist attacks that
hallmarks of this community we call home. It might feel unlikely right now, but we will come back. How do I know? Because, time and again throughout our history, we already have.
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
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WELCOME NEW MEMBERS!
PRESIDENT'S CLUB Cubicall LLC
cubicallbooth.com
Reliance Security, Inc. reliancesecurityus.com
A Spray of Sunshine Battle Born Capital, LLC Beyoutiful Spa LV Biz Spot Studios Brain Balance of Summerlin Camejo Safety Inc Cell Brokerage LLC Ethan Allen executech Family Health CBD Flavor Consultants Glocodes Technologies Inc Hampton Inn & Suites & Home2 by Hilton Kirvin Doak Communications K|D|C MChef LLC Nevada SPCA
Members joined from February 15, 2020 - March 15, 2020
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
KB Home
kbhome.com
PureStar
purestargroup.com
Rock Solid Project Solutions rock-solid-solutions.com
Social Light Event Southern Land Company Star Auto Care Strategic Claim Consultants Tailgate Extreme Tentacle Aerologistix Inc. The Escape Game Las Vegas The Law Office of Daniel C. Allen, LLC The Oncology Institiute of Hope and Innovation Total Dog! Vegas Tsunami Entertainment VIP Entertainment Productions WestCare Foundation Windtalker, Inc
Member News RED - PRESIDENT’S CLUB MEMBER
In the Community City National made a $2,500 donation to After-School All-Stars in support of its after-school programs. After-School All-Stars provides free, comprehensive after-school programs that keep children safe and help them succeed in school and life. They’re one of the largest free school-based after-school program providers in the country. The bank is very excited to provide some monetary support to this wonderful organization.
Touro University hosted its annual Sharon Sigesmund Pierce and Stephen Pierce Touro Center for Autism and Developmental Disabilities (CADD) basketball clinic with nearly 100 children between the ages of 4 and 12 signing up for the event. Children enjoyed working on their basketball skills and interacting with each other during each of the two sessions while being led by former NBA first-round draft pick Jerome “Junkyard Dog” Williams.
Announcements SilverSummit Healthplan and Vegas Golden Knights representatives, including the Vegas Viva, Broadcaster Dave Goucher and “Chance” the Gila Monster mascot, visited several area elementary schools to celebrate Nevada Reading Week the first week of March. Along with sharing the joy of reading to the students, the group also handed out educational items and discuss the importance of literacy with students.
Colliers International Las Vegas, announced that 10 brokers from the Las Vegas office joined the esteemed Colliers Everest Club where they are honored for their success as a top producer and dedication to excellence. The brokers inducted into the Colliers Everest Club are among the top achievers across the United States. Their 2019 revenue places them in the top 10 percent of brokers across America and qualifies them as recipients of the prestigious Everest Club award. FirstMed Health and Wellness is pleased to announce its collaborative partnership with EVOLVE. EVOLVE provides specialized intensive outpatient mental health services for young people, beginning at age eight, who have been neglected, abused, are living with the aftereffects of trauma, and who are severely emotionally disturbed. Howard & Howard Attorneys has continued the expansion of its Las Vegas, Nevada office with the addition of five new attorneys. Karson Bright, Kirill V. Mikhaylov, Cami M. Perkins, L. Christopher Rose, and Christopher M. Warburton have all joined the firm.
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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Leading by example: Las Vegas resorts show outpouring of community support Content provided by partner contributor Las Vegas Convention & Visitors Authority (LVCVA)
Las Vegas is again demonstrating resilience and strength by mobilizing to support community members who need it most -- from healthcare workers and first responders who provide aid and comfort to those stricken by COVID-19 with limited medical equipment, to families needing meals and household supplies. The resort industry emerged as a leader in this effort, even while suffering from significant layoffs and closures. Here is a roundup to date: Hotel properties provided hundreds of pallets of food and monetary donations to Three Square Food Bank for distribution at 43 emergency food distribution sites throughout the Las Vegas valley. Hotels and companies donating include: Caesars Entertainment; The Venetian and The Palazzo; SAHARA Las Vegas; The Cosmopolitan of Las Vegas; Las Vegas Boyd Gaming; and Wynn Las Vegas. Additionally, Palace Station, Sunset Station and Boulder Station are Three Square food pickup sites. Las Vegas Sands: The company will donate 2 million surgical masks and 20,000 protective suits to Nevada and New York, the latter being the U.S. epicenter of the coronavirus outbreak. Each state will receive 1 million masks; the protective suits will remain in Nevada. The Sands previously provided 100,000 masks to the Las Vegas healthcare community, 5,000 masks to the Las Vegas Metro Police Department, and 1,900 coronavirus test kits to the state of Nevada.
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
Westgate Las Vegas: Donated a large supply of masks and gloves to Southwest Medical. Drai’s Las Vegas: Donated food/supplies from its Beachclub restaurant, plus 40 cases of water provided by Oxigen Water to Share Village. Caesars Entertainment: Donated perishables to the City of Henderson Parks and Recreation Emergency Operations Center, City Impact Foundation, Macedonia Outreach Social Enrichment Services, Share Village Las Vegas and Las Vegas Rescue Mission. MGM Resorts International: Pledged $1 million to provide employees with short-term financial relief, and donated the equivalent of 400,000 meals to communities in which it operates. Station Casinos: Donated over 200 gallons of milk, plus bakery items to local charities including The Salvation Army and Veterans Village. Plaza Hotel & Casino: Provided care packages of perishable items for employees. Treasure Island Hotel & Casino: Made donations supporting local community food banks, including My Father’s House. SAHARA Las Vegas: Dispensed groceries to more than 500 employees, equaling more than 15 pallets of supplies. Wynn Las Vegas: Donated approximately 96,000 pounds of goods to Three Square, Share Village, Project 150, Ronald McDonald House, Just One Project, Lutheran Social Services, HELP of Southern Nevada, US Vets, Shade Tree, HopeLink, Equality NV, Rescue Mission, Salvation Army. Golden Entertainment: Donated perishable food to Casa de Luz in Las Vegas and Food for Families in Bullhead City, Arizona. Additionally, Gov. Steve Sisolak and the Nevada Community Foundation established the COVID-19 Emergency Response Fund. Since announced on March 27, the fund has raised more than $10 million, including large donations from the resort community. The Fund provides assistance/supplies to first responders and healthcare providers and aids Nevada nonprofits and Nevadans impacted by COVID-19, particularly those most vulnerable because of health, economic or other circumstances. VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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9TH ANNUAL
SPRING TEA
FOUR SEASONS HOTEL
S AT U R D AY, M AY 2 , 2 0 2 0 12PM-3PM
KEYNOTE SPEAKER: Debra Newell, a domestic violence survivor whose story of love, deceit and denial has been recounted by the Los Angeles Times, acclaimed podcast and Bravo miniseries “Dirty John.”
For more information on tickets and sponsorship opportunities, visit www.SafeNest.org. 100% of funds raised will support ending the epidemic of domestic violence.
VEGAS CHAMBER’S EXECUTIVE WOMEN’S COUNCIL MARKS ONE-YEAR ANNIVERSARY
“Connect, Engage and Refresh” is the vision of the Vegas Chamber’s Executive Women’s Council, and April marks one year since its formation. The Executive Women’s Council was started to create a network of female leaders equipped with the skills, insight and passion needed to work collaboratively across industries and issues to positively enhance the business community of Southern Nevada. A primary goal for its members is to connect with fellow female executives and build strong relationships with inspiring women who are changing the face of the region’s business, government, sports, and non-profit sectors. “Our purpose statement is to empower women to grow professionally with their peers through dynamic experiences,” said Victoria VanMeetren, of Roseman University, who is the council’s chair. “Our byline is ‘Connect~Engage~Refresh.’ Simply put, our goal is to have speakers, authors, and events that are educational, fun, social, and that refresh our spirits as we get to know other women executives in our community.” Over the past year, notable events took place, including a memorable tour of UFC followed by a panel discussion of women in sports professions. A nonprofit experts panel luncheon also was held
at United Way. And a breakfast event at Rose. Rabbit. Lie. at The Cosmopolitan of Las Vegas was held with keynote speaker Dr. Debi Silber, a holistic psychologist who is an expert speaker in subjects such as health, mindset, empowerment and personal development. More than 70 professional women have joined the council, and its steering committee was initially launched with the following women: Victoria VanMeetren of Roseman University; Sallie Doebler, Joyce Goedeke and Grace Small of the Vegas Chamber; Michelle Shelton of SCE Federal Credit Union; Jacque Parker of SCE Federal Credit Union; Tanya Murray of ERA Brokers Consolidated; Colleen Birch of The Cosmopolitan of Las Vegas; Angel Williams of NV Energy; and Holly Silvestri of The Ferraro Group. Recently, two more women joined the council: Dulcinea Rongavilla from Cragin & Pike Insurance and Sara McCue, from Merrill Lynch Global Wealth Management. “Women love to connect with their peers and enjoy leading by example while being open, supportive and collaborative with others,” VanMeetren said. “They often look for, bond with, and develop long lasting friendships with these other business women. With advancements like #MeToo movements, discussions have been ignited about women in leadership, but there are still many barriers that women have to overcome in the workplace and at home while juggling the right balance in their lives. Being with other women who share the excitement for the Vegas Chamber and the community is gratifying for all the members of our council. It has been a lot of fun.”
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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Communicating, Collaborating & Community Sustainability Through COVID-19 Unprecedented. Unimaginable. Unrelenting. These are only a few words that have been excessively used in the last several weeks and months related to the COVID-19 pandemic. In a country that tends to move at the speed of light, the United States is reeling from the effects of COVID-19, including coming to an eerily screeching halt for millions of Americans. Here in Nevada, there has not been a time in when the worldfamous Las Vegas Strip was fully stripped of tourists, mostly empty streets and at a true standstill amidst this unforgettable moment in the world’s history.
and direct connection to the U.S. Small Business Administration (SBA) to support the governor’s office, the Chamber is working nonstop to weather this storm together. “We’ve been in constant contact with leaders from our congressional delegation, the governor and his staff, legislators, County Commissioner Marilyn Kirkpatrick, local government and also education leaders,” said Sewald.
With COVID-19 doubling its numbers at a rapid pace especially in the U.S. at press time, there is no foreseeable future when the community and economy will restore themselves to the levels pre-COVID-19. But what can we do? What is the Vegas Chamber doing to support its members, community and region? More than ever, the Chamber’s presence is evident in all reaches that support the business community throughout the state. “The Vegas Chamber is here for our members and the community more than ever,” said Mary Beth Sewald, president and chief executive officer, Vegas Chamber. “We are local businesses’ direct connection to the resources they need. Critical information to emergency Small Business Administration loans, federal assistance and unemployment benefits, helping all businesses across Nevada.” The Vegas Chamber’s value is unparalleled; in a time of crisis when businesses are shuttering and unemployment is skyrocketing, the Chamber team continues to lead the charge in doing everything possible to protect and support businesses throughout Nevada. From invaluable insight
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
A New Way to Do Business The effects of COVID-19 have changed the art of doing business. Before governor directives to close nonessential businesses, companies chose precaution, safety and health as their priorities in protecting their employees, their most valuable asset. In many cases, technology dictated the ability and extent of remote working spaces. Social distancing measures considered, companies have now found innovative solutions to keeping their virtual doors open, allowing for a bit of normalcy in an abnormal world.
to offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.” Amato provided details on the inner workings of the loan program, as well as fielded several questions from the membership. He added: “We can give people what they need and require, [in order] to stay operational [in] an economic disaster.” Corporate leaders from the banking industry came together and provided insight on how banks are assisting Chamber members and the community access emergency capital. Facilitated by Sewald, speakers included: • Brian Formisano, senior vice president, Region Bank President, Wells Fargo • John Guedry, CEO, Bank of Nevada
Small group meetings (less than 10 people) before social distancing & stay home measures were fully in place.
The Vegas Chamber quickly adapted online tools to execute its events such as Eggs & Issues with Congresswoman Dina Titus last month. It was the first time to conduct a teleconference for a major Chamber event and was successful. Events continue to be in the teleconference and webinar format until the response phase in this emergency is subsided and the slope changes toward normalcy. Throughout this new era of doing a majority of business remotely, it is more critical than ever to position the business community as a top priority to ensure goods, services and relationships are sustainable. With healthcare professionals at the frontline of fighting, protecting and caring for those affected by COVID-19, parallel heroes are also on the frontline of food, transporting goods and services to the community.
Curated Connections in the Emergency Response Phase Early on, the Vegas Chamber was at the forefront of connecting members with resourceful organizations such as the U.S. Small Business Administration (SBA), U.S. Chamber of Commerce, state and local elected officials, to name a few. The Chamber team mobilized ways for members to access key subject matter experts including SBA Deputy Director Joseph Amato, who guided several hundred business members through the SBA Disaster Assistance Loan program via teleconference. “This a great catalyst to get the information out there,” said Joseph Amato, deputy director, U.S. Small Business Administration. “These loans are designed
• Morris Jackson II, senior vice President, Las Vegas Market Leader, U.S. Bank • Susie Lee, congresswoman, Nevada’s 3rd District • Phyllis Gurgevich, president and CEO, Nevada Bankers Association • Terry Shirey, president and CEO, Nevada State Bank
The biggest piece of advice? Seek direct advice and assistance from an appropriate banking institution. Banks are providing different solutions to the diverse needs and tasks-at-hand and there is a high probability a solution is available. The Vegas Chamber is constantly connected to elected officials, fellow chambers and community partners. Free teleconferences with council members from City of Las Vegas and City of North Las Vegas; Las Vegas Global Economic Alliance (LVGEA); Retail Association of Nevada (RAN); State Labor Commissioner Shannon Chambers; Truline Corporation (trucking industry); and University
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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“WE ARE SO GRATEFUL FOR THIS COLLABORATIVE PARTNERSHIP AND TRULY SHOWS WHY IT IS CRUCIAL TO FOSTER GOOD RELATIONSHIPS IN OUR GREAT CITY. THANKS FOR ALWAYS TAKING CARE OF US.””
TUCKER MORGAN, GENERAL MANAGER, LAS VEGAS DISTRIBUTION CENTER, SEPHORA PROUD VEGAS CHAMBER PRESIDENT’S CLUB MEMBER
"I WANT TO THANK YOU FOR WHAT YOU ARE DOING OUT THERE, FOR WORKING FOR US. I SUPPORT THE MEASURES BEING TAKEN RIGHT NOW TO PROTECT OUR PEOPLE. PLEASE KEEP MOVING FORWARD AND BE AS AGGRESSIVE AS POSSIBLE. ~ MEAGAN GRIMALDO, PRESIDENT, FIRST PHYSICAL THERAPY PROSPECTIVE VEGAS CHAMBER MEMBER
Medical Center (UMC). The diversity of resources provides much-needed assistance to members and the community in this time of extreme need.
New Normal? Anytime an emergent incident arises, the response phase often dictates the recovery and return-tonormalcy phases. Being that much of the world remains in the emergency response phase, it is difficult to foresee what the new normal may be in the future. The uncertainties abound: Will this situation get worse before it gets better? When will this subside? When will it end? Will it be backto-business as usual? What is the new normal? One thing is certain: Businesses and residents alike are discovering different methods to adapting to daily working and living. The pandemic will reshape the next phases and the Vegas Chamber will be there trailblazing the path for members and the future. For additional resources, visit VegasChamber.com.
Looking for ways to let the community know your business is open?
FREE tools available now from President’s Club members: Alphagraphics Central Business District Las Vegas is offering a free open/curbside takeout sign to restaurant members Cox Media is offering free listings to restaurant members KTNV Channel 13 Action News has created a free online posting to promote businesses who are open Las Vegas Review-Journal is offering free business listings both online and print The Vegas Chamber teamed up with Octopon, a coupon/deals platform, to provide a one-stop online shop where users can find special deals, discounts and perks during this extraordinary time. Plus, some of the deals include a give back element to support tour own community! Access these free tools now and list your deals on VegasChamber.com. Stay safe and stay home for Nevada!
Advocacy. Accessibility. Vegas-ness. Community. Tenacity. Empowerment. Nevada thrives when Nevada businesses thrive. Cultivating growth and prosperity is our purpose.
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
Cold or Allergies
Flu
Coronavirus
Itchy Eyes Stuffy Nose Sneezing Fever Fatigue Body Aches Shortness of Breath Coughs History of Travel Exposure Worsening Symptoms Sources: CDC, Mayo Clinic. For more information: www.cdc.gov/COVID19-symptoms
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
4 Will this loan be
WHAT'S NEXT?
FORGIVEN?
Borrowers are eligible to have their loans forgiven.
How Much? A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:
Look out for more information about eligible lenders and additional guidance from the SBA soon.
• Payroll costs (using the same definition of payroll costs used to determine loan eligibility) • Interest on the mortgage obligation incurred in the ordinary course of business • Rent and utility payments • Interest on other debt obligations incurred before February 15, 2020 NOTE: Not more than 25% of the forgiven amount may be for non-payroll costs.
How could the forgiveness be reduced?
For more guidance and resources for small businesses, visit uschamber.com/co
The amount of loan forgiveness calculated above is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees. Specifically: Reduction based on reduction of number of employees
PAYROLL COST Calculated on page 2
Average Number of Full-Time Equivalent Employees (FTEs) Per Month for the 8-Weeks Beginning on Loan Origination
Option 1: Average number of FTEs per month from February 15, 2019 to June 30, 2019 Option 2: Average number of FTEs per month from January 1, 2020 to February 29, 2020 For Seasonal Employers: Average number of FTEs per month from February 15, 2019 to June 30, 2019
Reduction based on reduction in salaries
PAYROLL COST Calculated on page 2
For any employee who did not earn during any pay period in 2019 wages at an annualized rate more than $100,000, the amount of any reduction in wages that is greater than 25% compared to their most recent full quarter.
What if I bring back employees or restore wages? Reductions in employment or wages that occur between February 15, 2020 and April 26, 2020 (as compared to February 15, 2020) shall not reduce the amount of loan forgiveness IF by June 30, 2020 the borrower eliminates the reduction in employees or reduction in wages.
Private lenders will ultimately issue PPP loans based on guidance from the SBA and Treasury Department. More information, including from lenders, should be available once the guidance is issued.
P repa red by th e U.S. CHAMB E R OF COMME RCE
Join us as we #ShowUpForSmallBiz. Our Vegas Chamber restaurant members are still open for business and need our support! Don’t see your restaurant listed below? Visit VegasChamber.com/member-restaurants to submit your information.
President’s Club Members AlphaGraphics Central Business District Las Vegas, Cox Media, KTNV Channel 13 and Las Vegas Review-Journal are offering FREE business services and listings to Vegas Chamber members. Visit VegasChamber.com to access these free resources now.
Angelina’s Pizza, All locations, Pick up & delivery Big Dog’s, Rancho Location, 10 a.m. – 10 p.m. Daily, Pick up & online orders, 702.645.1404 Black Bear Diner, Tropicana location, 7 a.m. – 8 p.m. Daily, Pick up & delivery, Online orders (Uber Eats, Grub Hub, etc., 702.368.1077
Bob Taylor’s Ranch House, 11 a.m. – 8 p.m. Daily, Pick up, 702.645.1399 Bonefish, Boca Park, Monday – Thursday 4 p.m. – 9 p.m. & Friday – Sunday Noon – 9 p.m., Pick up, 702.240.0532 Bonefish, Town Square, Noon – 9 p.m. Daily, Pick up *limited menu*, 702.407.0980 Bootlegger Bistro, 11 a.m. – 11 p.m. Daily, Pick up & delivery (DoorDash & Postmates, 702.736.4939 Bubba Gump Shrimp Co., 11 a.m. – 7 p.m. Daily, Pick up & delivery (Postmates, Grubhub, Uber Eats, etc., 702.795.1016
Cafe Rio, All locations, Sunday – Thursday 11 a.m. – 8 p.m. & Friday – Saturday 11a.m. – 9 p.m. Pick up & delivery (Postmates, Grubhub, Uber Eats, etc.
California Fish Grill, Sunday – Wednesday 11 a.m. – 7 p.m. & Thursday – Saturday 11 a.m. – 8 p.m., Pick up & delivery (Uber Eats, DoorDash, etc.,702.605-1994
Capriotti‘s, All locations, Pick up Carmines NYC, Monday – Saturday 11 a.m. – 10 p.m. & Sunday Noon – 9 p.m., Pick up & delivery (Postmates & Grubhub *available until one hour before closing*, 702.473.9700
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
Crumbl Cookies, Pick up & delivery, 702.660.0233 Custom Pizza Truck, Delivery (Uber Eats, 786.679.9907 Del Taco, 6 a.m. – 12 a.m., Drive-Thru El Dorado Cantina, Pick up & delivery, 702.722.2289 Eureka, 11 a.m. – 9 p.m., Pick up & delivery *Eureka! is offering 20% off food for takeout only*, 310.405.9645 Famous Dave’s, All locations, Sunday – Thursday 11 a.m. – 8 p.m. & Friday – Saturday 11 a.m. – 9 p.m., Pick up & delivery (Personal delivery within a 5-mile radius, $35 min & no delivery fee, Grubhub, DoorDash, Postmates, Uber Eats Farmer Boys All locations, 6 a.m. – 10 p.m. Daily, Drive-thru & delivery (Postmates, Grubhub, Uber Eats, etc.
Fleming’s Town Square, Noon – 8 p.m. Daily, Pick up (Family Bundle Menus available for pre-order curbside pick up for Easter, catering or any night 702.407.0019
Fogo de Chao, Fogo To-Go & Butcher Shop, Sunday – Thursday 11 a.m. – 8:30 p.m. & Friday – Saturday, 11 a.m. – 9:30 p.m., Pick up, 702.431.4500, Custom take-out menu Fun City Food, Deliver & Online email orders only: orders@funcityfoods.com Giordano‘s, Grand Bazaar Shops, Monday – Thursday 11 a.m. – 9 p.m. & Friday – Sunday 11 a.m. – 10 p.m., Pick up & delivery, 702.850.2420 Giordano‘s, Boca Park, Monday – Thursday 11 a.m. – 9 p.m. & Friday – Sunday 11 a.m. – 10 p.m., Pick up & delivery, 702.342.0721 Hash House a Go Go, 9 a.m. – 1 p.m., 4 p.m. – 8 p.m. Daily, Pick up & delivery (Postmates, Grubhub, Uber Eats, etc, 702.804.4646
Jon Smiths Subs, 10 a.m. – 8 p.m. Daily, Pick up & delivery (Uber Eats, DoorDash, etc., 702.778.7093 Lazy dog, All locations, 11 a.m. – 8 p.m. Daily, Pick up & delivery Lea Lana’s Bananas, 10 a.m. – 6 p.m., Pick up & delivery Maggiano’s, Pick up & delivery, 702.254.6025 McDonald’s, All locations, 7 a.m. – 8:30 p.m. Daily, Pick up & delivery (Uber Eats, DoorDash, etc. MCHEF In Collaboration with MILESTONE JLM, 10 a.m. – 5:30 p.m., Delivery *$25 min & no delivery fee, 702.482.2886
Raising Cane’s Chicken Fingers, All locations, Pick up & drive-thru Ricardo's, 11:30 a.m. – 7:30 p.m., Pick & delivery (Grubhub, Postmates, & Uber Eats), 702.227.9100 Slaters 50/50,11 a.m. – 10 p.m., Daily pick up & delivery, 702.766.5050 Subway, All locations, Pick up & delivery (Uber Eats, DoorDash, etc.)
VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
8985 S. Eastern Ave., #205
Las Vegas, NV 89123
Chamber News Our members’ and employees’ health and safety are of the utmost priority for the Vegas Chamber. It is critical to remain calm in a time of uncertainty related to the overall health of our community, and it is prudent to be prepared for the ever-changing environment. The Vegas Chamber is working remotely at press time, and can be reached at 702.641.5822 from Monday to Friday from 8 a.m. to 5 p.m. or 24/7 at VegasChamber.com Most Chamber events are changed to teleconference, postponed and, in some cases, canceled.
Leadership Las Vegas, Advance Applications Being Accepted
Congresswoman Susie Lee to Share Insights at Eggs & Issues Teleconference What activity in Washington, D.C. is prioritized and affecting the Southern Nevada business community? Find out at the next Eggs & Issues via teleconference, where U.S. Congresswoman Susie Lee will give business leaders insight on what they need to stay informed and engaged about on a federal level. Congresswoman Lee will discuss current economic and business issues and how they impact the Southern Nevada business community. Eggs & Issues will be held on Friday, April 17 via teleconference from 8:30 to 9:30 a.m.
With the pandemic, the Leadership Foundation is altering its schedule for the 2020 classes of Leadership Las Vegas and Leadership Advance. Leadership Las Vegas is the premier executive development program in Southern Nevada, where leaders get connected to the community and enhance their leadership skills. Leadership Advance is tailored specifically for emerging leaders searching to enhance their leadership skills with hands-on leadership training, while also learning about the inner workings of Las Vegas. Applications for Leadership Las Vegas are due May 14, while applications for Leadership Advance open, but have limited space available. For more information on Leadership Las Vegas or Leadership Advance, visit leadership.vegas or call 702.641.5822.
To register for the Eggs & Issues teleconference, contact: Erica Valdriz evaldriz@vegaschamber.com 702.245.8465
Mornings with Mary Beth Vegas Chamber President and CEO Mary Beth Sewald, along with special guest, Mayor Carolyn Goodman, recently hosted a breakfast with President’s Club members at the Vegas Chamber. Mayor Goodman and Mary Beth shared updates and engaged in an open question-andanswer forum with attendees. For more information on our President's Club membership, contact Membership at 702.641.5822.
Current Technology
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Custom Cybersecurity
Data Protection, Back-Up
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$25 OFF FOR ALL VEGAS CHAMBER MEMBERS VISIT OUR WEBSITE NERDSTOGO.COM WE COME TO YOUR HOME OR BUSINESS
OR CALL US AT (702) 909-2997
Working for You Local Government Response to COVID-19 Relating to Businesses Updated April 1, 2020 Southern Nevada Entities Clark County
• • • •
Penalties and late fees will not be assessed on business licenses that become due during April, May or June 2020 (this may be extended) The status of the business license will be not be changed to Delinquent status for license fees that become due during April, May or June 2020 (this may be extended) Collaborate with business owners to allow payment plans for renewal fees No disciplinary action for business license fee payments submitted after the due date
City of Las Vegas
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A 60-day grace period for business license renewals with due dates of March 1 or April 1. Options to close general or privileged licenses and no cost to reinstate them A liquor license option to pay a reduced fee during the temporary closure A gaming license option to pay a reduced fee during the temporary closure Launched a video inspection program as an alternative to traditional in-person inspections. Those with eligible permit types can opt to schedule an inspection using Skype. The permit types eligible for this program are:
• • • • • • • • • • • •
Building water and sewer repairs and/or replacement Construction trailer Excavation only (residential pools) Gas line repair or tag HVAC exact change out or repair Low voltage outlets Minor electrical (5 devices or less) Miscellaneous plumbing repair Miscellaneous repair/exterior upgrades (stucco, windows, etc) Re-roof (same for same-2 layers only) Water heater or water softener (same for same) Water piping replacement
City of Henderson
• •
The City will not assess interest or late fees on delinquent payment of license renewal fees. City issues business licenses will not expire or be revoked for delinquent payments.
City of North Las Vegas
• • • • •
Allowing a 60-day grace period for flat fee business license renewals due March 31st Working with Clark County, Henderson and Las Vegas in a coordinated effort to allow a 60-day grace period for multi-jurisdictional contractor business license renewals, which are due April 30. Allowing special temporary licenses for existing restaurants to sell alcohol curbside to help them survive. Moved Self-Certification Training online for businesses that want to fast-track development projects. Now offering more of inspections via video. VEGAS CHAMBER APRIL 2020 BUSINESS VOICE
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What’s Happening APRIL 6
MONDAY, APRIL 6 VEGAS CHAMBER PRESENTS: WEBINAR WITH THE DEPARTMENT OF EMPLOYMENT, TRAINING & REHABILITATION (DETR) REGARDING UNEMPLOYMENT BENEFITS Nevada’s Director of DETR will discuss unemployment guidelines, applications, benefits, and resources available to employers and employees. This webinar will provide Nevada’s businesses guidance on how their employees can access federal and state unemployment benefits due to COVID-19. 11 a.m. – Noon Webinar
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TUESDAY, APRIL 7
CHAMBER CONNECTIONS Chamber Connections is a dedicated leads group comprised of professionals from a variety of industries. This is a place for professionals to grow their network and their businesses by sharing contacts, referrals and ideas. 5:30 – 7 p.m. Virtual
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WEDNESDAY, APRIL 8 VYP BIGWIG LUNCH TIME: MARY BETH SEWALD, PRESIDENT AND CEO VEGAS CHAMBER Please join us for our very first virtual Bigwig Lunch Time featuring the Vegas Chamber's very own CEO, Mary Beth Sewald. Mary Beth will share crucial information about resources available to help businesses, 1099 contract workers, and employees, as well as share what the Vegas Chamber, along with leaders throughout Nevada, are doing to respond to the Coronavirus and minimize its economic impact on our state. 11:30 a.m. – 1 p.m. Virtual
SOUTHERN NEVADA FORUM - ECONOMIC DEVELOPMENT AND WORKFORCE The third meeting of the Southern Nevada Forum Committee on Economic Development and Workforce 2 – 3:30 p.m. Webinar
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FRIDAY, APRIL 17 EGGS & ISSUES FEATURING U.S. CONGRESSWOMAN SUSIE LEE Eggs & Issues, a program designed to connect members with key federal policymakers, is an affordable way to engage elected officials on the subjects that impact the Southern Nevada business community. The information imparted at these sessions gives members a better understanding about the federal issues that affect the business community and the health of the economy in Nevada. 8:30 – 9:30 a.m. Teleconference Presenting Sponsor: Cox Communications Sponsors: Allegiant Travel Company, America Medical Response, GC Garcia Inc., The Howard Hughes Corporation, Nevada Broadcasters Association, NV Energy, Porter Group, Southwest Gas Corporation, Sunrise Hospital & Medical Center, Switch, Touro University Nevada.
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TUESDAY, APRIL 21
CHAMBER CONNECTIONS Chamber Connections is a dedicated leads group comprised of professionals from a variety of industries. This is a place for professionals to grow their network and their businesses by sharing contacts, referrals and ideas. 5:30 – 7 p.m. Virtual
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To attend any of our online events, please visit VegasChamber.com to register.
Leadership Las Vegas Applications Open – Deadline Extended to May The application deadline for Leadership Las Vegas Class of 2021 has been extended to Thursday, May 14, at 4 p.m. If you know of a leader who would be an ideal candidate for the program, please encourage them to apply. The impact of Leadership Las Vegas alumni has never been stronger than right now. So many graduates of the program - leaders in public office, health care, public safety, education, business, nonprofits, and military are playing a significant role in working together to sustain our community during this unprecedented time. Times like now reinforce the importance and effectiveness of the Leadership Las Vegas program and how it benefits our community. Through the program, class members develop a deeper understanding of the many facets of Southern Nevada including its history, community safety net, education, healthcare, criminal justice system, government and politics, as well as business and the hospitality industry. Community leaders who are graduates of the program include Congressman Steven Horsford, MGM Resorts International CEO Bill Hornbuckle, Assembly Speaker Jason Frierson, Henderson Mayor Debra March, Las Vegas City Councilman Brian Knudsen, and Bank of Nevada CEO John Guedry. Bill Hornbuckle, CEO of MGM Resorts International and an alumnus of the Class of 1991, recalls, “My Leadership Las Vegas experience established relationships and forged friendships I still lean on today. These are lifelong bonds with like-minded leaders in the community. Leadership Las Vegas helped me develop my skills by seeing other leaders in action, either in the program or through lectures and experiences the program afforded me. I vividly remember an overnight ride-along with Metro that sticks with me 25 years later as testament to the difficult and important work they do in our community.” For more information or the link to the application, go to www.Leadership.Vegas.
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Ribbon Cuttings
FAMILY HEALTH CBD We are all about health within here at family Health CBD, the only CBD supermarket in town that carries the top 40 CBD brand. Located at 2390 East Serene avenue. familyhealthcbd.com
JACKSON HEWITT Celebrating Jackson Hewitt’s ribbon cutting as it commemorates its newest location on West Sahara. jacksonhewitt.com
LEXICON BANK Lexicon Bank's new home in Tivoli Village. Offering a personal environment for new business and personal checking and loan accounts. lexiconbank.com
SILVER STATE SCHOOLS CREDIT UNION Celebrating Silver State Schools Credit Union's ribbon cutting as it commemorates its newest location at 8400 Farm Road, Suite 160, Las Vegas. silverstatecu.com
THE ONCOLOGY INSTITUTE OF HOPE AND INNOVATION Founded in 2007, The Oncology Institute of Hope and Innovation is dedicated to excelling in cancer prevention, diagnosis, and education. theoncologyinstitute.com
THE VILLAGE AT SANDS CARES The Village at Sands Cares community within SHARE Village #2 will feature two model container home sizes that can be replicated, and mass produced around the world, offering a low-cost solution to homelessness and affordable housing shortages. sharelasvegas.org
SPONSORED BY:
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To arrange your ribbon cutting, email ribboncutting@vegaschamber.com
BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
PHOTOGRAPHY:
Vegas Chamber: Meet Your Future The seeds of future Vegas Chamber members are being nurtured in today’s classrooms, and Junior Achievement of Southern Nevada is providing practical hands-on financial literacy and job readiness programs to make sure these budding entrepreneurs are prepared to meet the challenges of tomorrow’s business environment. April is Financial Literacy Month; and like the Vegas Chamber, the Junior Achievement team takes this month’s mission seriously. The national designation highlights the importance of teaching children at an early age how to establish and maintain positive and healthy financial habits through practical money management skills and successful support systems. “Our Junior Achievement programs help educate and strengthen our future workforce by providing hands-on experiential programming covering key financial literacy, work readiness and entrepreneurial concepts to K-12 Clark County School District students,” said Michelle Jackson, JASN president and CEO. “For example, elementary school students learn about the differences between ‘wants’ and ‘needs’ and the importance of saving. Middle and high school students receive more advanced instruction on key economic principals, workforce issues, personal budgeting and credit, and saving for retirement.” JASN’s signature program is Capital One/JA Finance Park, a day-long session where over 5,000 middle and high school students take on an adult role and make personal finance decisions through in-class and simulated experiences designed to develop lifelong financial skills. When students arrive, they are assigned a “life situation,” including a job with a designated monthly income and credit score, as well as a family structure – some are single, others have a spouse and children. Throughout the day, they visit 21 unique stations to learn about the services they’ll need to maintain their home and lifestyle. These include applying for loans and credit, and working
on a budget to make decisions about housing, furnishings, investments, food, entertainment, phone, cable, charitable contributions – all decisions they’ll have to make when entering the workforce. At the end of the day, students allocate their budget to zero, and their checkbook must balance. “We couldn’t operate the Capital One/JA Finance Park without the support of great sponsorship partners, including Vegas Chamber members – various Allstate agents and offices, Cox, Findlay Automotive, Las Vegas Review-Journal, NV Energy, Raising Cane’s, Southwest Gas, The Penta Group, UNLV Business School and Walker Furniture,” said Jackson. “They’re truly helping us create the entrepreneurs, business leaders and chamber members of tomorrow.” JASN reaches more than 20,000 Clark County students each year. Since it was founded in 1996, its practical financial literacy programs have impacted over 409,000 students. To operate its programming, JASN relies on the support and volunteerism of the community. To date, JASN has been assisted by almost 300 businesses and more than 6,800 business role models. There are a variety of ways to support Junior Achievement of Southern Nevada and help nurture the next generation of Vegas Chamber members. Opportunities include sponsorship, partnership, donations and volunteering for job shadowing, classroom mentors, and event assistance. For more information, call 702-214-0500, visit JASNV.org and like or follow @JASouthernNV on LinkedIn, Facebook, Instagram and Twitter.
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BOARD OF TRUSTEES
SPOTLIGHTS TINA QUIGLEY Former CEO, Regional Transportation Commission
Use one word to describe your leadership style: Collaborative. I am a big believer that many brains working together leads to wiser decisions.
What books or magazines have you read recently? Currently reading Elite Minds by Stan Beacham. He blends leadership growth with brain science. I love that! Favorite quote: “Setting a goal that has no chance of failure is a waste of time”.
Which organizations outside your own do you admire the most and why? I have enjoyed getting to know the Raiders organization. Their leadership continually demonstrates a commitment to be a good community partner. They know they are a big deal for Las Vegas, but they remain humble and hungry. I didn’t expect that when I first heard they were coming.
If you could snap your fingers and become an expert in something, what would it be? Poker. I admire the strategic and emotional control required to really be good.
If one day you woke up and someone told you that you had to pick any different career, what career would you choose and why? College professor. I love the world of academia: learning, connecting, shaping the thought leaders of tomorrow.
ALEX DIXON President, West Region at PureStar
Are you an early bird or a night owl? Early bird
What’s your go-to productivity trick? Get a good night sleep, wake up early and write.
Use one word to describe your leadership style. Engaging
What books or magazines have you read recently? The Hidden DNA of Amazon, Apple, Facebook, and Google
Do you have any hidden talents? African dance
If one day you woke up and someone told you that you had to pick any different career, what career would you choose and why? Middle school girls basketball coach. I would be the “Dabo Sweeney” of middle school athletics. I love coaching, teaching and competing.
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
Avoiding Emotional Investing It is hard to watch the market experience extreme volatility, breaking new records, and feel confident about your savings plan. The Coronavirus (COVID-19), for many, has created a lot of uncertainty, including the uncertainly of the supply chain, the uncertainty of getting out, and the uncertainty of when business may be back to normal. Many emotions can impact your decision making around your investments. Excitement, fear, optimism, and anxiety can all come into play and cloud your original strategy. Without a good understanding of where your money is invested, how to manage your investments, or how to create a long-term plan, you may be at risk of making emotional decisions about your retirement planning. What is emotional investing, and how can it affect your long-term plans. What are the risks of emotional investing? • Emotional investment decisions can cause you to lose money • Missing a few days in the market can negatively impact your returns What are the emotions? Excitement: being excited that an investment will perform well or believing that prices will continue to rise if they recently went up, may offer false hope. Fear: fearing that market prices are going down, can produce anxiety, and cause you to sell or trade an investment prematurely. Market fluctuation is a natural part of investing and should be expected. If you aren’t considering your overall strategy to reach your goals, then fluctuations in the short term can make you afraid of losing money or missing out on gains. Optimism: you may think that as long as you invest conservatively, you will be safe. But safety doesn’t necessarily equal success. Even if you have a good plan in place at the moment outpacing inflation is important too. Anxiety: anxious feelings may control your ability to be smart about investing wisely. Anxiety is one of the most common feelings people have when they talk about investing.
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Remember, you always have control of your investment strategy, and you don’t need to rely on emotions to guide your decision. Four ways to help avoid emotional investing: 1. Make a long-term plan: Even if the idea of retirement seems too far off to worry about today, a long-term plan for your investments is designed to help you reach your goals. And stick to the plan, without emotional changes based upon short-term gains or market downturns.
4. Learn from past mistakes: Consult with your advisor, come up with a plan – and stick to it. Stay away from knee-jerk reactions based on market conditions in the moment. Talk to your advisor when you have concerns about where your investments are heading.
Learn more about the Chamber’s 401(k) plan and the resources to help participants navigate through retirement savings, visit vegaschamber.com or call 702.846.4015.
2. Make investing a habit: Implement your long-term
plan and start constantly investing as early in your career as possible. Make it a habit. Keep in mind that changes to your plan based on emotions may force you to miss out on the benefits of compounding and dollar-cost averaging. 3. Check and recheck: Periodically check-in or meet
with your advisor to stay on top of your investment strategy and asset allocation. Use this time to make well-informed decisions that are designed to help you stay on track to reach your goals.
Joe Caldera is a Financial Advisor, Chartered Retirement Plan Specialist®, and principal at Caldera Wealth Management Group. CRPS conferred by The College for Financial Planning. Advisory services offered through LPL Financial, a Registered Investment Advisor, FINRA/SIPC. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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BUSINESS VOICE APRIL 2020 VEGAS CHAMBER
Featuring Congresswoman Susie Lee
APRIL 2020
Friday, April 17 8:30 - 9:30 a.m. Teleconference If you are already registered for this event and would like to register for this teleconference, please contact Erica Valdriz at evaldriz@vegaschamber.com or 702.245.8465. U.S. Congresswoman Susie Lee, representing Nevada’s Third District, will be the featured speaker at Eggs & Issues on Friday, April 17. Congresswoman Lee currently serves as the Chairwoman of the Technology Modernization Subcommittee of Veteran Affairs, as well as on the Education and Labor Committee. She is also involved in New Dems and Problem Solver’s Caucus.
For more information, visit VegasChamber.com.
To attend any of our online events, please visit VegasChamber.com to register.