Daily Business Report-May 12, 2020

The coronavirus pandemic has accelerated California’s move to an all vote-by-mail election option. (Photo via iStock)

California prepares for an all

 vote-by-mail election in November

Each of California’s more than 20 million registered voters will receive a ballot in the mail for the November general election, following an executive order Gov.Gavin Newsome issued Friday citing the public health threat of COVID-19.

California is the first state to temporarily shift to all-mail voting as a result of the pandemic, a move largely applauded by Democrats and opposed by Republicans.

A spokesperson for President Trump’s campaign lambasted Newsom on Friday, arguing the order was “a thinly veiled political tactic” that would “undermine election security” and promote voter fraud. The Republican National Committee is also considering suing Newsom.

In-person voting options will still be available in November. For more on the logistics of in-person voting in the age of COVID-19, check out this piece from CalMatters’ Ben Christopher.

An additional challenge:the increased cost of mailing each registered voter a ballot and prepaid return envelope. “Elections have been an unfunded mandate, and this is going to be an even bigger expense for counties,” said Kim Alexander, president of the California Voter Foundation.

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Bank of Southern California funds

more than $487 million in PPP loans

Bank of Southern CaliforniaN.A., a community business bank headquartered in San Diego, announced that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans.

These results, as of 9:30 p.m. PDT on May 7, 2020, provided 1,940 local businesses affected by the coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.

Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses. To apply, click here

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Israel-based biopsy company establishes

San Diego office and appoints executive

Nucleix, a liquid biopsy company in Israel, announced the expansion of its operations into San Diego and the appointment of new executive and board leadership to support future growth.

The company appointed Chris Hibberd as chief executive officer, Todd Myers as chief financial officer, and Eyal Miller as general manager for Europe, Middle East and Africa and managing the company’s operations in Rehovot, Israel.

Opher Shapira has transitioned from CEO to become a strategic business adviser to the company. Hibberd and Myers have established Nucleix’s U.S. office in San Diego, where the company plans to open a Clinical Laboratory Improvement Amendments (CLIA) certified lab to support development and commercialization of a test for early lung cancer detection.

With the expansion, Thomas Buchholz, M.D., medical director at Scripps MD Anderson Cancer Center, will join the company’s board.

Hibberd joins Nucleix with over 20 years of diagnostics and biopharmaceutical experience in company formation, clinical and business development and commercialization.

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Cubic joins the United Nations Global Compact

Reaffirms commitment to corporate and social responsibility

Cubic Corporationannounced it was accepted as a signatory of the United Nations (UN) Global Compact, the world’s largest corporate responsibility initiative with over 9,500 business and non-business participants in 135 countries.

Launched in 2000, the UN Global Compact guides and supports the global business community in advancing UN goals and values through responsible corporate practices. By bringing committed companies together with relevant experts and stakeholders, the UN Global Compact provides a collaborative space to generate and implement advanced corporate sustainability practice.

“We strive to always be good global corporate citizens,” said Richard Aceves, senior director of corporate responsibility, Cubic Corporation. “Being part of the UN Global Compact also signifies to our employees, shareholders and customers that we are dedicated to driving change across all areas of corporate responsibility.”

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New workforce development program

to prepare bilingual adults for banking careers

MAAC, a nonprofit based in San Diego, announces the “Latinos in Finance Career Training Program” to help prepare low-income, bilingual adults for careers in banking. The comprehensive program includes industry-recognized training through Southwestern College Continuing Education, job placement assistance, and networking and hiring events. The first cohort of students will begin class in June 2020.

Even prior to the economic downturn, Latinos faced incredible economic challenges:

Higher rates of unemployment than the population as a whole

• In San Diego County, 52 percent of Latinos are below the “making-ends-meet line”
• 28.9 percent of Latinos in the US are underbanked and 31.5 percent of Hispanic households in the US have no mainstream credit
• Only 9.4 percent of management roles in the banking sector are held by Latinos

“MAAC’s Latinos in Finance Program will provide equitable access to family-sustaining jobs in San Diego County and boost the number of bilingual Latinos working in the financial services sector,” said Flora Barron, director of economic development at MAAC. “By partnering with the financial services industry, higher education, and others for this program, we are already investing time, talent, and resources in the economic recovery.”

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San Diego State University hosts

virtual commencement celebration

San Diego State University will host a Virtual Commencement Celebration as a way of honoring the Class of 2020 graduates, despite physical distancing and stay home orders remaining in place.

The celebration will be held Saturday, May 16, at noon and available via livestream at the SDSU homepage, the commencement website and SDSU’s official Facebook page. Graduates simply need to tune in, and no registration is required in advance. SDSU also welcomes alumni to tune in as well.

The Virtual Commencement Celebration will not be a formal ceremony with name reading. Instead, it will be a spirited celebration for the Class of 2020. The online event will feature several guests, notable alums and highlights from the 2019-20 academic year. The celebration provides an opportunity for graduates to celebrate their accomplishments with loved ones and the entire SDSU community.

Bachelor’s degree candidates will also have the opportunity to do a virtual tassel change during the livestream.

In the class of 2020, there are an estimated 10,395 bachelor, masters and doctoral degree candidates.