COVID-19 Business Update – 23 September 2020
Sleep is as close to a panacea as we are likely to get in our lifetimes: it helps us recover from injuries and illness, plays a vital role in memory formation, and helps keep us healthy. Disrupting our sleep has an adverse impact on nearly every system in our bodies. So it’s perhaps not surprising that a recent study by the National Bureau of Economic Research found that unemployment disrupts sleep, along with other negative impacts on health and well-being. Even if you’re not unemployed, the pandemic has been stressful enough that many people are experiencing ‘coronasomnia.’ In this article, a Harvard Business Review editor describes her experiments with four different tactics to get better sleep. The one that worked best for her was setting aside all electronics and avoiding all screens for two hours before bedtime.
These have been unusual times that are impacting nearly everyone on the planet. We hope that you are finding ways to make this a time not just for survival but for growth as well!
CARES ACT UPDATES
Another stimulus bill?
A bipartisan committee – the Problem Solvers Caucus – put together a stimulus plan last week that has Trump’s support, but not the support of leaders of either party. Included in the plan is another round of $1,200 stimulus payments. However, with the nation’s focus on the recent death of Supreme Court Justice Ruth Bader Ginsburg, it’s not likely any progress will be made on hammering out a new deal.
Without an additional stimulus package, many small businesses face a bleak future. The funds from the PPP and the stimulus payments have largely been spent, and cooler weather will make outdoor options more difficult. Small independent businesses have fewer resources, so the face of Main Street may change to favor large national chains. Some small businesses may simply cease operations, while others may be acquired by larger ones.
With many employees working remotely, state tax issues may pop up for many small businesses. In some states, payroll expenses for an employee working for an out-of-state company can trigger income tax and sales tax issues for the company, and multi-state income tax issues for the employee. While some states have released guidance providing relief for employees who relocated due to COVID-19, not all have. States that have issued guidance include Alabama, Georgia, Illinois, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Jersey, North Dakota, Pennsylvania, Rhode Island, South Carolina, and Washington, D.C. If your business has employees working remotely in new states, contact our office so we can help you understand the possible impact.
WORKING FROM HOME
Without the structure of a commute to bookend the workday and informal breaks at the coffee maker or water cooler, working from home may mean you’re not taking as many mental breaks as you need. Consciously taking breaks during the day and prioritizing activities that help you regenerate can help you recharge, avoid burnout and keep your sanity. For example, starting your day by stretching, reading, or savoring a cup of coffee rather than diving into your email immediately can give you “a sense of perspective that there is a world outside of your job.”
LIVING WITH AND AFTER THE PANDEMIC
As we enter flu season, how can you tell if you have a cold or the flu or if it’s COVID-19? This article in the Wall Street Journal outlines the key differences. For example, the fever caused by COVID-19 may not rise much above 100.4 degrees, but it can make you feel much worse than a similar fever caused by the flu. Shortness of breath, continued fever, and pneumonia indicate COVID-19 while nasal congestion is more likely with a cold or the flu. Wet coughs indicate a cold while dry coughs accompanied by a loss of taste or smell are signs of COVID-19.
Work in the post-pandemic world
Zoom, Slack, Google Docs, and other online tools make collaboration between far-flung colleagues easy. But too much collaboration leaves team members unfocused, stretched and susceptible to burnout. One solution is to limit the projects that require input and collaboration from the whole team, as described in this article on Fast Company. Some projects do require input from everyone, but most can be more successfully managed by a smaller team. Assessing the need for whole-team collaboration versus small group responsibility can help teams focus on the right priorities.
With much of the workforce out of the office, many companies are using this time as an opportunity to redesign the workplace to make it an inviting place for employees to return to. Some are replacing open offices with dynamic spaces that can be easily reconfigured to suit a team’s needs. These spaces may include small offices for deep work, tables or groups of desks for teams who want to work together, and casual, café-style seating. Other companies are exploring replacing large central offices with small satellite offices closer to where their employees live.
Back to school
Now that we are settling in for what may be a long stint of remote learning, parents will need to find ways to make remote school work for their kids. Assessing the school’s plans and the school’s ability to manage those plans, alongside your own family’s situation is the first step. Besides acquiring academic skills, an important function of schools is teaching social skills, which is harder to do on Zoom. Reading to your children and discussing their schoolwork can help. Another suggestion is to form a pandemic bubble with several other families with children of the same age.
- Payroll, HR and benefits company Gusto has put together An Employer’s Guide to Navigating the Coronavirus
- Accounting Today has a special page for articles on COVID-19
- The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
- The CDC also has recommendations for businesses and employers
- Intuit QuickBooks has a dedicated page to help small businesses
- The Red Cross has pointers to help young adults stay safe
- Entrepreneur put together a listing of free tech resources for remote work
- Kiplinger has a state-by-state guide to absentee ballot voting.
- The Consumer Financial Protection Bureau has warnings about COVID-related scams
- Fast Company has a listing of the best productivity apps for 2020
- The New York Times has an online newsletter on K-12 and higher education
- The Wall Street Journal has a collection of articles on education
We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!