Beating COVID-19: Tips for Your Insurance, Finances, and Business - April 30, 2020

April 30, 2020
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News. Insights. Analysis. Inspiration.

 

"How Starbucks plans to reopen 90% of stores by June and what the new normal for its coffee shops will look like"

From Business Insider:

* Starbucks will begin opening stores next week, executives said on Tuesday. However, the stores will look very different than pre-COVID-19 coffee shops. Most stores will not even allow customers inside, with customers picking up their orders at the door or via drive-thru. 

 

"How to Handle the Unexpected Need to Lay Off Employees"

From American Express:

* “The jobs hanging in the balance weren’t simply names on a spreadsheet for me,” he says. “The list of names included both friends and parents of friends.”

* With the lines between business and personal blurred, making difficult decisions for employees three floors down hit much closer to home.

* Whether your organization is facing the first round of layoffs or a second wave you never thought would be necessary, there are steps you can take to make a difficult process as personal and compassionate as possible.

 

"COVID-19: Steps We're Taking - Travelers"

From Travelers:

* Providing billing relief for all U.S. customers, including suspending cancellation and nonrenewal of coverage due to nonpayment through May 15, 2020 (no interest, late fees or penalties will be charged).

* Giving U.S. personal auto insurance customers a 15% credit on their April and May premiums.

 

"Coronavirus: Steven Mnuchin says economy will rebound over the summer"

From USA Today:

* In an interview Sunday with Fox News, the former Goldman Sachs banker said as the nation's small businesses begin to reopen in May and June, the economy will quickly rebound in July, August and September. 

 

"Howard Marks: Oil Crash Makes Sense"

From Wealth Advisor:

* These falls are being driven by the aftermath of a price war between Saudi Arabia and Russia, slowing demand due to the pandemic, and a glut of oil in the US that saw producers willing to pay suppliers to take oil off their hands.

* The chairman of money manager Oaktree Capital told CBNC in an email: “It’s not a panic. The move is completely rational.”

 

"Should Cities and States Be Allowed (Required) To Go Bankrupt?"

From Hank Adler - TownHall:

* To the extent that a city or state spent additional funds to battle the coronavirus, that should be a federal issue. That should be a national cost; everything else belongs to the individual cities and states. We are a single country and the cost of the coronavirus to date should be a national cost. But, as to future coronavirus costs, should a state determine that they cannot re-open because they wish to be ultra-conservative, that cost should belong to that city or state. 

* The coronavirus has hurt everyone, but it should not be a crisis that causes an entire nation to pay for the historical financial imprudence of individual cities and states. If city X or state Y made promises it cannot keep, that is between that city or state and its stakeholders. We cannot ask the citizens of state A to pay for the imprudence of state B. If Illinois over promised and underfunded pension payments to its employees, which it did, this should not be a problem for New York whose pensions were recently funded 95 percent.

  


Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here