Beating COVID-19: Tips for Your Insurance, Finances, and Business - May 18, 2020

May 18, 2020
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News. Insights. Analysis. Inspiration.


“Reopening small restaurants could mean closing streets to use for outdoor seating”

From USA Today:

* How do you handle seating in small restaurant implementing social distancing guidelines? To address this issue, the city of Cincinnati will close parts of 25 streets in Over-the-Rhine and Downtown Cincinnati so restaurants can expand outdoor seating, a move that will help restaurants without patio space keep tables farther apart for social distancing – and open as early as possible.  


"Sorry Feds: No Law Requires You To Return Stimulus Checks Sent To Dead People'

From Wealth Advisor:

* But the IRS can’t do much more than ask, said Martin Abo, of accounting firm Abo & Co. LLC in Mount Laurel, N.J., and Philadelphia.

“It’s unclear whether you would actually have to do it. There’s really nothing in the law to say you have to give it back,” said Abo, who has received multiple inquiries about the checks written to the dead. “But stand advised.”

Olson, of Taxpayers Rights, concurred. “There’s no legal interpretation,” she said. “I don’t know how they’re basing their decision” to ask for the money back.


"Best Practices for Marketing During and After COVID-19"


* In fact, long-term studies show that the right approach during economic uncertainty is to increase — not decrease —  your marketing spend. The last thing you want is to be caught flat-footed and find yourself lagging your competitors when the economyrevs up again. For the most part, consumers are receptive to some marketing at this time. A recent study from the American Association of Advertising Agencies found that 43% of consumers find it reassuring to hear from brands. In addition, 56% said they like learning how brands are helping their communities during the pandemic. Only 15% said they’d rather not hear from companies.


"The Surprising But Essential Estate Planning Step For Social Security Benefits"

From Forbes:

* A financial power of attorney (POA) is an essential element of an estate plan. The POA ensures that someone manages your finances when you aren’t able to. Part of managing your finances is to manage your Social Security benefits, whether you already are receiving them or will apply for them in the future. What many people don’t realize is the Social Security Administration (SSA) doesn’t recognize POAs.


"Reopen America smartly, let small businesses jumpstart the economy"

From Fox Business

* The American consumer is in a state of shellshock. A new poll finds that two-in-five Americans say they will avoid public spaces unless absolutely necessary. One-in-six say they will never be comfortable in public again. Businesses will have to demonstrate based on their unique virus-mitigation protocols that they are safe for their customers to return.  Decisions about how to keep customers from getting infected are better made by businesses, which have the in-depth knowledge of their industries to know the protocols needed. In contrast, government policy tends to prioritize one-size-fits-all solutions that are heavy-handed and rife with unintended consequences.    American small businesses are the most innovative and creative forces on the planet. They can reopen while keeping their customers safe. They can bring back the economy and end mass unemployment. 


"We misunderstood coronavirus, now we underestimate its consequences"

From The Sun:

* “In conclusion, we recommend a thorough look at the data presented here and ask those in power to examine their original biases and enact a plan to safely reopen the economy. Although thousands of lives have been tragically lost during the course of this virus, very few of them have been lost due to a lack of hospital beds, the entire premise behind the lockdown. It will take unity on the local, state, and federal government levels to place politics aside during an election year and do what is best for Americans. A better approach would be to allow schools to open and those under the age of 65 (most of the working class) to enter the workforce. They will get exposed to the disease and create herd immunity in order to protect the elderly and those with significant medical conditions who are predisposed to a higher mortality by this virus. This should coincide with informing elderly and those at high-risk to shelter in place until herd immunity is reached. State and federal governments need to supply PPEs, medicines, resources, and funding to hospitals, with close monitoring at the local level of hospital bed availability and shortages. If, at any point, data suggests that the hospital system may be overwhelmed, then talk of mitigation policies will be required. The economy needs to be reopened to get the healthcare workers the resources they need to fight COVID-19. This is the stimulus the economy needs. “




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