[Cow Man]

Clearly, we are sailing through uncharted waters and this storm hit us as fast and as hard as a cat 5 hurricane. All of us, including the politicians and bureaucrats in Washington and in our states, cites and towns are doing the best we can in reacting to an unprecedented global pandemic and it isn’t useful to blame anyone for the viral outbreak or for any miss steps or false starts along the way. We are all blazing a trail to an unknown destination without a compass.

As far as the hospitality business is concerned, all those laid off are now eligible for unemployment without a waiting period. It is still evolving but in some states insurance companies are being required to cover the loss or reduction in income as a “business interruption” loss the same as if the building had burned. This may result in higher premiums down the road since the loss is not covered and therefor no premium was charged for this type of loss but it’s a step in the right direction and minimizes the financial impact of shutting down all or part of the operations.

Low or no interest loans are also being made available and federal income tax payment has been extended by 90 days though you still must file your tax return by April 15.

The broader issue is that while the danger from infection may pass relatively quickly, will anyone have any money left to dine out. The economic fallout will be enormous. The stock market is considered to be predictive of the future economy so while fortunes have been lost on Wall Street these past few weeks and though toilet paper may be scarce, Main Street has yet to feel the real brunt of the storm and we as consumers and business owners need to spend our energy working on our own financial plans. Stay healthy!