Most of us have saved some money, small amounts when young, more as we get older. The big goal is to prepare for retirement and to have access to funds along the way. Historically, our local bank provided savings accounts that paid interest, a share of the bank’s earnings, in exchange for the use of our money. Unfortunately, in recent years interest rates have been so low on such deposits that interest payments have become an ineffective way to grow savings. This has turned us into financial markets, such as the 401(k) which allows investing our savings in stocks, bonds, and other assets.
There is one group of citizens for whom this is not so much the case – the small business owner. Most small businesses get their start using their savings along with the help of friends and relatives. In a study of about 3,000 new business starts (18 months old or less), 75% of the owners used personal savings to start the firm, one-quarter of them financed 100% of the start with their savings.[1] That’s a significant, personal investment! Thirty percent received funds from friends and relatives, and 40% borrowed money from the banks.
In an NFIB study of its member firms, 42% of small business owners with less than 250 employees planned to sell their firms before or at retirement, turning their very illiquid asset into a source of retirement finance.[2] Another 29% planned to pass the business on to heirs and 22% have no plan to close or sell, probably expecting to continue to have a share of the business earnings.

The Covid-19 containment policies have seriously depressed the economy. Unemployment rates have hit record-high levels, but so has the stock market. Consumers who saw their financial investments lose 20 to 30% of their values over the past few months have now seen that value restored as the stock market hits new highs.
Unfortunately, that is not true for the thousands of small business owners who had invested their life savings not in stocks, but in their business operations that produced goods and services and provided millions of jobs for others.

Not directly related to asset values and retirement, it should be noted that most small businesses create jobs, jobs that are lost when many had to shut down. Over half of these firms provided a job for 10 or more workers, jobs lost at least temporarily, some permanently. Some of these businesses will re-start, others will shut their doors for good. The health crisis will certainly alter the small business sector and the prospect of retirement for many.

Article Credit Forbes

State COVID-19 Testing Landscape

Four months into the novel coronavirus pandemic, every state is scaling up its capacity to conduct diagnostic and serologic testing and working to sustain it for the duration of the pandemic. Some are targeting certain populations, counties, towns, or businesses while others are implementing a statewide program. There seems to be no general model for statewide or state-based testing. This memo outlines a variety of state examples, models, and resources for COVID-19 testing we have identified across the country.

States have achieved varying levels of success at meeting goals for testing sufficient numbers of people to track the course of the pandemic. Daily metrics on states’ COVID response, including their ability to meet a per-capita adjusted testing target of 500,000 tests conducted per day across the U.S., can be found at Covidexitstrategy.org.

Recommendations

Reduce or eliminate financial and administrative barriers by making it free to people and not requiring a health insurance card or proof of residency.
Make testing convenient by hosting sites where people live or work. Utilize pop-up sites, walk and drive-thrus, and places where communities organically gather and feel safe.
Prioritize testing in conjunction with steps to reduce transmission in congregate living settings like nursing homes, prisons, and homeless shelters or industrial workplaces like food processing plants.
To maximize testing participation, leverage partnerships and multi-stakeholder collaborations with people and organizations that have established trust in communities.
As states expand testing beyond confirmation of suspected cases (based on symptoms or exposure to a COVID-positive person), incorporate strategies to monitor incidence and prevalence in communities. This data will help inform when future surges may be on the horizon.
Pair testing strategies with contact tracing and supports for isolation to stem the spread of the virus.
Congress and the federal government are uniquely positioned to provide additional, critical funding to states and should act quickly to sustain these public health efforts.
Outstanding Challenges and Opportunities for COVID-19 Testing
While this memo outlines the state of COVID-19 testing across the U.S., it is worth noting the outstanding opportunities and challenges that have yet to be addressed with compelling evidence or best practice.

Nearly all states (examples: Wyoming, Wisconsin, Virginia, South Carolina) are leveraging CARES Act, CDC or other federal funds, to pay for testing and disbursing funds to state health departments and local governments through executive order or legislative approval. Some large municipalities like Dallas County, Texas, have received direct subsidies from federal funds. States like Minnesota are also providing funding to supplement federal support, but this will be a challenge for many to accomplish, given that most states are facing budget deficits due to the struggling economy. Congress and the federal government are uniquely positioned to provide additional, critical funding to states to fully sustain these public health efforts.
People want a health care system that is understandable, transparent, and easy to navigate. COVID-19 testing is no exception. While the Families First Coronavirus Response Act required insurers to cover testing for COVID-19, coverage and cost sharing is proving complicated, with some insurers classifying tests as not medically necessary in some situations. People will be hesitant to seek testing if they fear they will not be able to afford it. Providing clarity and certainty around the cost and coverage of all testing, including surveillance testing, will be essential in convincing the public to be tested. These potential ongoing costs underscore the need for additional funding to fill gaps that may emerge in insurance coverage.
Like contact tracing, testing for COVID-19 does not happen in a vacuum. In many cases, it is building or expanding a system on top of generational mistrust, and inequitable access to care, particularly for marginalized communities. This dynamic undermines our ability to effectively test, diagnose, and treat people for the virus in the near term, as well as their health and wellbeing overall.
State of COVID-19 Testing in the U.S.
Types of Testing being used by States

Diagnostic Tests: States are deploying a combination of nasal swab and saliva-based testing for COVID-19.

Oklahoma was among the first states to introduce saliva based testing for COVID-19 with a focus on nursing home residents and employees, and Arizona recently shifted saliva-based testing via a partnership with ASU Biodesign Institute, who developed their own saliva tests.
Many states use swab-based testing for community sites. Research is ongoing that considers shorter-length swabs, or swabbing the throat, much like a strep test. In Maine, officials are creating “Swab and Send” sites to supplement existing testing locations across the state to ensure residents can obtain a test within 30 miles of their home.
Serologic/Antibody Tests:

New York is conducting an antibody testing survey to develop a baseline infection rate. The preliminary results of phase two show 14.9 percent of the population have COVID-19 antibodies.
Wisconsin announced plans for COVID-19 antibody testing, with a goal to identify people who have been infected in the past.
Connecticut announced that it would partner with Yale, Quest Diagnostics, and the Jackson Laboratory to do a serological test prevalence study of a simple random sample of Connecticutians (n=1,400).
Random Sampling to survey COVID-19 incidence and prevalence in the community

Missouri will execute community sampling, by setting up testing sites in various counties across the state. Any Missouri resident, symptomatic or asymptomatic, in these counties who wishes to be tested can do so at these testing sites.
The Massachusetts State Lab will conduct randomly sampled testing in tandem with the Harvard School of Public Health, to include at least 5,000 households linked to the US Census’ American Community Survey sample to provide more complete demographic, risk, exposure, and health care data to complement these test results.
Oregon announced a statewide study that will track 100,000 Oregonians’ temperatures and symptoms over a 12-month period. Additionally, Oregon State University launched a new initiative called the Team-based Rapid Assessment of Community Epidemics (TRACE) project which sends teams of OSU student volunteers and health workers to randomly selected homes in communities in Benton County to collect samples.
New York health officials sampled 3,000 New Yorkers at twenty grocery stores across the state in April, using the data to estimate what percentage of the population has contracted the virus and recovered.
Utah health announced the start of Utah Health & Economic Recovery Outreach (HERO), in partnership with the David Eccles School of Business at the University of Utah.This project will collect data from 10,000 residents across four counties. Participants will be randomly selected to accurately determine the spread of COVID-19
Examples of community and private partnerships
Public-Private Partnerships

States like New York, Massachusetts, Indiana and New Jersey are working with local independent pharmacies and national pharmacies like CVS, and Walmart to establish testing sites throughout their communities.
States like Virginia, Maine, and Ohio are working with private sector partners to expand their lab capacity. Massachusetts is expanding its ARCHITECT platform in a partnership with Abbott Laboratories to conduct antibody testing in conjunction with planned viral testing.
Louisiana has contracted with 11 partners as part of its comprehensive testing plan that will increase testing across the state, especially in congregate settings where the risk of spread is high.
Partnerships with Academic Institutions

Tennessee has enlisted the help of Meharry Medical College, a historically black medical school in Nashville, to run its testing in the city and help with COVID-19 outreach.
The University of Wyoming and the Public Health Laboratory have played key roles in assisting with the State’s COVID-19 testing program – including supplying personnel and supplies.
Minnesota has called upon the University of Minnesota to assist in developing predictive modeling for COVID-19, and has partnered with the Mayo Clinic and the University to provide rapid, widespread testing for COVID-19 across the state.
States working with the National Guard

Wyoming has leveraged the National Guard’s 84th Civil Support Team set to deploy a mobile laboratory to support increased COVID-19 testing.
Other states like Tennessee, Virginia, Washington and Oklahoma are leaning on the National Guard to assist with operations and incident command centers for testing.
Examples of Place-Based Testing
Pop-up & Temporary Locations

National Guard troops are staffing mobile testing sites in Texas, Vermont, Louisiana, and Michigan.
New York announced the state is opening 14 new temporary testing sites at churches located in communities particularly impacted by COVID-19, in partnership with Northwell Health, an integrated health care delivery system and SOMOS Community Care, a network of providers that serve low-income people..
Georgia, Massachusetts and Minnesota have provided pop-up COVID testing sites for people involved in protests, vigils, and community clean-up efforts.
Drive-Thru Sites

Pennsylvania has plans to open 10 additional drive-thru testing sites throughout the state, and Mississippi is supplementing clinic locations with additional drive-thu sites.
Large-Capacity Testing

North Dakota Governor Burgum announced massive testing events in Fargo – this adds to several other testing events the state has put on to test it’s residents. Testing is provided free and there is no insurance or proof of residency required.
Maryland Governor Larry Hogan announced that the Maryland Department of Health will begin operating a free COVID-19 testing site at the Baltimore Convention Center beginning Wednesday, June 17.
Population-Specific Testing
Congregate Living Populations

Many states, including New York, Oklahoma, Illinois, Michigan, Oregon and Missouri have prioritized testing for staff and residents of long-term care facilities. Illinois and Ohio have also established plans to test all staff and residents at their nursing homes for veterans.
States are also focusing efforts on congregate populations in the criminal justice system. Maryland began universal COVID-19 testing at all state-run correctional and juvenile facilities. Ohio announced in early April that it would conduct comprehensive testing in its state-operated prisons. Wisconsin and Michigan have also outlined plans to conduct statewide testing among its incarcerated populations. The Marshall Project is documenting COVID-19 infection rates and deaths among incarcerated individuals across the country.
New Jersey is providing saliva-based tests at its five centers for adults with developmental disabilities, in partnership with Rutgers.
Texas will expand COVID-19 testing to all staff, residents and patients at its 23 state-operated inpatient psychiatric hospitals and living centers throughout the state.
Asymptomatic or Pre-Symptomatic Testing

Ohio and New Mexico have announced that anyone who wants a COVID-19 test can get tested even if showing no symptoms or are low-risk.
Rhode Island has expanded COVID-19 testing for people not showing symptoms. The expansion was to start with child care and close contact workers.
Utah has extended COVID-19 testing to those without symptoms
Missouri will conduct sentinel testing throughout 28 counties overseen by Corrections, Social Services, and Veterans Affairs.
Agriculture + Food Workers

In New Jersey, a bill has been introduced in the Senate that would provide stronger protections and guidelines for farm workers, including mandated testing of all workers, and required infection control measures, provision of PPE on the part of employers. Governor Murphy’s Administration has also issued guidance and a testing plan for seasonal farm workers and employers.
When Maine announced a massive expansion of COVID-19 testing, it included allowing seasonal and migrant farm workers to get tested without the need for a separate order from a health care provider or rewritten order from a clinician. Workers can get tested with or without experiencing symptoms.
States have been working closely with food producers and processors to increase testing, given that many facilities have (or have the potential to) become hotspots of COIVD-19. Much like congregate living, increased testing in these settings has been paired with physical distancing, PPE, and other transmission reduction efforts.
Washington county health officials made it a requirement for Tyson to test all employees for COVID-19.
Kansas received over 7,000 additional COVID-19 testing kits, including more personal protective equipment, from the federal government. These kits were to be used on people with ties to the meat-packing industry.
South Dakota helped set up free drive-through testing for Smithfield Foods employees and their families in Sioux Falls, South Dakota. Employees were able to get testing whether or not they were experiencing symptoms. Testing was not mandatory but was encouraged.
In late April, Tyson asked all 2,800 employees to get COVID-19 testing in their parking lot – after ~1000 tested positive, Tyson carried out one-time tests of every worker at almost 20 facilities in states such as Maine, Virginia and Texas with around 30,000 being tested overall.
Iowa called upon the National Guard to assist in COVID-19 testing at meat packing plants. Activities included delivering testing equipment to plants, transporting kits to labs and assisting with cleaning the facilities.
Application of Equity and Culturally Responsive Approaches to Testing

Illinois has opened eleven community-based testing sites for anyone to get tested, regardless of symptoms. There are now a total of 279 public sites for Illinoisans to access tests. Of the 279 sites, 108 are Federally Qualified Health Centers, committed to providing meaningful, culturally competent health care to everyone, regardless of insurance status or ability to pay.
Delaware announced a two-pronged approach to shift from symptom-based testing in hospitals to proactive/active community-based outreach testing, including establishing walk-up and drive-through events in areas of Delaware that are home to citizens who are more vulnerable to the spread of COVID-19 because of long-standing inequities.
Nashville, Tennessee has hired specialized community outreach workers, in partnership with immigrant advocacy organizations, to manage contact tracing and connect families with coronavirus testing.
Montana Governor Steve Bullock has visited all eight tribes in the state to roll-out collaborative testing efforts in tribal communities.
Minnesota announced expanded testing, and prioritizing vulnerable and underserved populations, including those experiencing homelessness; staff that serve vulnerable populations and health care workers; communities of color and American Indian populations.

On Saturday July 4, 2020, President Trump signed a new law extending the deadline for applying for a Paycheck Protection Program (PPP) loan from June 30 to August 8. This extension comes on the heels of new Interim Final Rules (IFR) issued by the Small Business Administration (SBA) on June 22, clarifying some issues and […]

A Second Stimulus Check? Here’s How Much Money You Could Get

By now, most Americans have received the federal stimulus checks directed by the CARES Act in March to help consumers overcome the economic downturn caused by the coronavirus pandemic.

Three months later, the downturn has been declared an official recession, and the official unemployment rate has soared into double digits, heightening calls for the second round of stimulus checks.

There are good news and bad news on the prospects for additional government assistance. The proposed $3 trillion Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act would authorize another round of stimulus payments for most U.S. households. While the bill was passed by the Democrat-controlled House last month, it still must get through the Republican-controlled Senate.

How much money could I get with a second stimulus check?
The HEROES Act offers a larger stimulus payment than the Coronavirus Aid, Relief, and Economic Security Act. Under the new legislation, each member of a household would receive $1,200, including children. The income thresholds would remain the same, meaning that single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments. For instance, a family of four whose parents earn less than $150,000 would receive $4,800.
HEROES would cap total payments at $6,000 per family. Under CARES, a family of four whose parents earn less than a combined $150,000 received $3,400, since that law directed $500 for each child under the age of 17.
To see how much you would receive under the HEROES Act, you can check this stimulus calculator from OmniCalculator.
Could older students get stimulus payments?
One criticism of the CARES Act stimulus payments is their restrictions on older teens and college students. Only dependents under 17 years old were eligible for the $500 payments, which excluded many high school juniors and seniors. The payments also excluded college students who were claimed as dependents on their parents’ taxes.

HEROES broadens its scope to include all dependents, which means that older teens and college students would be eligible for the $1,200 per-person payments.
How about immigrants?
CARES also drew fire for its exclusion of many immigrants, including those who are in the U.S. legally. Only immigrants with Green Cards were allowed to receive stimulus money, which excludes millions of immigrants who pay taxes but haven’t qualified for a Green Card. The law also excluded Americans who are married to immigrants without Green Cards, an exclusion that sparked lawsuits alleging discrimination against them as well as their American children denied payments.
HEROES would require only that a taxpayer have a “taxpayer identification number” — a number used by immigrants to pay taxes — rather than a Social Security number, as CARES required.
What’s not to like?
Some say Americans need even more help, while others believe it’s best to wait to see if the economy picks up as businesses begin to reopen and rehire. Among those advocating for bigger payments is Senator Bernie Sanders of Vermont, who with Democratic Senators Kamala Harris of California and Ed Markey of Massachusetts have introduced a bill to provide $2,000 per month for every U.S. resident until the coronavirus crisis ebbs.

In the meantime, it’s clear that most households across the country have taken an economic hit from the pandemic. About 54% of consumers said their income has been affected by the COVID-19 crisis, according to a recent survey from Betterment.

Article Credit https://www.cbsnews.com/news/second-stimulus-check-money-amount/

The Internal Revenue Service’s official guidance on COVID-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due to the coronavirus.  The CARES Act, the $2 […]

As layoffs spread and businesses shut down, many Americans face sudden and severe financial challenges. While the pain is widespread, so too are the relief efforts. This Forbes guide aims to cut through the confusion and help you protect your finances in these uncertain times. Check back frequently. We’ll update this page with the latest […]

House Passes Bill Giving Small Businesses Leeway On COVID-19 Loans

The House passed the new bill by an overwhelming margin Thursday.
The bill would amend the Small Business Administration’s so-called Paycheck Protection Program, which provides forgivable loans to companies affected by COVID-19. The measure would lower the amount of a loan that must be used for payrolls. The bill would lengthen the time businesses have to use the loans to have them forgiven from eight weeks to 24.

It also would reduce a requirement, set by the administration, that companies use 75 percent of the loan funds on payrolls to 60 percent. Many businesses, mainly shops and restaurants where expenses like rent often far outweigh labor costs, said the rule was too tight. The bill also would lengthen the repayment term for unforgiven loans. PPP loan funds used for purposes other than payroll and fixed costs must be repaid with a 1 percent annual interest. Congress allowed that repayment period to be up to 10 years, but the administration set it at two years. The bill would reset it at five years, which will lower the size of each payment, making the unforgiven debt easier to manage.

Article Credit https://www.rollcall.com/2020/05/28/house-passes-bill-giving-small-businesses-leeway-on-covid-19-loans/

Staying Safe as COVID-19 Restrictions Ease

As stay-at-home constraints begin to ease, people are starting to venture out of their homes, and some are even reverting to work. However, that doesn’t mean that the virus has gone away—or that there is a vaccine or an antidote. So how can you stay safe and healthy while slowly returning to some semblance of normal life?

First and foremost, stay the course. By this time, we may feel like experts on the Centers for Disease Control and Prevention (CDC) guidelines set up to protect ourselves and prevent the spread of the coronavirus. However, these recommendations bear repeating.
Practice Social Distancing
According to the CDC, the best way to prevent illness is to avoid being exposed to the virus. COVID-19 spreads from person to person through respiratory droplets that are produced when an infected person coughs, sneezes or talks. Even a person without symptoms can spread the virus, so it’s important to continue practicing social distancing— stay six feet apart from other people and avoid crowded places and mass gatherings.
Continue To Wash Your Hands
Yes, it would help if you continue washing your hands often, especially after you’ve been in a public place or after you’ve blown your nose, coughed or sneezed. Wash your hands with soap and water for at least 20 seconds or use hand sanitizer that contains at least 60% alcohol. And last, but not least, avoid touching your eyes, nose and mouth with unwashed hands.
Continue Cover Your Mouth and Nose
Everyone should wear a cloth face cover—whether it’s a mask, bandana or homemade face covering—when out in public and it is difficult to maintain social distancing measures, including trips to the grocery store or pharmacy. As recommended by current CDC guidelines, there is no need for a surgical mask or N-95 respirator. Save these critical supplies for health care workers and first responders.
Ensure your mask fits properly. Your mask should cover your mouth and nose and fit snugly, but comfortably, against the side of your face. Although your mask should include multiple layers, it should allow for breathing without restriction.
Just as important, when you return home, remove your mask with care, avoiding your eyes, nose and mouth, and wash your mask regularly.
Continue Wearing Gloves When in Public
“While wearing gloves when out in public might make you feel safer, if they are not used perfectly, they could easily get you sick,” said Brandie Anderson, RN, MPH, CIC, infection prevention director at Banner – University Medical Center Tucson. “Think of touching germs on a surface as similar to touching red paint. If you’re wearing gloves and you touch red paint (the germs), then everything else you touch with those gloves will be contaminated with the red paint (germs), including your cell phone, car keys, eyes, nose or mouth.”
The safest thing to do is to wash your hands thoroughly or use hand sanitizer before you touch your personal items or face.
Maintain Healthy Habits to Boost Your Immune System
As we venture out, it is important to keep our immune system healthy to help reduce the risk of illness. Keep up that exercise routine, get plenty of sleep, make sure to drink enough water and eat a healthy diet.se, eyes or mouth.” By practicing all these recommendations, they work together to reduce the risk of spreading the virus to ourselves and each other.

Alabama When the state’s stay-at-home order expired April 30, it issued a replacement order that encouraged people to stay home and continued to ban non-work gatherings of 10 people or more. It also allowed retailers and beaches to reopen, with restrictions. Starting May 11, new rules were put in place, through at least May 22: — Non-work gatherings […]

Some Great Ideas For Celebrating Mother’s Day During COVID-19

Mother’s Day is such a beautiful and unique day to show your appreciation for the motherly figure in your life. Whether it’s your mom, your grandma, an aunt, or someone else, honoring that person might look a bit unconventional this year as we deal with the COVID-19 pandemic.

However, there are ways to be artistic and show your love this Mother’s Day. You can perform simple acts of kindness from your home. A small celebration or gesture can go a long way.
Here are some ideas of what families can do this Mother’s Day to show your love and appreciation.
What Families Can Do

Breakfast in Bed. What mom wouldn’t want to wake up to coffee, Orange Juice, and eggs for breakfast? This is an easy, pleasant solution to make for mom.

Create a Playlist. The idea of making a playlist with mom’s favorite songs will always be appreciated. Create a playlist that includes upbeat music that will encourage the whole family to dance.

Flowers, Gifts, and Takeout. You still have time to order mom flowers or purchase a gift. Maybe some slippers, gardening tools, or candles will brighten her day. Or, if you want to host a special brunch or dinner for mom, you can order delivery to support local businesses.

The New Normal
Virtual Gatherings. Many of us will celebrate Mother’s Day virtually this year. Host a get together on FaceTime, Skype, Zoom. Planning an online ‘party’ with music, laughter, and food in each home to spend Mother’s Day.

Share Love on Social Media. If you’re on Facebook or Instagram, share a photo of you and mom with a special message. All of the likes and remarks will surely make mom smile.

Family Walk. If the weather cooperates, be sure to get outside and take a socially-distanced walk with the family.

Video Card. Can’t make it to the card store? No problem! Smartphones have made it easier than ever to record special thoughts that mom can keep forever. Make it a tradition and she can watch her child grow throughout the years. Bonus – it’s eco-friendly, too!.

From the betterpay family to yours, we wish all the mothers in this world a Happy Mother’s Day. #Iloveyoumom #betterpay