COVID-19 Weekly Digest (February 17, 2021)
If you are thinking of starting a business in 2021, it is critical to take the new normal into account. The COVID-19 pandemic has changed significantly how people consume products and services. While starting a retail business or restaurant might have been good ideas previously, you might be best served to reconsider those thoughts until you see how the next year or even two plays out. Instead of some more traditional businesses, think about those that can support how people are now living their lives. Some of the top choices include consultant, online reseller, online teacher, digital marketer, and app developer to name a few.
Don’t be shy about rethinking your career if things aren’t going great. Remember: surviving and thriving is about many things but one of the major elements in living a successful existence is adaptability.
STIMULUS UPDATES
Economic Impact Payments
Because the second round of payments was pushed out so quickly, some payments went to people who weren’t eligible. This includes people whose income is too high, those claimed as dependents on someone else’s tax return, people without valid Social Security numbers, and deceased persons. If this applies to you, this article in CNet explains what to do to return the payment. If you received a paper check, the simplest way to return the money is simply to mail it back to the IRS. Instructions for how to return payments received via direct deposit or debit card are on the IRS website.
By now, most people have received their stimulus payment. However, a few have not. If this is your situation, new FAQs from the IRS explain what to do. First, check with the IRS Get My Payment tool to see how and when your payment was made. If you have received Form 1444 or Form 1444-B from the IRS with your payment amount but the payment has not been received within the timeframes specified by the IRS for receiving it, you may need to request a payment trace.
Paycheck Protection Program (PPP)
In the new round of PPP loans, the SBA processed more than 400,000 loans with an average loan amount of $87,000, between January 11 and January 24, according to an SBA report. The new round of funding is not without problems. First, the SBA is asking lenders to resolve data mismatches identified in the first round before recipients can receive a second round of funding. Next, the American Bankers Association has sent a letter to the SBA and the Treasury Department requesting that the SBA fix technical problems with the SBA’s portal. Currently, the portal is not allowing second-round applications from borrowers whose forgiveness application is still pending, among other incorrect error messages.
More details are available on the SBA website.
Economic Injury Disaster Loans (EIDL)
The most recent stimulus program includes funds for another round of EIDL grants. These new grants will be targeted to reach recipients that really need it, unlike the first round, which was essentially open to anyone who requested one. To be eligible in the initial round of grants, businesses must be located in low-income communities and demonstrate a revenue decrease of at least 30% during an eight-week period after March 2, 2020. The first grants are reserved for businesses that previously received a grant of less than $10,000 or that applied but received nothing because the funds were already exhausted. These recipients do not need to do anything—the SBA will contact them directly. More information is available on the SBA website.
TAX ISSUES
The IRS is warning taxpayers of an identity theft scam involving unemployment benefits. Thieves stole identities and applied for and received unemployment benefits, which means that many people will receive a 1099-G with unemployment benefits they did not receive. Unemployment benefits reported on a 1099-G must also be reported on the recipient’s tax return. People who receive a 1099-G for benefits they did not receive must contact their state unemployment office to obtain a corrected 1099-G.
LIVING WITH THE PANDEMIC
Travel Fantasies
Argentina: Part 2
You can visit the famous bookstore set in an old palatial theater, El Ateneo Grand Splendid, which has been voted one of the most beautiful bookstores in the world, and browse through the titles, even if you’re aren’t fluent in Spanish. It’s well worth the trip because then you can go to the coffee shop inside the store and order a delicious espresso and a fabulous dessert.
In Argentina, they eat late, as they do in France, so be ready to eat a long and slow meal. Again, like the cost of taxis, the cost of dinner in Buenos Aires is ridiculously inexpensive if you’re using the US Dollar or even the Euro or British Pound. While a steak dinner, with salad, empanadas, side orders, a bottle or two of wine, dessert, and coffee might set you back at least $200 in a decent steakhouse in the US, it can translate out to about $45 in Buenos Aires.
If you’re not exhausted yet, that’s great news because you still can learn to Tango, go see Casa Rosada, where Eva Peron gave her famous speech, hang out at one of the many shopping malls (oh, and did we say silver is extra cheap there so you can get silver jewelry for a literal steal as well), visit the Museo Nacional de Bella Artes (admission is free!), shop at the Sunday San Telmo Street Fair or relax in the Botanical Gardens while munching on some Dulce de Leche known as aljafors. The most popular brand is the Havanna Aljafors and they’re absolutely everywhere. The good news is that you can buy them from Amazon and get a taste of what you’re missing any time for only $12. Like a mini-trip.
Read any good books lately?
One of the benefits of this pandemic is that you have a lot more forced downtime and we are hoping you revisited some of your favorite old hobbies or found some new ones. An activity that lends itself to solitude is reading so we thought we would suggest a few books that might interest you…
If you’re a murder mystery fan, then you should consider Louise Penny. She’s written a series of 14 books featuring the endearing Quebec Detective, Inspector Gamache. You will get introduced to the community of Three Pines, near the border of the US, where a lot of murders take place. Penny has a knack for the uncanny and understated-creepy. You might want to read these with the lights on.
Have you ever read Dale Carnegie’s How to Win Friends and Influence People? If you haven’t, you should. It’s an easy read even if it is an old-fashioned book. Most definitely worth reading.
Finally, if you are not aware of Persephone Books, you should take the time to visit their site and acquaint yourself with their books. They specialize in reprinting unrecognized or basically forgotten female authors from the last hundred years or so. Their books are absolutely stunning inside and they come via airmail from London. And, if you are ever in London, you can visit their tiny shop in Bloomsbury and get lost in the books for the afternoon.
