coronavirus

Millennials Hit Hardest by Coronavirus Recession

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Man on scooter with mask

The coronavirus recession hasn’t been easy on anyone, but millennials may have been hit hardest.

According to many economic experts, the 73 million millennials in the U.S. could experience financial setbacks from COVID-19 that have a longer-reaching impact than those experienced by any other age group.

Here’s why the coronavirus pandemic has been especially hard for those in 25- to 39-year-old age bracket.

Another recession for millennials

Economic recessions are nothing new for this demographic. They already lived through the Great Recession of 2008, and for many, the impact of the last recession is still being felt today.

The Great Recession hit millennials when they were still in college or just starting out on their career paths. For some, it meant the choices for their first post-college job were very slim. For others, it meant dropping out of college when there was no longer a guarantee of a degree netting them a higher-paying job. Regardless of how they were impacted, many millennials are still playing catch-up from the recession of 2008.

“For this cohort, already indebted and a step behind on the career ladder, this second pummeling could keep them from accruing the wealth of older generations,” says Gray Kimbrough, Washington, D.C. economist and American University professor.

Job losses across the board

More than 40 million workers in the U.S. have filed for unemployment since the beginning of the pandemic, but this is another area where millennials have been hit harder than most.

According to a recent report by Data for Progress, 52% of respondents under age 45 have lost jobs, been furloughed or had their work hours cut due to COVID-19. In contrast, just 26% of respondents over age 45 have suffered a job loss of some kind during the coronavirus pandemic.

Millions of millennials have lost jobs that are impossible to do while adhering to social distancing mandates. At the height of the economic lockdowns in April, the economy shed a staggering 20.5 million jobs. Of these jobs, 7.7 million were in the leisure and hospitality sector — a sector that is dominated by millennials. An additional 1.4 million lost jobs were in health care, primarily in ambulatory services — another field that employs a disproportionately large number of millennials.

No nest egg

Many millennials who are still on the rebound from the Great Recession are carrying piles of debt and have minimal savings — or none at all.

According to surveys conducted in 2018 by the Federal Reserve, 1 in 4 millennial families have a negative net worth, or debts that outweigh their assets. One in six millennials would not be able to find the funds to cover a $400 emergency. For these young employees, a relatively mild setback from the coronavirus can be devastating to their finances.

Millennials also tend to neglect their retirements. A recent report by the National Institute on Retirement Security found that 66% of millennials in the workforce have nothing put away for their retirement.

Can millennials recover?

Millennials had still not fully recovered from the Great Recession when the coronavirus pummeled the economy. They have shouldered a large share of job losses and have little or no savings to fall back on.

But there is hope. Millennials may not be as young as they were during the Great Recession, but they still have time to bounce back. They can use the unique challenges presented by the coronavirus pandemic as an opportunity to reevaluate their career track and move onward toward a brighter future.

This age group, also known as Gen Y, is famous for its resilience and can-do attitude. They’ve gotten through the Great Recession of 2008 and they’ll beat the coronavirus recession, too. With hard work, perseverance and small steps toward a better future, millennials can pull themselves up and regain their financial health.

If you’re experiencing financial difficulties, we can help. Call, click or stop by Destinations Credit Union to speak to a member service representative today.

Your Turn: Are you a millennial who has been impacted by the coronavirus recession? Tell us about it in the comments.

Sources:
https://politicalwire.com/2020/08/10/millennials-slammed-by-second-financial-crisis/
https://www.wsj.com/articles/millennials-just-cant-catch-a-break-11597085135
https://www.npr.org/2020/06/08/871042916/d-j-vu-for-millennials-staring-at-the-2nd-recession-of-their-adult-lives
https://www.investopedia.com/insights/how-financial-crisis-affected-millennials/
https://www.foxnews.com/us/millennials-coronavirus-financial-crisis
https://www.wsj.com/articles/millennials-covid-financial-crisis-fall-behind-jobless-11596811470
https://www.cnbc.com/2020/05/26/here-are-3-reasons-why-millennials-are-being-hit-especially-hard-economically-by-the-coronavirus.html
https://www.businessinsider.com/millennials-gen-z-laid-off-furloughed-coronavirus-job-market-2020-4

COVID-19 is Causing a Coin Shortage

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The COVID-19 Global pandemic caused an initial panic leaving store shelves empty of coins spilling out of wrappersface masks and toilet paper. Hand sanitizer, cleaning supplies, paper towels and meat followed quickly in what was fast becoming routine for life during COVID-19. And now, the latest commodity to run in short supply is coins.

Got change? Many financial institutions, retailers and private citizens don’t.

Although we are increasingly becoming a cashless society, coins play an integral role in day-to-day commerce, and a dearth in their supply can severely impact small businesses that  are already struggling to survive. There’s more than just pocket change at stake here, and if things don’t improve soon, the effect on the economy can be critical and long-lasting.

Here’s what you need to know about the most recent shortage caused by COVID-19.

What triggered the shortage?

The jangling coins in your wallet were stricken in the U.S. Mint. The Federal Reserve distributes these coins to financial institutions across the country. From there, the coins are purchased by retailers or private citizens, enter the economy and begin circulating. But now, with the pandemic upending the economy and the Mint operating at partial capacity, this chain was disrupted for months at a time.

“The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin,” according to a statement  issued by the Federal Reserve. “In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees.”

Federal Reserve Chairman Jerome Powell added that the massive shift to online or contactless transactions has further disrupted the flow of coins through the economy.

Even now, as large segments of the country reopen, the supply of coins is failing to keep pace with demand. Many consumers still shop remotely and those who do shop in physical stores are wary of handling germ-infested dollars and coins and are opting for contactless payment instead.

 The response to the shortage

To help mitigate the fallout of the coin shortage, the Federal Reserve began to ration its coin distribution  on June 15, giving banks and credit unions only part of their requested orders. The total number of rationed coins each bank or credit union will receive is determined by the institution’s history of coin orders and the capacity of the U.S. Mint to fulfill the request. The Reserve has also encouraged banks and credit unions to order only the amount of coins they need to meet short-term member demand.

The Federal Reserve is working together with the Mint to ramp up production of new coins and to lift supply allocations in the near future.

The impact of the shortage on the economy

The severity of the shortage first came to light in mid-June, when banks in Tennessee were notified that they’d only receive a small portion of their weekly coin order from the Federal Reserve.

In a virtual hearing  on June 17, Rep. John Rose of Tennessee told Powell that the banks in his district, having received only part of their weekly coin order, would likely run out of change by the end of the week, or might need to round up or down if they run low.

“In a time when pennies are the difference between profitability and loss, it seems like it might be a bigger concern than the announcement from the Fed would indicate that it is,” Rose said.

The shortage can have devastating effects for retailers who won’t receive their complete requested orders of coins from their bank or credit union, Rose said. Without the means to provide adequate change for their customers, small business owners can be forced to round up or down, leading to significant losses in revenue and in customers.

A temporary shortage

The Federal Reserve believes the coin shortage is only temporary and that it will resolve itself in the near future.

“As the economy reopens, we’re seeing coins begin to move around again,” Powell said.

However, the dearth in available coins is still a reality that can be felt in all sectors of the economy. As a consumer, this means that Destinations CU may be unable to fulfill your complete request for coins at this time. You may also feel the impact of the shortage when paying cash at brick and mortar stores; the clerk may not be able to provide you with accurate change.

Finally, if you have spare change lying around at home, you may want to sell it to Destinations CU to help us close the gap between our coin supply and demand.

Your Turn: Have you felt the impact of the coin shortage? Tell us about it in the comments.

Sources:
https://www.usatoday.com/story/money/2020/06/20/coronavirus-shortage-coin-supply-pennies-nickels-dimes-quarters/3230828001/
https://www.cnn.com/2020/06/18/us/us-coin-shortage-coronavirus-trnd/index.html
https://www.wate.com/news/nationwide-shortage-of-coins-tied-to-coronavirus-pandemic-weigels-asking-for-exact-change/
https://www.wate.com/news/nationwide-shortage-of-coins-tied-to-coronavirus-pandemic-weigels-asking-for-exact-change/
https://www.nytimes.com/2020/06/25/business/economy/coin-shortage-coronavirus.html

The Back to School Guide for These Unconventional Times

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Back-to-school season is traditionally marked by a run on discounted pencils, Mother putting mask on her daughterovercrowded malls and lots of nail-biting nerves about new teachers. But this year, the back-to-school season is entirely different. Forget the crowds and a race to find the hottest-selling backpack. This year, it’s all about the trendiest face masks and getting ready for a school year that promises to be unlike any other. And for a child, that can be more than a little frightening.

As with every transition, proper mindset and preparation is key to smoothing out the inevitable bumps and hurdles. Whether your school district is starting off the year exclusively with distance learning, going back to in-person learning five days a week or they’ve settled on something in between, we’ve got you covered.

Here’s our complete guide to helping you prepare your child for the new school year in these unconventional times.

Talk to your child about what to expect

The more your child knows about the dynamics of the upcoming school year, the better off they’ll be. As the situation evolves, and you learn more details about the year’s schooling, speak to your child about what to expect. If your school’s administration has decided to continue in-person instruction with daily temperature checks, let your child know to expect them. If the school year will start off with remote learning and tentative plans for returning to in-person instruction in January, share this information with your child. The more your child knows, the easier it will be for them to handle changes as events unfold.

Create a back-from-school protocol to keep your home safe

If your child will be going to school full-time, or even partially, it’s important to establish a sanitizing ritual for them to adhere to when they walk through the front door after each day of school.

“When children return from school, they should immediately sanitize their hands,” advises board-certified pediatrician, Dr. Candice W. Jones. “Once at home, at the very least, they should remove clothes/shoes and place them in the laundry, or in a designated safe place for disinfecting. A shower would be great, but is not absolutely necessary.”

Talk to your child about this daily disinfecting routine, and run a practice round or two to make it easier to remember when school starts.

 Zooming in on remote schooling

Many states and school districts have announced the continuation of distance learning for the start of the new school year. If the idea of sitting your child down in front of the screen for hours at a time again makes your head spin, it’s time to rethink your strategy. Dr. Linda Carling, an associate research scientist at Johns Hopkins University, shares these tips for helping children succeed at remote learning:

  • Encourage movement. Squeeze in some stretching breaks throughout the school day and pencil in larger chunks of time for longer exercises, like a bike ride around the block. If your child finds it particularly difficult to sit still for long periods of time, set up a tablet or laptop on a raised surface and have your child stand through their classes.
  • Reduce distractions. Create a distraction-free zone for your child’s learning to help boost their focus. Noise-canceling headphones can also be helpful to drown out auditory distractions.
  • Adjust your schedule as needed.  Many younger children need constant or intermittent guidance to help them with their remote learning. If possible, adjust your own schedule so you can be on hand to help your child as necessary.
  • Use a checklist for focus. A basic visual checklist of tasks that need to be completed can help children focus. Draw up the checklist with your child at the beginning of each day and have them cross off tasks as they’re completed.
  • Provide immediate positive feedback. Each time your child successfully follows instructions, provide immediate and positive feedback. You can keep it small, from a sticker on their work assignment or words of praise to an extra 15 minutes of play before bedtime.

Help your child prepare for face mask wearing while at school

School supply lists are looking very different this year, with “face masks” penciled in right next to “erasers” and “glue.” But having your child wear a mask for hours on end while sitting through school can sound next to impossible.

To help your child prepare for face mask wearing while at school, it’s best to model positivity.

It’s no secret that kids mimic the adults in their lives. Though you may find it difficult to wear a mask yourself, you can help your child build up a positive attitude about mask-wearing by talking about how your mask is keeping you and others safe, as well as how the discomfort is a small price to pay for safety.

It’s also a good idea to practice mask-wearing at home. This will serve the dual purpose of getting your child accustomed to wearing a mask, and help to ensure your child is wearing it correctly before school starts. If your child is particularly resistant to wearing a mask, you may want to employ some strategies, like having them wear the mask for the length of their favorite song, or playing dress-up as a doctor or your child’s favorite superhero.

For the sensory child, face masks can be a nightmare. Make it easier by finding the style that is most comfortable for your child, whether that’s a classic ear-loop mask, a bandanna style covering, or a neck gaiter. Extenders or button headbands can also be a welcome relief for irritated ears.

Finally, make masks fun again by choosing a child-friendly pattern. You can go with these adorable bear face masks from Amazon, have your child design their own mask on Etsy,  choose an extra breathable and lightweight mask from Athleta or pick out a mask featuring your child’s favorite movie character from Disney.

Get the school year off to a great start with these preparatory tips for you and your child.

Your Turn: How are you preparing for the upcoming school year? Share your best tips with us in the comments.

Sources:
https://www.franciscanhealth.org/news-and-events/news/masks-school-how-prepare-your-child
https://education.jhu.edu/2020/04/8tipsforfocus/
https://www.today.com/shop/face-masks-kids-t181575
https://www.cdc.gov/coronavirus/2019-ncov/community/schools-childcare/cloth-face-cover.html
https://www.realsimple.com/work-life/family/kids-parenting/back-to-school-supplies-coronavirus

Life Lessons Learned From the COVID-19 Pandemic

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If someone would have approached us a year ago and told us that, in 2020, the country woman putting on a maskwould essentially shut down for three months; the busiest thoroughfares in cities across the world would be empty of traffic; schools and colleges would close for an entire semester and blockbuster releases would be put on hold indefinitely, we probably would not have believed them.

Tales of mass shutdowns and cancellations of in-person gatherings, from sporting events to concerts to graduations, sound like scenes from an outrageous sci-fi movie with an unbelievable plot. Not real life, right?

We’ve all changed this year. We’ve lived through historic times, and it’s nearly impossible to experience something of this magnitude without it having an impact. The time-out from regular life forced us to reexamine our values, our relationships and our lifestyles, while determining whether we are living a life of design and not one of default.

Now that most lockdowns have ended and life is starting to return to normal in many states — or at least a warped variation of “normal,” — let’s take a few moments to reflect on some life lessons we can learn from living under lockdown.

There’s not much in life that is truly essential

When federal and state governments mandated that all businesses close their physical stores  unless they were deemed essential, many of us were forced to confront the reality that there are very few things in life that are actually essential. The raging pandemic turned reality upside down. Suddenly, that weekly manicure, daily latte from our favorite coffee shop or Friday night sports bar we thought we could never live without seemed silly, frivolous and completely unnecessary. Forced into our own homes with just our immediate families, we quickly learned what is truly important in life: Family. Friends. Health. Happiness. Everything else is really secondary.

Now that many businesses are reopening, we can use the opportunity the lockdown presented to reevaluate the things in life we call necessities, wants and needs. In practical terms, this can mean rewriting our monthly budgets, changing our daily habits, deciding to donate more money to charity or shifting our financial priorities in another direction.

There’s wonder in everything

When daily rituals and routines we’ve always taken for granted are disrupted for an indeterminate period of time, it lends a new sense of appreciation for the small things in life:

  • Sending our kids off to school
  • Hugging our parents
  • Going to work
  • Shopping in crowded malls
  • Having an adequate supply of toilet paper
  • Eating out
  • Attending weddings

And so much more. Let’s not lose the sense of wonder this surreal time lent to the everyday blessings of life or take for granted the important work of teachers, nurses and those who work in service industries.

Nothing compares to an in-person interaction

At first glance, the lockdown was the party-shy introvert’s dream. There was no longer an antisocial element with missing out on various events, from graduations to birthday parties to baby showers. During lockdown life, you could even attend a black-tie affair in your sweatpants; all you needed was a nice-looking top and a Zoom link.

But the lockdown was also one of the loneliest times for many people. It highlighted the universal need for social interaction, even if it’s as small as a few words exchanged with the clerk while at the checkout counter or the pizza delivery person. And when it was over and people began having in-person visits with family and friends again, there was a newfound appreciation for face-to-face interactions that was previously lost in a social world gone virtual.

Let’s not forget that initial excitement at seeing our family and friends in person again after months of virtual visits. We can let the lessons learned in lockdown continue to impact us positively by resolving to be fully present when spending time together. Whether that means resolving to turn our phones on silent or to put them away completely, this mindfulness can help strengthen our relationships forever.

We are stronger than we know

The first week of the lockdown brought many of us to the edge of panic and despair. No leaving our homes unless it’s absolutely essential? Work from home for the foreseeable future? Kids home from school without play-dates, indoor attractions or playgrounds? It all seemed so impossible, and many of us wondered if we’d make it past that first interminable day.

And then one day passed, and we realized we hadn’t lost it — well, not completely anyway. Another day went by, and then a week, and somehow, we were doing it. We were rolling with these strange new circumstances, adapting to a new routine, a new way of life, without falling apart. And many of us were even thriving under the newer, relaxed routine. We were riding out the lockdown like champions!  Of course, there are those with especially trying circumstances and some who have suffered mightily. Be mindful of this and empathetic as we encounter and interact with others.

Let’s not forget what the lockdown taught us about our own resilience, strength and courage. When pushed into a challenging situation, our true colors shine. Let us never underestimate ourselves ever again.

2020 has been a year unlike any we’ve ever seen. Let’s use these unique circumstances to grow in ways we never have before.  We at Destinations Credit Union are here for you!

Your Turn: What lessons have you learned while living under lockdown? Share them with us in the comments.

Sources:
https://togetherband.org/blogs/news/sustainable-lockdown-life-lessons
https://www.nytimes.com/2020/05/28/learning/what-have-you-learned-about-yourself-during-this-lockdown.html
https://www.shethepeople.tv/blog/lockdown-life-lessons-take-things-granted/

How Should I Spend My Stimulus Check?

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The stimulus checks promised in the Coronavirus Aid, Relief and Economic Security close up of hands with computer, notebook and pencil(CARES) Act are starting to land in checking accounts and mailboxes around the country. The $1,200 granted to most middle class adults is a welcome relief during these financially trying times.

Many recipients may be wondering: What is the best way to use this money?

To help you determine the most financially responsible course of action to take with your stimulus check, Destinations Credit Union has compiled a list of advice and tips from financial experts and advisers on how to use this money.

Cover your basic life expenses

First and foremost, make sure you can afford to cover your basic necessities. With millions of Americans out of work and lots of them still waiting for their unemployment insurance to kick in, many people are struggling to put food on their tables. Most financial experts agree that it’s best not to make any long-term plans for stimulus money until you can comfortably cover everyday expenses.

Charlie Bolognino, CFP and owner of Side-by-Side Financial Planning in Plymouth, Minn., says this step may necessitate creating a new budget that fits the times. With unique spending priorities in place, an absent or diminished income and many expenses, like subscriptions and entertainment costs, not being relevant any longer, it can be helpful to reconfigure an existing budget to better suit present needs. As always, basic necessities, such as food and critical bills, should be prioritized.

Build up your emergency fund

If you’ve already got your basic needs covered, start looking at long-term targets for your stimulus money.

“I would immediately place this money in my emergency fund account,” says Jovan Johnson, CEO of Piece of Wealth Planning in Atlanta.

Emergency funds should ideally be robust enough to cover 3-6 months’ worth of living expenses. If you already have an emergency fund, it may have been depleted during the pandemic and need some replenishing. If you don’t yet have an emergency fund, or your fund isn’t large enough to cover several months without a steady income, you may want to use some of the stimulus money to build it up so you have a cushion to fall back on during lean times that are likely to come in the months ahead.

Pay down high-interest debts

According to the Federal Reserve Bank, Americans owed a collective $930 billion in credit card debt during the fourth quarter of 2019. Using some of your stimulus check to pay off high-interest debt would be a great way to get a guaranteed return on the money, says Chris Chen, of Insight Financial Strategists in Newton, Mass.

This advice only applies to credit cards and other private, high-interest loans. The federal government put a 6-month freeze on most student loan debts, so they should not be as high a priority right now.

Boost your savings

If your emergency fund is already full and you’ve made headway on your debt, it can be a good idea to use some of the stimulus money to add to your Destinations CU savings account. The money in your savings can be used to cover long-term financial goals, such as funding a dream vacation or covering the down payment on a new home.

Consider all your options before choosing how to spend your stimulus money. In all likelihood, this will be a one-time payment received during the pandemic. If you need further assistance, feel free to reach out to us at 410-663-2500 ext 124 or . We’ll be happy to help you maintain financial stability during these uncertain times.

Your Turn: How are you spending your stimulus check? Tell us about it in the comments.

Sources:
https://www.marketwatch.com/amp/story/guid/C2DFDCE4-6DE2-11EA-A687-9E83803F6B96
https://www.bankrate.com/personal-finance/stimulus-checks-money-moves/amp/

Which Businesses Are Essential

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With social distancing mandates in place across most of the country and many states Woman in mask shopping for produceunder lockdown, many businesses and storefronts are now shuttered. The federal government has determined that only businesses deemed to be essential may keep their physical locations open during these times.

Ultimately, each state and city can establish its own criteria. This decision has led many businesses and state-level government officials to wonder which businesses should be deemed “essential.” In general, though, businesses that don’t make the cut include those that are purely recreational, such as museums, theaters, fitness centers and spas. Restaurants are usually included in the list of non-essential businesses, but they are allowed to operate with a drive-through or curbside-pickup option only.

The list of essential businesses permitted to remain open across the country includes all supermarkets, hospitals, gas stations and financial institutions. Officials agree that these businesses are too critical to be closed, even when a stay-at-home order has been enacted.

This means that all credit unions are legally allowed to remain open during the coronavirus pandemic.

Destinations Credit Union remains open, but with different ways to access to our services.  We continue to offer our drive-thru services as well as remote access. For more information on how to access the Credit Union, please visit our Coronavirus Update Page.  You can also reach us at 410-663-2500 Option 5 for our call center staff. Please feel free to reach out to us if you need assistance in any way.

We are committed to serving your financial needs with uninterrupted service during the pandemic. Please reach out to us with any questions you may have regarding our services or for financial assistance of any kind. Wishing you and your family continued health and safety.

The CDC Recommends Face Coverings

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One short month ago, when the coronavirus had only infected a handful of Americans the U.S. Surgeon General Jerome Adams tweeted, “Seriously people — STOP BUYING woman traveler wearing a maskMASKS!”

Masks, the CDC said then, should be reserved for those who really need them, like infected patients and healthcare professionals. But now, with the virus spreading across the country, the CDC is changing its tune.

On Friday, April 3, the CDC announced that Americans should wear face coverings when in public, especially in densely populated areas and in those areas currently experiencing a coronavirus outbreak. With very few surgical masks, or N95s, available to the public, the CDC advises Americans to craft their own cloth coverings.

There isn’t much substantial evidence on the effectiveness of wearing a cloth mask, but the CDC believes there is a strong chance that wearing one can slow the transmission of the virus, especially from those who are asymptomatic and don’t know that they are infected.

How to create your mask

On Monday, April 6, the CDC released a guide for creating homemade cloth masks, with options for both those who can sew and those who can’t. Materials used include bandannas, T-shirts, cotton cloth, coffee filters and hair ties. For the best protection, cloth masks should fit snugly across the mouth, have multiple layers and be made of washable material.

If you can’t sew, or you don’t have the necessary materials to create your own sewn mask, you can make one easily by cutting an old T-shirt into a square that is sized to fit snugly across your nose and mouth. Reserve some extra fabric from the T-shirt to use as tie strings on the top and bottom of the mask. You can create several masks using a single T-shirt in just a few minutes.

The guide also suggests using a coffee filter and a bandanna to create a homemade mask. Fold the bandanna in half lengthwise, and place a cut piece of the coffee filter in its center. Fold the top and bottom of the bandanna over the filter to create a long, layered piece of fabric. You can add a pair of hair ties by placing them in the middle of the fabric about 6 inches apart, and then folding the bandanna around the ties. This final step will make the mask secure and easier to wear.

If you know how to sew and you have all the necessary materials on hand, you can use the simple pattern provided by the CDC to create your own mask out of a piece of cotton and some elastic.

However you choose to fashion your own mask, make sure it fits snugly around your face, but not so snugly it restricts your breathing. According to the CDC, it’s best to use multiple, breathable layers for optimal protection.

Also, be sure to use a material that can be washed without getting damaged in any way. The CDC recommends washing your mask frequently, as reusing it too many times without washing will greatly reduce its effectiveness.

The debate on face coverings

While the CDC is standing behind its recommendation that all Americans wear cloth face coverings when in public, there are a lot of naysayers who claim a cloth mask offers little or no protection against the coronavirus.

According to some research, cloth is much less effective than a proper N95, but is still better than wearing no face covering at all. A 2008 study found that, while homemade masks are not as effective as surgical masks or N95s, particularly against tiny aerosols, they can still reduce the transmissibility of viral particles by a small amount.

Other researchers have noted that cloth masks may do more harm than good. They claim that cloth coverings can sometimes absorb viral particles instead of acting as a barrier. Also, improperly wearing and removing a mask can transfer viral particles directly to the wearer’s hands or face, putting them at greater risk of contracting COVID-19.

Despite the differing opinions on face coverings, both sides agree that medical masks, especially N95s, should be reserved for health care workers who are exposed to massive amounts of the virus while treating infected patients.

Finally, it’s important to note that all other federal and CDC recommendations still stand: Stay home as much as possible, practice social distancing and wash your hands properly after being out in public. Stay safe!

Your Turn: Have you created your own cloth mask? Tell us about it in the comments.

Sources:
https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/diy-cloth-face-coverings.html
https://www.washingtonpost.com/world/2020/04/03/coronavirus-latest-news/

Tax Deadline Delayed

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As part of the government’s efforts to help avoid a recession, Treasury Secretary Steven Mnuchin announced that the tax deadline would be pushed off by a full 90 days.

woman going through receipts and bills

Here’s what this announcement means for taxpayers:

Under normal circumstances, taxes are due by April 15. If tax filers cannot complete their taxes in time, they can request a 6-month extension without getting a failure-to-file penalty. Tax extensions are granted easily, but they don’t buy the filer more time to pay any taxes due to the IRS. The extension is only for submitting their returns. Any tax money that is paid after the 15th is generally subject to penalties and interest.

This year, things have changed. Taxes must still be filed by April 15 unless an extension is requested, as usual; however, the IRS will not be requiring taxpayers to pay their 2019 taxes until July 15. There will also be no penalties or interest for this delayed payment.

The administration believes this move will be a welcome relief for the millions of taxpayers whose income streams have been adversely affected by the COVID-19 outbreak. They are also hopeful that this delay, which will leave an estimated $300 billion in the battered economy, will give it a better chance at recovery.

For tax filers who are anticipating a refund this year, it may not pay to request an extension and file late. An extra pile of cash, no matter how small, can really come in handy for those who are out of work. Signing up for direct deposit of refunds can help struggling taxpayers get that much-needed money as quickly as possible.

It’s also important to note that, while the federal government has granted this nationwide extension on tax bills, state taxes remain subject to the deadlines of their own governments. In light of the upheaval caused by the coronavirus outbreak, many states are offering their own extensions.

Sources:
https://www.inquirer.com/health/coronavirus/tax-deadline-filing-delayed-united-states-20200317.html#loaded
https://www.fool.com/amp/taxes/2020/03/17/good-news-us-tax-payment-deadline-extended-due-to.aspx

How To Work From Home

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The coronavirus pandemic has taken the world as we know it and turned it upside down. man working from home officeHospitals are scrambling to meet the needs of their patients as the federal and local governments are issuing stricter guidelines to help stop the spread of the virus.

Shopping malls that were filled with crowds just a week ago now stand vacant. Universities and schools have emptied out and students are continuing their education online to diminish the spread of the virus. Small businesses have shuttered their doors as they choose their health and the health and safety of their customers over profit.

As part of this upheaval, millions of Americans have been sent home from work with laptops in hand and strict instructions to remotely tend to their usual workload. Unfortunately, this can prove to be a lot harder than it sounds. If you find yourself struggling to complete your workload from home during the outbreak, we can help!

Here are some tips on how to stay focused, on-task and productive as you work from home.

Create a workstation. Propping up your pillows and working in bed can sound like a good idea until you find yourself nodding off in front of your computer screen. To keep your brain focused and in “working mode,” it’s best to designate one area of your home to serve as your workstation as you wait out the outbreak. Keep the area clean and stocked with all the supplies you may need during your work hours.

Set your hours. A major boon of working from home is choosing your own hours — but this can backfire quickly. Lack of a proper schedule is the biggest enemy of the procrastinator. To keep from finding yourself with a huge amount of work to complete in an impossibly short amount of time, set up working hours and stick to them. If there are children home with you, work around their routine by scheduling your work hours during naptime or late at night when they’re asleep.

Collaborate. For most of us, home is where we unwind and kick off our shoes after a long day of work. Keeping focused and staying on task when working in your own comfortable surroundings can be super-challenging. Bring home some of the motivational work atmosphere by collaborating with your colleagues as much as possible. Utilize video conferencing to swap ideas, plan long-term projects and communicate on platforms like Slack, which is created just for this purpose.

Get rid of all distractions. It can be hard to keep your mind on work when each beep of the phone brings more horrific news and updates about the spread of the coronavirus. If you can, hide or shut off your phone during your work hours. If that’s not possible, consider turning off your notifications and social media apps. You can also use an app, like ColdTurkey, which makes it easy to minimize distractible apps and websites on your phone.

Your Turn: Are you working from home? Tell us how you’re making it work in the comments.

Coronavirus vs. The Flu And Scam Alerts

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The coronavirus has slowed its spread in China, but is now picking up speed in Europe Pregnant woman having blood test in doctor's officeand the U.S. As of March 3, 2020, the virus has spread to more than 89,700 people in at least 67 countries around the world, 3,000 of whom have died.

Those numbers may sound alarming, but when held up against influenza, or the flu, they don’t seem so frightening. According to the Centers for Disease Control and Prevention (CDC), in the U.S. alone, the flu has caused an estimated 32 million illnesses and 18,000 deaths this season.

Does that mean the flu is actually worse than the coronavirus?

While it may seem that way at first glance, it’s not so simple. Scientists have been studying seasonal flu, its symptoms and possible cures for decades. In contrast, there is very little known about the novel coronavirus, or COVID-19. Scientists and medical professionals are doing all they can to learn about this virus, but they are still months away from developing effective medication and vaccines.

Unfortunately, the first coronavirus death in the U.S. was recorded on Saturday, Feb. 29, 2020. Many Americans are beginning to wonder if there is any truth to the claim that the coronavirus is milder than the flu.

Let’s take a closer look at the known differences between influenza and COVID-19.

Fatality rate

It’s difficult to give an accurate fatality rate to a virus that is still spreading, but the coronavirus seems to be more deadly than the flu. On average, seasonal flu kills approximately 0.10 percent of infected individuals. Researchers initially found the death rate for the COVID-19 virus to be 2.30 percent in mainland China, but a later study of hospitalized patients, published Feb. 28 in the New England Journal of Medicine, found that the overall death rate was lower, at roughly 1.40 percent.

Researchers have also found that the death rate for the coronavirus seems to vary by location, the infected individual’s age and the general state of their health. Many also claim the death rate is actually lower than it is believed to be, thanks to many unreported or symptom-free cases of the virus. There have also been no known coronavirus deaths of children under the age of 9.

Symptoms

According to the CDC, common flu symptoms include fever, cough, sore throat, muscle aches, headaches, runny or stuffy nose, fatigue and, occasionally, vomiting and diarrhea as well. Flu is characterized by the sudden onset of symptoms. Recovery generally happens within two weeks of contracting the virus. Sometimes, the flu causes medical complications and necessitates hospitalization.

Symptoms of the coronavirus are still being studied. According to the CDC, reported symptoms have ranged from mild to severe, and typically include fever, cough and shortness of breath. Fatigue and muscle aches have been present in 11 to 44 percent of patients as well. Other, less-common symptoms include headache, sore throat, abdominal pain and diarrhea.

Rate of contagion

To date, the coronavirus seems to be more contagious than most strains of the flu, and about as contagious as strains that appear in pandemic flu seasons.

Each person with the coronavirus appears to infect 2.2 other people, on average. Many experts claim this data is skewed since the epidemic was mismanaged at its outset and the rate of infection consequently soared.

By comparison, each person with the seasonal flu infects approximately 1.3 other people.

As with most viral diseases, infected individuals can be contagious before the onset of any symptoms. Both viruses also spread easily through the air and contaminated surfaces, especially in homes, hospitals and other confined spaces.

At-risk populations

Both COVID-19 and influenza are most dangerous to people who are older than 65, or have chronic illnesses or a compromised immune system.

The flu appears to be more dangerous to children, especially very young ones, while the coronavirus only triggers very mild symptoms in children or none at all. The flu is also a known danger to pregnant women. The coronavirus may pose a similar threat to expectant women, though it is still too early to know this with any certainty.

The coronavirus seems to be more deadly for older men. Death rates among men over 40 who have contracted the virus have exceeded those among women in the same age group. The higher rate of smokers among men, and by extension compromised lung function, may be the reason for this discrepancy.

Severity of the virus

As of Feb. 22, there were a minimum of 310,000 hospitalizations and 18,000 flu deaths among the 32 million cases of flu in the United States, according to the CDC.

By contrast, as of March 3, approximately 100 people in the United States have been infected with the novel coronavirus, and there have been six deaths, all in Washington State.

Most cases of coronavirus infection are not severe, but some people do become quite sick. Data from the largest study of patients in China to date found that of coronavirus patients receiving medical attention, 80 percent had mild infections, approximately 15 percent had severe illnesses and 5 percent were in critical condition.

Available treatment

Antibiotics are ineffective against the coronavirus and the flu. However, there are four antiviral prescription drugs available to help mitigate the severity of flu symptoms and shorten its duration. Unfortunately, there are no approved antiviral medications available for the coronavirus just yet, though several are in the testing stages. Doctors recommend that infected individuals follow the general remedies for viral illnesses, including rest, increased fluid intake and painkillers.

Prevention

Flu vaccines are widely available, and are 40-60 percent effective in protecting against the virus.

In contrast, there is no vaccine available for the coronavirus. An experimental vaccine is currently being developed, but it will likely be a year or two before it is ready for widespread use.

In the wake of the arrival of COVID-19 on American shores, experts are urging all people who are not vaccinated against the flu to get their shot now. The flu vaccine will not protect against the coronavirus, but it will free up more hospital personnel, beds and equipment for treatment in case of a coronavirus outbreak in the U.S.

As always, proper hygiene is vital to help stop the spread of the coronavirus. The following guidelines can help keep you healthy:

  • Wash your hands with antibacterial soap for at least 20 seconds after being out in public and before touching food.
  • Keep unwashed hands away from your eyes and face.
  • If you’re feeling unwell, stay home.
  • Cough and sneeze into your elbows and not into your hands.

In addition, scammers are trying to take advantage of public fears.  See what the FTC has to say in this article.  As always, protect your personal information – don’t click on unrecognized links or fall prey to information phishing by phone call or in person.  Beware of promised miracle cures or false prevention products.

Your Turn: How are you keeping yourself safe from the coronavirus? Share your tips with us in the comments.

Sources:
https://www.nj.gov/health/cd/topics/ncov.shtml
https://www.nytimes.com/2020/02/29/health/coronavirus-flu.html
https://www.hopkinsmedicine.org/coronavirus/
https://www.livescience.com/new-coronavirus-compare-with-flu.html
https://www.theguardian.com/world/2020/mar/10/can-face-mask-stop-coronavirus-covid-19-facts-checked