January 20, 2021

It Could Be a Great Year, if Your Business Survives Winter

“The margins are razor-thin,” he said. “It’s just about keeping the lights on.”

But for other business owners, the vaccine has arrived too late. In September, Camilla Marcus closed West-bourne, her restaurant in the SoHo neighborhood of New York, after she was unable to renegotiate her lease to reduce rent costs.

Ms. Marcus has kept a trickle of money coming in by selling packaged foods on her company’s website as well as holding virtual events. But she has no plans to open another restaurant.

“It’s going to get a lot worse before it gets better,” she said. “It’s going to be a long haul.”

Others, like Roy Paulson, a factory owner in Temecula, Calif., are feeling more secure. Like many manufacturers, he has had strong demand during the pandemic for the industrial face shields and goggles his company makes for the likes of welders and electricians.

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The Second Stimulus

Answers to Your Questions About the Stimulus Bill

Updated Dec 30, 2020

The economic relief package will issue payments of $600 and distribute a federal unemployment benefit of $300 for at least 10 weeks. Find more about the measure and what’s in it for you. For details on how to get assistance, check out our Hub for Help.

    • Will I receive another stimulus payment? Individual adults with adjusted gross income on their 2019 tax returns of up to $75,000 a year will receive a $600 payment, and a couple (or someone whose spouse died in 2020) earning up to $150,000 a year will get twice that amount. There is also a $600 payment for each child for families who meet those income requirements. People who file taxes using the head of household status and make up to $112,500 also get $600, plus the additional amount for children. People with incomes just above these levels will receive a partial payment that declines by $5 for every $100 in income.
    • When might my payment arrive? The Treasury Department said on Dec. 29 that it had started making direct deposit payments, and would begin to mail checks the next day. But it will be a while before all eligible people receive their money.
    • Does the agreement affect unemployment insurance? Lawmakers agreed to extend the amount of time that people can collect unemployment benefits and restart an extra federal benefit that is provided on top of the usual state benefit. But instead of $600 a week, it would be $300. That will last through March 14.
    • I am behind on my rent or expect to be soon. Will I receive any relief? The agreement will provide $25 billion to be distributed through state and local governments to help renters who have fallen behind. To receive assistance, households will have to meet several conditions: Household income (for 2020) cannot exceed more than 80 percent of the area median income; at least one household member must be at risk of homelessness or housing instability; and individuals must qualify for unemployment benefits or have experienced financial hardship — directly or indirectly — because of the pandemic. The agreement said assistance will be prioritized for families with lower incomes and that have been unemployed for three months or more.

New models of shields, originally set to be released last year, will be coming out soon, which Mr. Paulson hopes will further boost sales. Last week, the Institute for Supply Management reported that its manufacturing index jumped in December to its highest reading since August 2018.

“Manufacturing is alive and well in Southern California and the U.S.,” Mr. Paulson said. “I’m expecting an excellent year.”

While the situation is very different for restaurants, some are confident that the industry will rebound.

Article source: https://www.nytimes.com/2021/01/11/business/economy/coronavirus-business-outlook.html

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