Covid-19 has hit the American economy real hard. Thousands of businesses have been forced to shut down and more Americans, than ever before, have been rendered jobless. The Oregon economy could be in for a recession if this pandemic lasts much longer. In a newspaper report, one economist noted that until now Oregon has been performing very well on employment, inflation and other indicators. All these gains could be lost if this pandemic persists.
Mitigating the economic impact
If you run a small business in Oregon, this article is for you. Here is one piece of good news for you. Five federal regulators have urged banks and other financial institutions to restructure their loans. This means that as a small business located in Oregon, it will become easier for you to raise loans from now on. Flexible interest rates and loans on elastic terms are the hallmarks of this new restructuring.
Meeting your working capital needs
Many small businesses that have been forced to close their doors are now struggling to pay rent and salaries to their employees. However thanks to the generous $342 billion federal bailout package, 1.66 million small businesses have been able to raise loans to meet their working capital requirements, including a substantial number in Oregon. The best online casinos however have needed less help than their land-based counterparts.
What about individuals?
The federal government also has a bailout package for people rendered jobless because of the business shutdown. Jobless persons who have filed their IRS returns in 2019 can get $1,200 monthly from the Federal government provided their annual income was $75,000 or less. If you are a couple, the maximum limit is $150,000 a year. If you haven’t filed your 2019 and 2018 returns, just show your 2019 social security id for this package.
Make the best out of this pandemic
While you are quarantined at home, you can make the best out of this uncomfortable situation. You may pick up new skills like creative writing, blogging, learning a new language or coding. Coding is not just for techies, if you have a flair for numbers, you too can learn this skill quite easily. Plus, coders are always in demand.
Get Creative
There’s a big, wide world for meaningful content. If you have a skill or knowledge, you may share it with your local Oregon audience. Are you good at maths? Do you have deep knowledge about personal finance? Or, are you an Excel expert? If the answer is yes, it is time to buy a domain from Namecheap, GoDaddy, etc. and start a website or blog. Your blog could even become a source of additional income.
Reinvent yourself
Now is the time to reinvent yourself – physically, mentally and spiritually. There are already a host of youtube videos offering workout programmes. These range from gentle exercises to tone the body to full body workouts, from PE with the kids to gentle stretching for seniors. Since all of us are affected by the economic slowdown and many are in economic distress, perhaps meditating would help. Learn yoga from videos and try calming your nerves.
Reconnect with friends and family. Being confined to home doesn’t mean you can’t keep in touch. Skype a friend for coffee or host a dinner over Houseparty. Travel the world and experience nature through webcams or take a virtual tour through a great museum collection. Try some of the free games available at online casinos. Learn a new recipe or read a new book. In short, be inventive – and stay safe!
