March 16, 2020
In this time of the COVID-19 virus pandemic, as we all discover how and whether to do things, I want first and foremost to wish good health to you and yours⏤your family, your company, your peace of mind.
The CDC’s recommendations cannot be emphasized and repeated enough:
- The best way to prevent illness is to avoid being exposed to this virus.
- Wash your hands often with soap and water for at least 20 seconds, especially after you have been in a public place, or after blowing your nose, coughing, or sneezing.
- Avoid touching your eyes, nose, and mouth with unwashed hands.
- Avoid close contact with people who are sick.
- Put distance between yourself and other people.
The coronavirus situation will get worse before it gets better. Simple math and delays in testing show that not all who need to be tested have been tested yet. And so, those numbers will rise. The good news is that recent reports suggest some 80 percent of those who contract the virus have experienced mild illness. One major goal, then, is to minimize the spread to everyone, especially those 20 percent whose reactions to the virus have been and will be more severe.
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How all of this affects our businesses in the long-term, nobody knows. In the short-term, we know that some companies already are strongly affected. Social distancing affects the workplace, too.
(There are bright spots here. The vital food industry⏤processing, distribution, consumer purchasing⏤remains strong, especially with nonperishable foods. And package delivery⏤USPS, FedEx, Amazon, UPS, etc.⏤continues.)
The Yard Ramp Guy, then, shares two important pieces of information that might cushion the economic impact of the situation for your business:
1. In addition to a relief package being prepared by Congress, the U.S. Small Business Administration is working directly with state governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. These loans offer up to $2 million in assistance for a small business to help overcome the temporary loss of revenue they are experiencing. For inquiries about disaster loans, call 800-659-2955 or email disastercustomerservice@sba.gov. You can also use a text telephone (TTY) by calling 1-800-877-8339.
2. The Section 179 Deduction for 2020 is $1,040,000. This means U.S. companies can deduct the full price of qualified equipment purchases up to that amount. In addition, business can take advantage of 100% bonus depreciation on both new and used equipment for the entirety of 2020. Click HERE for more information.
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An effective vaccine for the coronavirus is months away from development and deployment. That said, this pandemic one day will reduce and, eventually, end. If history is our guide, the world has survived pandemics before. We will do the same with this one.
Please: stay safe. If you go and wash your hands after reading this, I’ll consider it a great honor.
Jeff Mann
Founder and President
