This to shall pass...
 

Clearly, we are sailing through uncharted waters and this storm hit us as fast and as hard as a cat 5 hurricane. All of us, including the politicians and bureaucrats in Washington and in our states, cites and towns are doing the best we can in reacting to an unprecedented global pandemic and it isn’t useful to blame anyone for the viral outbreak or for any miss steps or false starts along the way. We are all blazing a trail to an unknown destination without a compass.

As far as the hospitality business is concerned, all those laid off are now eligible for unemployment without a waiting period. It is still evolving but in some states insurance companies are being required to cover the loss or reduction in income as a “business interruption” loss the same as if the building had burned. This may result in higher premiums down the road since the loss is not covered and therefor no premium was charged for this type of loss but it’s a step in the right direction and minimizes the financial impact of shutting down all or part of the operations.

Low or no interest loans are also being made available and federal income tax payment has been extended by 90 days though you still must file your tax return by April 15.

The broader issue is that while the danger from infection may pass relatively quickly, will anyone have any money left to dine out. The economic fallout will be enormous. The stock market is considered to be predictive of the future economy so while fortunes have been lost on Wall Street these past few weeks and though toilet paper may be scarce, Main Street has yet to feel the real brunt of the storm and we as consumers and business owners need to spend our energy working on our own financial plans. Stay healthy!

I agree--if I were Hillcountry's daughters or a waiter or an Uber driver with little to no savings, I'd be terrified. The risk here is worse than the disaster we averted in the already terrible 2008 downturn. I am fully supportive of proposals voiced by Mitt Romney, Steve Mnuchin, Donald Trump to distribute cash to individuals and businesses in need. Perhaps this is because they sound like typical Democratic plans (haha). But it is good to see that most politicians on both sides of the aisle recognize the economic crisis.

Some might argue the coronavirus is yet another example of natural selection, of nature seeking to cull the herd.

Our society, in the name of being civilized, understandably has for decades put innumerable roadblocks up to prevent the operation of natural selection upon the general population.

Social programs, soup kitchens, health care: all these things act to prevent the unfortunates, the losers, those who made bad choices or just had bad luck from reaping the consequences and dying off.

I sometimes wonder whether it's really a good thing in the long run to mess with mother nature.

In view of the seriousness and uncertainties of this current health crisis, most of us are doing what we can to be positive and to try to alleviate the situation. Many people are barely managing to cope with this. In my opinion, it’s vile to post something as negative as your message.

Agreed. [emoji817]

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Only a sick person would even think such a thing.

I think the impact this is going to have and our national debt is much more worthy of concerned then the virus itself.

This administration didn't care about the National debt even before this hit so I doubt they care about it now.

Please....... I and sure you were not complaining when your broker account, 401k and/or any other related retirement account was increasing by 30% because the economy was booming.

And your hero Barack O cared? If I recall, HIS ADMINISTRATION increased the debt by more than all the previous presidents COMBINED. Get off your high horse cowboy...

You haven't been paying attention because I have been. Unlike many, more money is not my sole desire. I've worked very hard for 50 years and I'm appreciative and content with what I have accomplished and what I have.

He's certainly not my hero but he had my respect because of his morality. I was very proud of Trump's press conference the other day when he praised everyone, Republicans and Democrats, for coming together and pushing things through without trashing or name calling anyone. But that was short lived.

Then you are the only person in the country that complains when their retirement account increases. :laugh: I never said you were not proud of your accomplishments, As I am.

I took over a family business that was near bankruptcy and 20 years later more than doubled my sales, my fleet and employees not to mention what I help build in NYC and sold it for a nice profit but I am still concerned in my semi retirement that my accounts appreciate

I was very happy when my IRA was going up but I also expected it to come back down to reality, just not this way.
I've been through quite a few recessions so another one comes as no surprise. The surprise is what has caused it.
I was a small business owner for over 35 years so I know what the struggles are. I started with nothing, I had no family business and no college education. The only way I knew to get through recessions was to roll up my sleeves and work harder. Any successful business owner knows that the 40 hour work week is for employees only.
I'm registered as an Independent so I don't vote party lines. I vote for who I have the most respect for at the time. I really wish I could say I had respect for this President. But my respect is not money driven.

Reasonable people can disagree on spending, taxes, and deficits--but consistency is important. Obama's deficits were driven by stimulus policies to get us out of the 2008-09 crisis.

Trump is now about to do the same (on top of his previous policies designed to feed the stock market as Joey noted).

I noted earlier that I agreed with Trump's stimulus comments of the past couple of days (just as I agreed with Obama's 10 years ago). I wonder if the Trump supporters who railed against the Obama stimulus will now rail against the Trump stimulus? Or applaud the Trump stimulus and opine that they were wrong about Obama? Or come up with some sort of lame evasion for their inconsistency?

You really expected it to go down? Come on. Given the history of the market over the past 50 years that would be a very unsubstantiated point of view. I lived through the same recessions plus had to deal with 911 just 2 miles from my busiest concrete plant. I have seen more than my share of downturns mortgaged my home and business to the hilt to keep my employees going and worked 14 hour days six days a week for 30 years and maintained a CPA tax practice. You are preaching to the choir

If you've read my past posts on other threads, yes I expected a recession, and no, I wasn't wishing for one. I just didn't expect it would be caused by a Pandemic.

If you did then you are psychic or psychotic not sure which :laugh:

I wish I was psychic, maybe psychotic. Although I picked the perfect time to retire, March 1st, so maybe I am psychic. :D
I forced the tenant renting my property to sign a 10 year lease as I knew the 5 year lease, that he wanted, wouldn't be long enough to get me into the recovery years.
Expansions don't last forever. Recessions are a reset, but the cause of this one was not something anyone saw coming.

Does Village Kitchen accept plastic yet?

Thanks

Nope they don't.

It dawns on me that this is a great time for restaurants to upgrade their technology.

Lakeside has had an app for awhile (not a great one, but still an app), and I am happy to see that Burrito me does online orders now too (as of this week?).

Everyone else seems to be a pick up the phone and call type model, and with the cheapness of the engine options to choose from I am not sure why you would not want an online option at this point as it's so easy to set up and so inexpensive.

You don't even need to take credit cards if you don't want.....

That's your opinion; you've read mine.

What, we should only think and post good thoughts?

Hello, reality.

No but They do have an ATM


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Wow just wow. Pretty sure Hitler had a similar view

Oh, please.

I do not advocate doing anything harmful to anybody, I merely point out what to me is a pretty obvious thing.

Why is it taboo to discuss this issue?

To hell with political correctness: time for straight talk.

My wife manages a restaurant in Manchester which closed, possibly permanently.

Two things to note:
1. She filed for unemployment via the state website and it was very smooth. Since then they have become so overwhelmed that they are asking people to file on days based on the first letter of last name. In my opinion the state is doing a great job and being as proactive as they can be.

2. She called the bank about her car loan. They gave her a 3 month extension on the loan. Meaning that she doesn’t have to make a payment until June, but it does add 3 months to the term. I would suggest any of you do the same.

With over 1/3 of the confirmed US cases in NY, if I were you, I would head to NH before they quarantine the whole state.

Would love to but it’s tax season. Remember the stimulus package does not extend time to file, although you have always been allowed to file an automatic 6 month extension, personal returns are still due 4/15 however if you owe money the payment is due no later than 7/15 and no penalties or interest will be assessed.


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I was there 2 wks ago, and they're still only taking cash or checks- not a problem if you stop at a MAC machine first. happy eating!

I know we have our differences of opinion but stay safe.
I had an appointment with my accountant today and he's a personal friend of the family but he had to cancel because someone in his building was confirmed with the virus.

Absolutely above all differences are trivial stay safe and good luck with your taxes [emoji4]


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Headed to the lake this morning. Just got to make my usual stop at Home Depot at exit 20.
If I'm going to be quarantined I can think of no better place.:)

I agree. I would be doing the same if I could. For years now most of my clients don’t visit the office most mail and email their docs. It’s the ones that mail that are the issue. [emoji22]


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This is the first time in almost 40 years that my wife and I won't have a face to face sit down with our accountant. It's more of a social catching up session than a tax session.

That’s what mine are lol. I have been taking care of 80% of my clients well over 20 years and most have become friends.


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Looks like you have until July 15th to file now.

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Looks that way but unfortunately that States have yet to follow. I expect thy will in the coming days but also as the President said, if you are expecting a refund as 77% of filers do, get your return in ASAP so you have the cash in a few days

I believe you still have to file but you can delay paying.

Filing has been extended to July 15.

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they did extend filing date also to July 15 today