Thoughts?: Stunned. Still in disbelief. Modern times have not experienced a global pandemic like this. We have no baseline to go on. Only stories handed down from older grandparents and great grandparents such as the Spanish Flu....but back then in the 1918 era...times were different compared to todays high population and density and widespread fast travel.
Business wise: Wife...she's a Realtor...in the top 5% of our state. Normally this time of year is CRAZY busy for her...she makes more "just in the spring" than....close to my years salary. Gonna hurt us.
My work....just before this flu thing kicked in around the US...we had opened up and hired a 6th position at our company...a full time helpdesk person. His second week with is...barely started training..is when the "work from home" stuff started kicking in. My colleague and I will feel HORRIBLE if we have to let staff go. We too had a record month of March.
Since we support business clients only, and we're their IT support...we are considered "essential". We have healthcare clients, municipality clients, accounting/payroll clients, insurance clients, and every other type of business out there. We've severely cut onsites..."emergency only". Of course with our tools most of our work can be done remotely...but normally we do have a lot of hardware in and out. So a good part of our sales is on "halt" for this. We've been CRAZY busy for the past 2 weeks getting clients setup to work remotely from home. But that's low dollar, low profit work..important..but...not the usual higher profit consulting fees for projects and hardware sales/installation we live on. At our office we're spread out..2x of us per large room (we have 3x large offices...plus 2x small offices for our server room, supply room, storage)....so we're not close to each other. No more "visits" from clients.
So....my gut...most of our clients can "live off their fat" for this first month of ..."stay at home". But going into the second month...many will start hurting. By the third month..we'll see the results of their starvation...they'll call us asking to cut down/chop down..even discontinue, their monthly MSP contracts. Our accounts receivable will start slowing down around the 60-90 day mark. Come June..and more into July..we'll really start feeling the effects of this.
We applied for the EIDL loan at work...the SBA loan, the first 10 grand will be forgiven, can borrow up to 200k without collateral, and up to 2 million if you need..at 3.75%. We'll just do the $10k. Won't go far, over a portion of a months expenses, but...hey the government is doing this to try to stimulate the economy and keep things moving a bit, prevent business from closing. And we'll get the PPP application done this week, covers employee payroll for 8x weeks. That'll help keep us treading water for 2x more months and slow our sinking. We had just made some major purchases and services onboarding with contracts at the beginning of the year...to prepare for some big plans this year. So our "reserves...rainy day funds...in case of emergency break glass funds"...are a little lower than normal. Ugh.
For home, my wife, she applied for the EIDL...and that 10k can help float her for a couple of months, as she works out of home for her real estate. With her being a sole proprietor, we're unsure of the PPP yet...still gathering intel on that. She's going for her brokers license..so being an s-corp is down the road more, unfortunately not yet.
We normally do a lot of travel in the spring and fall. As I type this, wife and I were supposed to be in St Augustine.. (waves to Philip...nearby)...as we hadn't explored the north east corner of Florida yet as we learn about all areas of the state for a place to move to. She also had a work function in Orlando in June, and another trip to visit her mom in Boyton Beach in June. And in May we were supposed to go to Bar Harbor Maine. (would have waved to Lefty driving by as we probably would have driven through his town again on the way to Booth Bay).
All those trips...cancelled!
Today I'm going to the marina to start sanding the boat bottom...when we bought the boat a couple of years ago, prior owners just kept layering on bottom paint. Poor condition, time to take it down to the gel coat and start fresh with nice barrier paint. Black paint. I'll be having black teeth and snots and eyes. Why? Can't find particulate masks (construction face masks). Ahh well, they have to be focused on more important causes such as helping to keep our valiant healthcare workers safe.
I dunno...I'm still trying to wrap my head around this. It's...something we've never had to deal with in our life times...or our parents life times. The whole world! I've been around healthcare before (via our clients) during the prior "flu" variants like H1N1...but they were no where near close to what this is! The spread is SO FAST....occurring in SUCH A SHORT TIME PERIOD.
The way I look at it, this "stay at home/quarantine" thing will last longer than a month or two. IMO they'll have to keep pushing it into June...at least.
And this flu doesn't seem to care about temps/humidity like most flus...just look at New Orleans outbreaks, and in Florida and other southern areas. It's not the typical "just a winter flu..up north" thing.
I bet this fall we'll see a resurgence, as people start closing windows of their homes, being indoors more.
Ultimately, I think we have 2x outcomes. Either..."it spreads across the entire herd"...so we all built immunity to it (sadly sacrificing the weaker ones), or...a vaccine comes out. Which will be first?
I pray all of you and yours stay healthy through this. I do not directly know anyone that got it yet, I'm lucky to live in an area that has not been high infection rate yet (south east corner of Connecticut..although it's spreading this way rapidly from the west). I do have friends in other areas that have already lost friends to this.
Food shopping is now weird...for sure.
I used to use toilet paper like I was spinning the wheel on "Wheel of Fortune". Now I slowly turn that roll like the dial on a safe I'm trying to crack!
It's torture watching the 401k account! Looks like I'll be working til I get buried in the ground......but I keep putting in every week...it'll bounce back. Just tough to watch after such a good year last year.
Stay Safe, Be Well, Remain Healthy, ....to all SG members!
Bookmarks