It Could Be a Great Year, if Your Business Survives Winter <font color="#6f6f6f">The New York Times</font>
Continue reading the main story
Continue reading the main story
It Could Be a Great Year, if Your Business Survives Winter
Tough sacrifices may still be required, but many see a post-pandemic resurgence in the year ahead.
Nelson D. Schwartz and
For Ashlie Ordonez, owner of the Bare Bar Studio, a spa in Denver, vaccinations for the coronavirus can’t come soon enough. While she anticipates better days later this year, surviving until then will be a struggle, and she knows the next few months will be lean ones.
“I sold my wedding ring so we could pay the bills and keep the doors open,” she said. “I’m sacrificing everything to make it through this pandemic.”
Vinay Patel, who manages a chain of nine hotels in Maryland and Virginia, is looking even further out for a recovery: “2022 is when we’ll see the real true potential of the vaccine.” Mr. Patel added that his biggest hope for the coming year is a measure of stability, if not prosperity.
As 2021 begins, business owners big and small confront a rapidly shifting landscape. An end to the pandemic is in sight as inoculations begin, but the slow pace of vaccinations has delayed the turnaround they were counting on. Hanging on is the chief goal for many, even as others look ahead to what they consider to be an inevitable rebound.
the economy lost 140,000 jobs in December. It was the first decline in months, with the leisure and hospitality sector alone losing half a million positions as lockdowns are enacted.
“There is light at the end of the tunnel,” said Brian Moynihan, chief executive of Bank of America. “But there’s a side of the economy that’s still in trouble. There’s a group of Americans who want to go to work but can’t because work isn’t open.”
Mr. Moynihan said he was pleased that the $900 billion pandemic relief package was passed and signed into law after many fits and starts, and he favors more stimulus if necessary. Roughly 19 million workers are collecting unemployment benefits, and the employment picture remains bleak for many lower-wage workers in the service economy.
The Coronavirus Outbreak ›
An N.J. lawmaker tests positive after being in lockdown in Capitol.
The Palestinian Authority authorizes use of Russia’s Sputnik V vaccine.
Washington has another problem: The coronavirus is surging in the capital.
“The days of having a permanent budget or a permanent plan are gone for a while,” said Mercedes Abramo, chief executive for North America at the luxury-goods purveyor Cartier. “You’ve got to manage through this ambiguity.”
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.
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