Tag: COVID-19

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 8. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

FEDERAL UPDATE:
The Treasury Department reported today that as much as $90 billion in PPP loans have been approved to date. Direct financial relief for Americans is currently planned to be direct deposited on April 15th of this month for those who have banking information on file with the Treasury Department.

All the Federal Agencies are working tirelessly to help Americans through this crisis. President Trump was on today’s call and thanked all the supporters in this time of crisis and to keep up the good work.

The President is asking Congress for additional funding to help businesses through this. The Senate and House are expected to move on this tomorrow, which is likely to include an additional $200-$250 billion for SBA loans.

TIA UPDATE:
We’re hearing from trucking companies that drivers are having a hard time getting wipes and hand sanitizer. We’ve reached out to city FEMA Administrators to see if they can provide assistance. If you can help your drivers, they’d appreciate it!

A reminder that you won’t want to miss tomorrow’s webinar: FMCSA’s Response to the COVID-19 Pandemic. This session will feature FMCSA’s Acting Administrator Jim Mullen + Q&A and is sponsored by Truckstop.com.

We’ll be back tomorrow with COVID-19 updates and information that came through overnight.

Enjoy the Andrew Sisters as they sing “The Lady from 29 Palms.“

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 7. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

FEDERAL UPDATE:
The U.S. Senate plans to pass another smaller relief package on Thursday by voice vote that could potentially provide an additional $200-$250 billion in additional funding for small businesses.

There has been a huge influx of applications to the SBA PPP loans over the last couple of days and Congress wants to ensure that as many small businesses can take advantage of this important loan as possible.

TIA UPDATE:
TIA’s Virtual Lunch & Learn webinar series is proving to be a hit with many of you, as we had more than 110 registrants for this afternoon’s session providing a walkthrough of the SBA’s Paycheck Protection Program. If you were unable to attend, you can view the session on-demand. Thank you again to McLeod Software for sponsoring today’s webinar.

A reminder that you won’t want to miss Thursday’s webinar: FMCSA’s Response to the COVID-19 Pandemic. This session will feature FMCSA’s Acting Administrator Jim Mullen + Q&A and is sponsored by Truckstop.com.

NOËL PERRY’S DAILY COVID-19 UPDATE:
As I suspected, the dramatic reduction we saw in Sunday’s new cases for the U.S. and France included some Sunday accounting. Obviously some missed cases showed up in today’s numbers, raising new cases above Sunday’s count. Nonetheless, the average for both was well below their Saturday peaks, indicating an inflection point. We will know more tomorrow.

Almost everybody else was down on new cases. The consistency of the patterns across multiple countries and regions indicates that the worst is past for new cases. Given the lags on deaths, we have several more days before those numbers inflect.

It looks like the World will total 150,000 deaths and the U.S. around 50,000. Those are troubling numbers for sure. We can be thankful that they will fall short of the fears of millions of deaths.

We’ll be back tomorrow with COVID-19 updates and information that came through overnight.

Here’s Bing Crosby singing about the “Dear Hearts & Gentle People” that live in his home town. We love hearing from you, our dear hearts and gentle people, but we really missed seeing you in Austin last week.

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 6. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

FEDERAL UPDATE:
On April 6, 2020, the Department of Labor (DOL) Wage & Hour Division promulgated temporary regulations to implement public health emergency leave under the Family & Medical Leave Act (FMLA) and emergency paid sick leave to assist working families facing public health emergencies arising from the COVID-19 pandemic.

The provisions under this temporary rule are in effect until December 31, 2020, and will not affect the FMLA after the expiration date. This temporary rule went into effect on April 1, 2020.

There are several clarifications in this temporary rule, including who counts as an employee. For additional information, please review TIA’s Guidance on DOL’s Temporary Rule.

TIA UPDATE:
Join TIA this week for two exciting (and topical) Virtual Lunch & Learn webinars as we dig deeper in trying to understand the impacts COVID-19 will have on the logistics and transportation industries.

• Tuesday, April 7: Government Relief Alphabet Soup: SBA, EIDL, PPP – What Do They Mean & How Can They Help You & Your Business
  • TIA has assembled a panel of experts who have successfully led other small businesses through the PPP loan process despite the first days of chaos.
  • Sponsored by McLeod Software
• Thursday, April 9: FMCSA’s Response to the COVID-19 Pandemic
  • This session will feature FMCSA Acting Director Jim Mullen, who will discuss FMCSA’s COVID-19 Emergency Declaration and HOS Relief for drivers providing direct assistance in support of relief efforts.
  • Sponsored by Truckstop.com

NOËL PERRY’S DAILY COVID-19 UPDATE:
Very good news from France and the U.S. if Sunday stats hold up. With the big French fall in new cases, Western Europe moved down as a whole. Note, however, that the UK was up significantly. North America continues to be dominated by the U.S. Mexico and Canada were up. Tomorrow will tell us if these big trends continue. The French number will bear watching given recent measurement changes there. Deaths were also down in many countries. That is the stat that is most important in the end.

 

 

Wearing his other hat, Noël Perry reports on Truckstop.com’s market demand index: As usual, the MDI serves as a quick indicator of market conditions. After jumping up from the initial hoarding surge, the numbers are plunging rapidly, as you would expect is a third or so of the economy is dormant. There is no mystery here. The pricing numbers are also moving down.

 

 

The Supply Chain Analysis Network (SCAN) Update:
SCAN is reporting that large truck volumes are, on average, 5% – 10% lower than normal conditions, while total U.S. traffic volumes are generally 30% – 50% lower than average. SCAN also warns city and state officials that, “It’s vital that truck drivers are not subject to self-quarantining in applicable ‘hot spots’ and are not subject to highway checkpoints.” SCAN further reports the following:

• Pilot/Flying J: Stores open, showers open, gas open, food available, on-site restaurants closed;
• Love’s: Stores open, showers open, gas open, food available, on-site restaurants open(reduced hours);
• TA/Petro: Stores open, showers open, gas open, food available, on-site restaurants some open;
• Roady’s: Stores open, gas open, food available, on-site restaurants closed.
• Gas Stations & Hotels: Typically are not subject to mandatory closures.
• Truckstop Showers: Typically open.

SCAN is intended to provide two evidence-based products to FEMA. Within the first 24hrs – and thereafter as needed – an “ecosystem assessment” is developed focusing on inbound and outbound flow, principal nodes, links and/or channels, critical dependencies, and a strategic assessment. This is followed by a regularly updated “lifelines assessment” that provides more detail on individual flows, network behavior, and observed changes.

The ecosystem assessment attempts to synthesize a strategic view. The lifelines assessment attempts to analyze operational progress. These products are intended to depend on open sources. TIA is participating in SCAN through the American Logistics Aid Network and directly with FEMA.

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We’ll be back tomorrow with COVID-19 updates and information that came through over the weekend.

Instead of music from the 40’s today, here’s a clip of the address Queen Elizabeth II made Sunday to the United Kingdom and Commonwealth. The Queen is the longest-serving world leader and the only current world leader to serve during World War II where, as Princess Elizabeth, she wore her country’s uniform as a member of the Auxiliary Territorial Services serving as a mechanic. This picture is from April 1945 as she explains to her mother what she is working on. We will all meet again.

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 2. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

CARRIER & SHIPPER PAYMENTS SURVEY:
As we continue to respond to the COVID-19 crisis by providing our members with the resources and tools they need to weather the storm, we are asking you to complete a 15-second survey on the current state of carrier and shipper payments. All responses are anonymous and data will only be used in aggregate.

SBA UPDATE:
Following the release of additional information on the SBA Paycheck Protection Program Loans/Grants, we learned that in applying you may not be permitted to delay making required Social Security payments. We are currently examining the details of this provision and will provide additional guidance as soon as possible.

We are also working as quickly as possible to organize a Virtual Lunch & Learn on applying for the SBA Paycheck Protection Program Loans/Grants.

VIRTUAL LUNCH & LEARN:
Hope you enjoyed the first part of Beth Carroll’s Virtual Lunch & Learn about the steps you need to take now to keep your compensation plan from sinking your business. Beth is scheduled to finish this two-part Virtual Lunch & Learn next Tuesday (April 7). This information is critical to every Member and Associate that has a commission plan. Access this webinar on-demand!

Join TIA on Thursday, April 9th for our Virtual Lunch & Learn, featuring FMCSA Acting Administrator Jim Mullen, who will be discussing the FMCSA Emergency Declaration in response to COVID-19 and the HOS Relief for drivers providing direct assistance in support of relief efforts. Acting Director Mullen will also be answering questions, so don’t miss the opportunity to get answers directly from the source!

MISCELLANEOUS:
With millions of American’s turned into remote employees seemingly overnight, many are finding it difficult to stay connected, motivated and productive. The Association for Talent Development (ATD) has put together a series of “life hacks” in a resource library of curated reads and videos that can help you – and your employees – successfully transition to teleworking during the COVID-19.
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We’ll be back tomorrow with COVID-19 updates and information that came through overnight.

As the sun shines and the mercury rises here in the Nation’s (deserted) Capital, enjoy the sounds of Les Brown & His Band of Renown as they play “Heat Wave.“

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for April 1. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

FEDERAL UPDATE:
The Small Business Administration (SBA) announced today that lenders may begin processing SBA 7(a) forgivable loan applications under the Paycheck Protection Program on Friday, April 3, 2020. These loans are first come, first serve, so please do not hesitate to apply for the loan.

For additional information, please view TIA’s Paycheck Protection Program Guidance. TIA will also be hosting a Virtual Lunch & Learn next week on this subject, providing a walkthrough on applying for an SBA loan, so stay tuned for those details.

Cybersecurity & Infrastructure Security Administration Director Chris Krebs reported on the federal government’s effort to understand and map the critical components – including you – in the supply chain of essential goods.

LEGISLATIVE UPDATE:
On a call with the White House this afternoon, the Trump Administration reported on their efforts to get the $2 trillion relief package in the hands of American families, businesses, states, cities, tribal regions, schools, etc.

There is a lot of chatter around D.C. about Phase IV of the Coronavirus Relief Package, and the desire to make infrastructure part of the proposal. President Trump indicated yesterday in his COVID-19 update that he would like to see $2 trillion for infrastructure. Speaker Pelosi has followed suit, noting that she has asked her Committee Chairman of jurisdiction to begin drafting language with $760 billion over five years for infrastructure. Committees will start drafting the language next week, with the goal of taking up the language when the House returns on April 20th.

This is a critical time especially for the Highway Trust Fund (HTF), as it will become insolvent sooner as people are not driving, and thus not purchasing gas and the subsequent tax that is allocated towards HTF. ASHTO projects that states will lose between $30-$50 million in HTF dollars as a result of the COVID-19 crisis.

TIA UPDATE:
This week, TIA launched its new Virtual Lunch & Learn webinar series to provide information you can put to immediate use during this time of crisis. If you’re unable to attend live, webinars will also be available on-demand for viewing at your convenience.

Our first Virtual Lunch & Learn dealt with the recently expanded Family Medical Leave Act, which went into effect today and applies to business with fewer than 500 employees. If your business is 500 or fewer employees, you will need to provide them with this poster today.

In tomorrow’s webinar, Beth Carroll will lead the first of a two-part Virtual Lunch & Learn about changes you need to make to your compensation plans immediately.

NOËL PERRY’S DAILY COVID-19 UPDATE:
Be careful in interpreting “projections” for U.S. deaths to include the one I am reading from CNN right now, for 84,000 American deaths. We currently have 188,000 cases and 3,900 deaths domestically. Let’s conservatively say we reach inflection sometime in the next week and total 600,000 cases before reaching recovery. At the current death rate of 2.1%, that equals 11,000 deaths.

Such a “projection” is a conservative look at the actual statistics available so far. It produces numbers fundamentally smaller than many expert projections. To get to the CNN number (or others like it or larger), one must assume an acceleration of contagion or mortality rates that has occurred in no country over the more than two months of this crisis. If such an event shows in the numbers, I will inform you clearly and promptly. Until then, let’s care for the victims we have.

A mixed day, with a significant increase in the U.S. cases and deaths. We may well have to wait longer for inflection. Italy inflected at 35 days and Iran may have inflected today, at 36 days. The U.S. is at 25 days and counting. Europe was generally good except – for a bad day from France at a 3,202-cases increase. Six European countries including, Italy, have falling statistics – something none did a week ago.

Note that I have added Mexico to get a North America total. I have also added Singapore, a country who considers itself on the road to recovery and is relaxing restrictions on social activity. Sweden, which has also done that, has had increases in cases the last two days. You will also find totals for ‘Other’ countries, everybody but North American and Western Europe where the contagion is concentrated so far.

Barring some big change in trends, these stats show a very large difference in results between countries and regions. It has to be more than simply differences in enforcement policies.

 

MISCELLANEOUS:
DAT has released a Market Update in Response to COVID-19, which provides an analysis of supply and demand trends, rate trends, and future forecasting. Read the full update here.
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We’ll be back tomorrow with COVID-19 updates and information that came through overnight.

For this afternoon, please enjoy Tommy Dorsey’s “Opus One.”

Businesses Are Encouraged to Apply Beginning April 3, 2020

April 1, 2020 – ALEXANDRIA, VIRGINIA – Transportation Intermediaries Associations (TIA), the largest association representing third-party logistics companies, released today the following statement from President & CEO Robert A. Voltmann, CAE, regarding guidance released by the Small Business Administration (SBA).

The SBA announced today that lenders may begin processing SBA 7(a) forgivable loan applications under the Paycheck Protection Program on Friday, April 3, 2020.

These loans are first come, first serve, so please do not hesitate to apply for the loan.

On behalf of TIA and our 1,800 member companies, I encourage all of you who meet the 500 employees or less employee threshold – per the “CARES Act” economic relief legislation – to inquire with your local bank or financial institution about applying for this great stimulus loan program.

TIA fought for the Paycheck Protection Program with your businesses and employees in mind. We believe that no American family and no American business should fail because of a virus beyond our control.

Please take note of the following specifics related to this program:
• A small business is eligible to borrow 250% of their average payroll expenses (up to $10 million) in capital to be used for meeting payroll, rent, mortgage interest or utility payment obligations.
• It is crucial you maintain your payroll for eight (8) weeks, as this is the determining factor for loan forgiveness.
• Loan payments will be deferred for six (6) months.
• No collateral will be required for these loans and no fees will be charged by the government or lenders.
Our members, the third-party logistics companies that facilitate freight from the manufacturer (shipper) to the motor carriers and other modes, are essential during this COVID-19 crisis. Many of them are struggling financially through this crisis and have been directly impacted by the recent economic and health downturn.

I once again urge you to reach out to your local banks and inquire about the SBA 7(a) forgivable loans under the Paycheck Protection Program; this is an opportunity to not only secure funds for your business but for your employees who have also been struggling during this trying time.

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for March 31. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

TIA UPDATE:
Thank you to those who joined us today for TIA’s first Virtual Lunch & Learn webinar: Families First Coronavirus Response Act & Related Employment Issues. A special thank you to Margo Wolf O’Donnell with the Benesch law firm for her great presentation on new Family Medical Leave Act and Sick Leave provisions, and how they affect TIA Members.

For those who could not join us, a recording of the webinar is also available. As mentioned during the webinar, if your business has less than 500 employees you are required to adhere to these rules, unless you apply for an exemption. It is highly recommended that you send the Department of Labor’s template information sheet to your employees as soon as possible. This is a legal requirement.

Mark your calendar for our next Virtual Lunch & Learn webinar on Thursday afternoon: Is Your Incentive Compensation Plan Helping You or Hurting You Right Now? (Part I). Beth Carroll will review common freight broker compensation structures to examine how they are affected by external market economics, in ways that are not always intended.

If you have ideas or suggestions for webinar session topics, let us know.

MISCELLANEOUS:
Drury Hotels would like to show their support for the service the transportation industry is providing during the COVID-19 crisis by offering your drivers a special “Travel Healthy” rate available at their more than 150 locations nationwide. Rates start at just $59.00 per room, per night and include complimentary breakfast and wifi.

For details on Drury Hotels’ “Travel Healthy” offering – or to access the promo code to receive the special rate – click here.
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We’ll be back tomorrow with the day’s latest COVID-19 updates and information.

For all the parents out there who are now doubling as school teachers, here’s Bing Crosby’s “Swinging on a Star.”

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Daily Update for March 30. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

TIA UPDATE:
We seem to have settled into a new normal, with updates and changes coming much less frequently. So, we’ll trim these updates back to once a day unless things heat up again – hopefully not!

We are very excited to be able to offer our new Virtual Lunch & Learn webinar series, every Tuesday and Thursday at 12:00 PM EDT throughout the crisis. The purpose is to provide you with information and strategies that you can execute immediately to benefit your business. The webinars will be recorded and available on the TIA website.

If you have ideas or suggestions for webinar session topics, let us know.

NÖEL PERRY’S DAILY COVID-19 UPDATE:
Please treat these numbers cautiously because they could be influenced by low Sunday accounting. That said, this was a very promising day with decreases in new cases for almost everybody, even the U.S. As a result, the Western Europe and World totals were down as well (shown in the table for the first time).

Among the countries I track, only Denmark and Australia went the wrong way, but Australia has a suspicious Sunday count (or is it Monday there already?). Should these overall numbers repeat for a few days, the contagion has probably turned a corner, at least among the countries that have been suffering for a while.

Not importantly that reaching inflection only means that the problem is roughly half through. It is a necessary precondition to the departure of the bug, but there would be two to three weeks of significant contagion thereafter before the problem is weakened enough to prod governments into removing embargoes.

We can, however, be encouraged by the Swedish example, a government that has chosen to make the majority of its restrictions voluntary. So far, they have not had a worse problem than their Western European counterparts, all of whom have made serious mandatory restrictions. That experiment bears watching. Should it continue to produce similar results, the experience may encourage other governments to relax some restrictions bringing welcome reliefs to their economies.

 

 

MISCELLANEOUS:
Avalon Risk Management has issued Risk Management & Coverage Considerations to guide businesses through the COVID-19 crisis.

We provided an update on Friday afternoon from CargoNet about security during the crisis, which you can read in full.

Eric Starks, Chairman & CEO of FTR Transportation Intelligence, is also providing updates, information, and guidance related to the COVID-19 outbreak and resulting crisis, which can be found here.

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We’ll be back tomorrow with the day’s latest COVID-19 updates and information.

Please enjoy the theme song from one of my favorite movies, “As Time Goes By” from 1942’s Casablanca.

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Afternoon Update for March 27. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

CONGRESSIONAL UPDATES:
With the successful Senate vote of 96-0 and the House of Representatives final passage by voice vote today of the “CARES Act”, TIA President & CEO Robert A. Voltmann, CAE issued the following statement:

On behalf of TIA and our 1,800 member companies in all 50 states, I want to praise both the House of Representatives and the Senate for passing this major legislation. This is the relief both individuals and businesses have been eagerly waiting for.

To our valued member companies, I can finally tell you that the wait is over, and relief is finally on the way for you, your staff and your business.

This legislation cuts through the political talking points and rhetoric, providing real Americans with real relief, in real-time. For the last month, our country, and our members, have been reeling from the ongoing COVID-19 fallout. While this disaster is far from over and the economy remains down, this emergency relief package mitigates some of the damage perpetrated by COVID-19.

Our members, the third-party logistics companies that facilitate freight from the manufacturer (shipper) to the motor carriers and other modes, are essential during the COVID-19 crisis. Many of our members are struggling financially through this time and have been directly impacted by this economic and health downturn.

I want to thank the leaders of both chambers – in both parties – that worked tirelessly to get to yes; our members and millions of Americans thank you for this action.

TIA VIRTUAL LUNCH & LEARN:

As TIA continues its efforts to provide a suite of resources to our members and the industry in response to the COVID-19 crisis, we’re excited to announce the launch of TIA’s new Virtual Lunch & Learn webinar series.

TIA’s Virtual Lunch & Learn webinar series will be held semiweekly on Tuesday and Thursday afternoons from 12:00 PM – 1:00 PM ET through at least June 2020.

This interactive webinar series is FREE to TIA Members and Capital Ideas Conference Registered Attendees and will provide participants with an opportunity to learn and engage with industry peers during these times of social distancing and teleworking.

Information on the first three Lunch & Learn webinars in the series is below but we want to hear from you on the topics you would like to see presented moving forward. Please complete this brief 30-second survey and let us know what you want from TIA’s Virtual Lunch & Learn webinar series.

Tuesday, March 31: Register Now
Families First Coronavirus Response Act & Related Employment Issues
Presented by Margo Wolf O’Donnell | Co-Chair – Labor & Employment Practice Group | Benesch, Friedlander, Coplan & Aronoff LLP

Thursday, April 2: Register Now
Is Your Incentive Compensation Plan Helping
You or Hurting You Right Now? Part I
Presented by Beth Carroll | Managing Principal | Prosperio Group

Tuesday, April 7: Register Now
Is Your Incentive Compensation Plan Helping You or Hurting You Right Now? Part II
Presented by Beth Carroll | Managing Principal | Prosperio Group

MISCELLANEOUS:
CargoNet: Message to the Industry (COVID-19)
During this unprecedented global health emergency, we are all looking for ways that we can help. It is our belief that in tough times it is more important than ever to band together and support our supply chain community in any way possible. Many criminals will see this as an opportunity to take advantage of the fact that securing cargo may not be an immediate priority. To this end, CargoNet will be providing complimentary cargo theft response services… Read the full message.

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We’ll be back on Monday with the Morning Edition featuring COVID-19 updates and information that came through over the weekend.

On what is a MUCH-NEEDED sunny afternoon in the Nation’s Captial, here’s Count Bessie and “Makin’ Whoopie.“

As TIA continues to monitor the situation surrounding COVID-19 and it’s impact on the 3PL and transportation industries, here is your Morning Update for March 27. As a reminder, you can find all the latest information, resources, guidance, and news from TIA’s COVID-19 Response Center.

FMCSA UPDATE:
TIA is honored to work with the Association of Equipment Manufacturers (AEM) to ensure that freight continues to move freely along the supply-chain during the COVID-19 pandemic and that both of our industries continue to be considered essential during this crisis. Please see the letter to FMCSA Acting Administrator Jim Mullen.

TIA VIRTUAL LUNCH & LEARN WEBINARS:
As TIA continues its efforts to provide a suite of resources to our members and the industry in response to the COVID-19 crisis, we’re excited to announce the launch of TIA’s new Virtual Lunch & Learn webinar series.

TIA’s Virtual Lunch & Learn webinar series will be held semiweekly on Tuesday and Thursday afternoons from 12:00 PM – 1:00 PM ET through at least June 2020.

This interactive webinar series is FREE to TIA Members and Capital Ideas Conference Registered Attendees and will provide participants with an opportunity to learn and engage with industry peers during these times of social distancing and teleworking. This webinar series is valued at $699.

Information on the first three Lunch & Learn webinars in the series is below but we want to hear from you on the topics you would like to see presented moving forward. Please complete this brief 30-second survey and let us know what you want from TIA’s Virtual Lunch & Learn webinar series.

Tuesday, March 31: Register Now

• Families First Coronavirus Response Act & Related Employment Issues
• Presented by Margo Wolf O’Donnell | Co-Chair – Labor & Employment Practice Group | Benesch, Friedlander, Coplan & Aronoff LLP

Thursday, April 2: Register Now

• Is Your Incentive Compensation Plan Helping You or Hurting You Right Now? (Part I)
• Presented by Beth Carroll | Managing Principal | Prosperio Group

Tuesday, April 7: Register Now

• Is Your Incentive Compensation Plan Helping You or Hurting You Right Now? (Part II)
• Presented by Beth Carroll | Managing Principal | Prosperio Group

NÖEL PERRY’S DAILY COVID-19 UPDATE:
The current numbers show lower infection rates than feared. Even in Italy, only one in 900 people have been infected, and one in 9,000 have died. In the U.S., the numbers are one in 7,000 and one in 500,000. The relatively low infection rates mean the virus itself is unlikely to deny you many workers. The risk is from quarantining. Fatality rates elsewhere in the world have been higher than average for viruses (10% in Italy), although that is elevated by inadequate testing. South Korea is the lone country to have tested adequately. Its rate is 1.4%. The U.S. and several other countries with advanced health systems are in the same ballpark as South Korea.

It appears that this strain of bug reaches an inflection point where the number of new cases starts dropping at between 20 and 35 days from onset. Such timing would allow be short enough to allow relatively orderly recovery from the economic hits from quarantining. Longer timing or steeper peaks in cases would put such economic order in jeopardy. Keep your eye on those statistics.

Whatever the scenario, there is a real chance that this shock could set off a deep recession lasting into 2021. Caution is advised. If a more negative health effects scenario materializes, such a recession becomes very likely. Download Noel’s full report on “What Are the Numbers Telling Us?” today.
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Wishing everyone a Happy Friday and hope you all enjoy a much deserved weekend. Here’s Glenn Miller’s “Moonlight Serenade” to close out your week.