Government and Businesses Turn Attention to Eventual Reopening of $22 Trillion U.S. Economy
Once social distancing slows coronavirus pandemic, tough questions follow over how to get the nation back to work: ‘It isn’t like a light switch on and off’
With some preliminary signs that infections from the virus are slowing, the whole nation is hopeful to get back to business as soon as possible. But a host of questions arise: Under what conditions should people be allowed back to work and stay-at-home orders be lifted? How will people at work be monitored for reinfection or antibodies to prevent a resurgence of the deadly virus? Does it all happen at once or is it staggered? Who is in charge of the effort?
New York, the state hit hardest by the pandemic, is looking to join with New Jersey and Connecticut on a unified reopening approach. “We cannot restart life as we knew it without testing,” Democratic New York Gov. Andrew Cuomo tweeted Tuesday.
Democratic Gov. Phil Murphy of New Jersey, which has the second-most Covid-19 deaths, said the resumption of economic activity would be “slow and careful, because the last thing we’re going to need is going too quickly.… That’s the equivalent, I think, of throwing gasoline on the fire.”
Plans to Reopen Economy Depend on Testing
Bloomberg Reports The White House is developing plans to get the U.S. economy back in action that depend on testing far more Americans for the coronavirus than has been possible to date, according to people familiar with the matter.
The effort would likely begin in smaller cities and towns in states that haven’t yet been heavily hit by the virus. Cities such as New York, Detroit, New Orleans and other places the president has described as “hot spots” would remain shuttered.
The administration sees rapid and widespread testing as a crucial step, one person familiar with the matter said, allowing public health authorities to better identify infected people, including those who don’t show symptoms, and isolate them from healthy people who could go about their businesses.
New York Has Developed Antibody Testing Regime
The New York Department of Health has established a COVID-19 antibody testing regimen for use in the state, Governor Cuomo announced Tuesday.
It must be brought up to scale to be an effective tool to determine if persons who already contracted the virus and have recovered have the anti-bodies that can be used on others who currently have the deadly bug.
Cuomo said we must start planning for the post-virus economy and the best way to get there is to continue social distancing, but that depends upon everyone.
New York seeks private sector partners to bring rapid COVID-19 testing to scale and accelerate testing capacity.
Businesses interested in working with the state to manufacture these rapid tests on a large scale should contact Empire State Development at 212-803-3100 or COVID19supplies@esd.ny.gov
Companies are Cutting 401(k) Matches Because of the Coronavirus
“We are getting more inquiries from plan sponsors about what their options are,” according to Jerry Patterson, senior vice president of retirement and income solutions at Principal Financial Group. “And in some cases, we are seeing actual action taken to amend plans to reduce or suspend the match. And we expect that, as this goes on, we’ll see more of that. It will come, I think in different degrees from sectors that are being impacted most severely.”
Harris Beach Webinar: Update on COVID-19 Labor & Employment Law Issues
Information and legal guidance on how employers should address COVID-19 continues to evolve. Join our complimentary webinar for an overview and Q&A that addresses the latest legislation and legal considerations. Our labor and employment attorneys, with vast experience counseling the private and public sectors, will address:
- Paycheck Protection Program and other relief for employers in the CARES Act
- Unemployment Insurance in the pandemic
- Employers’ FAQ’s on State and Federal leave laws and other COVID-19 issues
April 9, 2020, 8:30 – 10:00 a.m. ET
ULSTER COUNTY Webinar to Discuss SBA Loans and Other Financial Resources & Assistance TODAY at noon
County Executive Pat Ryan, President & CEO of Ulster Savings Bank William C. Calderara, and Regional Director of Mid-Hudson Small Business Development Center Arnaldo Sehwerert will deliver information on the SBA Loan Programs
You MUST preregister to attend.
When: Apr 8, 2020 12:00 PM Eastern Time (US and Canada)
Topic: Ulster County Covid-19: Meeting for Businesses
Please click the link below to join the webinar (NOTE: Registration is required)