On November 8, the U.S. will open borders to foreign travelers, marking a new stage in the pandemic. The Delta variant surge is easing, vaccinations and boosters are available to more people, and mask mandates are being dropped. Case counts appear to be decreasing, and hospitalizations are declining in most parts of the country. However, worker shortages – particularly in restaurants – persist as a reminder that the pandemic is… Read more
The pandemic may change business travel as we know it forever. The Global Business Travel Association reported a nearly 90% drop in business travel last spring, as businesses were forced to conduct business via Zoom. While travel is increasing compared to a year ago, it is still sharply down from pre-pandemic levels. Post-pandemic, virtual business meetings may continue to be the norm. Travelers who are willing to venture out may… Read more
Global supply chain delays have become so bad that the biggest U.S. retailers are chartering their own cargo ships to stock shelves this holiday season. Walmart, Home Depot, Costco, and Target are among companies that are paying the additional expense to mitigate holiday disruptions. While the smaller ships these companies will use are far more expensive than the larger ones, they have the advantage of the ability to dock at… Read more
What does it cost to be hospitalized for COVID-19? A study by The Wall Street Journal found the cost can vary by tens of thousands of dollars, depending on the hospital and the insurance policy. While most insurers waived out-of-pocket costs for patients for most of the pandemic, many patients are now receiving bills for hospital stays, which can depend on rates negotiated between hospitals and insurers. For example, at… Read more
The legal cannabis industry has been absorbing furloughed, laid-off, and disenchanted retail and restaurant workers at a rapid pace throughout the pandemic. An estimated 321,000 people in the U.S. work in the industry, more than work as dentists, paramedics, or electrical engineers. Burnout, overwork, and challenges with unhappy customers in retail during the pandemic are driving many to seek out work in an industry with a growing reputation for treating… Read more
Even before the pandemic, some restaurant owners were challenging the model of paying servers only $2.13 an hour and depending on tips from customers to make them whole. Today, as restaurants and bars struggle to find enough workers to stay open, a few are making further changes to their business model. Some are raising wages and offering signing bonuses. Others are adding service charges to every bill, and others are… Read more
The business community is sharply split by the announcement by the Biden administration of a plan that mandates COVID vaccinations or weekly testing. Some business leaders applaud the plan to keep the surge in COVID cases from hurting the economy, although smaller employers may find the mandate difficult to mandate. However, expanding testing may not be possible unless capacity is also significantly increased. Some business leaders disagree with the mandate… Read more
Thanks to tight supply chains and logistics in the developed world, many people have grown accustomed to receiving whatever they ordered promptly and predictably. That era may be over, as shortages are likely to continue. Toyota will be slashing production of cars by 40% in the face of a continuing chip shortage. It may be another year – or two – before shortages in sectors from construction to medical testing… Read more
While businesses have been mandating vaccines for employees for some time now, they are now beginning to take a harder line. Some, like Delta, are charging unvaccinated employees an extra $200 per month for health insurance, and some are firing unvaccinated employees. Companies that require employees to be vaccinated face several risks. First, the divisive nature of the covid vaccine may lead to workplace bullying or retaliation of unvaccinated employees… Read more
The FDA has now granted Pfizer and BioNTech full approval of their COVID-19 vaccine for persons aged 16 and up. This means this vaccine has met the agency’s standards for safety, effectiveness, and manufacturing quality. This approval was based on close examination of six-months of follow-up which revealed no additional long-term safety concerns. This approval may now spur major companies to require employees to be vaccinated. Based on clinical studies,… Read more
COVID-19 relief programs have helped keep millions of Americans afloat during the pandemic but have also been a spectacular bonanza for an array of international scam artists, including Russian mobsters, Chinese hackers, and Nigerian scammers. An estimated $87 million to $400 billion in unemployment benefits may have been lost to fraud; at least half of that is thought to have been stolen by foreign criminals. Many took advantage of weak… Read more
Countries in recession, unemployment rates rising, multiple economic indicators at their all-time lows, increased market volatility– these are just some of the economic impacts we’re seeing as a result of the pandemic. As we continue to battle the COVID-19 crisis, it is important for everyone, especially those who have had their income stream affected, to keep their finances in check and proactively find ways to navigate to recovery. By creating… Read more
As you know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and financial worries on a global scale. Small businesses are not strangers to the impacts of the pandemic. In a survey by the International Trade Centre (ITC) among 1,200 businesses in 109 countries between 20 April and 4 May, the pandemic has strongly affected 60% of the businesses. The results of the survey… Read more