Post-Pandemic Advice for Business Owners
If you're a business owner, we know this season has been especially hard on you. The CARES Act has provided funding for some small businesses, but there is still some uncertainty on the horizon. All along, we have been hearing the same question from business owners: "What are you telling your clients right now?" Join Steve Alverson as he explains what we are telling our clients right now, as well as the three principles to consider during this time. Read the article here.
TIAA Offers Buyout to 75% of U.S. Employees
According to Financial Planning, TIAA has offered a voluntary separation program to 75% of it's U.S. workforce. This buyout includes TiAA Bank and Nuveen. If an employee elects the buyout, the program includes 45-91 weeks' salary, depending on the employees length of service and compensation. Those who take the buyout will also receive 100% of last year's cash bonus, up to 18 months of employer-subsidized medical coverage under COBRA, and six months of outplacement assistance. The 25% of employees not offered buyouts are involved in processes deemed necessary to conduct business, as well as some in critical client facing roles.
New Apartment Leases in Manhattan Fall to Decade Low
In April, the number of new leases in Manhattan fell 71% to 1,407. Vacancy rates in Manhattan also rose to a 14-year high. This is not surprising as New York City has been one of those hardest hit by the Coronavirus. In contrast, Connecticut Governor Ned Lamont said demand for real estate in the southern part of the state is extremely high. The New York Times also reported a spike in forwarded mail outside of New York City in March and April. Other popular relocation sites include upstate New York, Long Island, Miami/Fort Lauderdale, Philadelphia, and Washington D.C.
Target's Online Sales Skyrocket in Q1
Due to the coronavirus, Target's online sales jumped 141% in the first quarter, according to CNN Business. Digital sales include home delivery and curbside pickup. While online sales grew 33% in February compared to a year ago, online sales jumped 282% in April, compared to last April. Target fulfilled more online orders on an average day in April than it did on Cyber Monday, according to CEO Brian Cornell. Although online growth has been outstanding, profits fell due to high supply chain and labor costs.
Good News
This week, we wanted to show a letter one family received from their neighbor. Enjoy!
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