State unemployment claims hit 281,000 last week and economists predict that number could surge to more than 1 million for this week, as more businesses closed in response to the coronavirus pandemic. The data shows that the economy is in peril and heading for a recession, said Chris Rupkey, chief economist at MUFG in New York.
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Making the decision to lay off employees or put them on unpaid leave is difficult for small-business owners grappling with the impact of the coronavirus. Entrepreneurs reflect on the rationale they have used, with Kristin Jackson of Sweetwaters Coffee & Tea noting that her decision was based on the financial needs of her employees.
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President Donald Trump on Wednesday signed into law a bill that provides paid family and sick leave and other benefits to people affected by the coronavirus. Employees are immediately eligible for two weeks of paid sick leave of up to $511 per day, with affected employers being eligible for refundable tax credits.
Brian Hamilton of SmartDollar says companies are realizing their employees' financial problems follow them to work, but common financial wellness programs fail to focus on the key issue of behavior change. Hamilton says the biggest financial problems that lead to stress are failing to have a budget or emergency savings, holding debt, and not saving enough for retirement.
The coronavirus has created a difficult situation at home between legal professionals who are telecommuting and children whose schools are closed, says Summer Eberhard of Major, Lindsey & Africa. In a Q&A, Eberhard notes that lawyers who are mothers will be affected disproportionately, and she says law firms need to be "more patient and understanding during this transition."
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