This is Red Five’s fourth weekly report detailing proactive steps you, your family, or your company can take to be prepared for the week ahead. This report represents work product derived from various reliable sources, and contains the most accurate information available at the time of print. However, it may be based in part upon information provided by third party sources, which may be subject to change at any time.
Individuals, families, and companies will need to be resilient in the weeks ahead as they continue to find themselves in a new “normal.” That said, there are actions you can take that will help you, your families, and your business persevere. Government officials are unable to agree on, or predict when, the stay at home policies will be lifted; and, each state will likely be different. Some states have extended restrictions through June, while others are set to expire at the end of April. The sooner we accept that change has occurred, and that we need to adapt—the sooner we can get to a more productive reality, a less anxious day, and a more resilient future.
The coming weeks will likely be a darker time in the US as there will likely be an exponential increase in positive COVID-19 tests and an increase in COVID-19 related deaths for several weeks ahead. National unemployment claims will also continue to rise as more states enact stay at home policies. There are now over one million cases of COVID-19 worldwide, according to a New York Times database. The US has over 245,000 cases of COVID-19, and over 6,000 COVID-19 related deaths.
- Over 6.6 million people applied for unemployment last week; the Economic Policy Institute estimates that there could be over 20 million unemployed in the US by July 2020.
- FEMA asked for 100,000 body bags on Wednesday due to the expected surge of COVID-19 related deaths in the US.
We recommend you take the following steps in order to be prepared and resilient for the week(s) ahead.
- Obtain your news from reliable news sources. Do not believe everything you read or see on social media. Local radio stations, news stations, and national affiliates are good sources for up to date facts and figures. Local stations are especially good for local information, alerts, and warnings.
- Take care of yourself so you can take care of your family and your livelihood. Your emotional and physical wellbeing will enable you to be more resilient and bounce back from adversity. Get your exercise, give yourself breaks, spend time with friends and family, and remember what’s important. Last week’s report has additional tips for managing yourself, your remote work environment, and your family’s distance learning environment (as applicable).
- Stay in touch with loved ones and employees. Increasing communications that are helpful and allow people to vent and share is an important part of resilience.
- Strengthen community bonds. Research shows that communities are more resilient than individuals. Engage neighbors and others in your community from a safe distance. Virtual happy hours, neighborhood scavenger hunts for kids, and other activities that abide by the current social distancing guidelines help forge a sense of “we are all in this together.”
- Mentally prepare yourself for a rough couple of weeks. Mark Levins of Forbes recommends that you put yourself in the right mindset: reality is reality, so rather than complaining about things, ask yourself “What does this situation demand from me?” Focus on what you can control rather on what you cannot control.
- For your business and livelihood: drive your expenses down, hold onto cash, and find new ways to create income. For those with businesses, delay payments of rent, find ways to keep employees (even if at reduced pay), and apply for all of the government support for which you are eligible. Be compassionate with your employees and coworkers. Get creative in finding new ways to create income within your local community or industry. These familiar groups will be more likely to understand your concerns, and work collaboratively for the greater good.
- Keep in mind, this too will pass. We are a resilient country, and a resilient people.
- A link to last week’s report can be found here.