July 1, 2020
August Financial Update
August this year is like May most years: the quiet after the tax storm. If you haven’t filed your federal taxes, July 15 was the deadline! For a full list of tax deadline dates, see the IRS Tax Calendar, but briefly:
- No deadlines except payroll tax deposits!
Government Aid in Coronatimes
- Have you filed your Paycheck Protection Program forgiveness application yet? The SBA has updated guidance on forgiveness and loan review as the program continues to evolve.
- Posting the same resources as before, because they’re still the best things out there: the FMA PPP Toolbox for Nonprofits, the Freelancers Mutual Aid Circle, and the SBA’s Coronavirus Small Business Guidance page.
What’s Happening, in Charts
The coronavirus continues to be on everyone’s mind as we all work from home and wonder what’s going to happen with schools in the fall. Perhaps most interesting in business are the continued evolution of work-from home and recession stats. Start with 30 Stats on Working from Home and see more in the links below.
Meanwhile, the US and Europe have entered a recession, with different views arising about recovery. The virus has had a huge impact on different sectors of industry: 78.3% of manufacturers anticipate a financial impact. The outbreak’s affect in the US has been considerable, and goods from overseas (as seen in the China chart below) are heavily affected as well.
Source: Statista, Chinese Manufacturing Heavily Affected by COVID-19 Outbreak
But on the other side of things, the political climate in America has had a lot of effects. One is the effect of making people less likely to talk about politics. Sometimes you don’t even have to say anything, just wearing a mask or a t-shirt can say enough. Either way, Americans are worried about the perception of what they say.
General Links from Around the Web:
I've always been fascinated how WordPress runs their fully distributed company, and keeps it successful. More from founder Matt Mullenweg on specific things you can do to make working from home work better.
Instagram publisher Later talks the most popular uses of Instagram so far this year, including shopping and carousels.
Siemens announced a new policy of work-from-home with emphasis on two things: a focus on outcomes, and trust in their employees. It’s a management style for the modern world.
Forbes reports that TikTok has been copying the clipboard on users' devices, a bug that Apple is fixing. It's the latest in a series of privacy abuses reported to have occurred on the platform.
So many people are on videoconferencing these days that Zoom's progress away from its data-stealing days is always relevant news now. Encrypt your Zoom!
The California Consumer Privacy Act became legally enforceable on July 1, which gives California residents additional protections around your data online and its use and sale. At a time when internet usage has climbed, this is an important step forward in privacy laws.
The New York Times reports that museums are facing a coronavirus-caused crisis which will cause many to not reopen without additional funding, and more will struggle.
Well-known nonprofit tech provider Blackbaud has been strugling with hackers, with a network and data breach and a ransom demand for stolen information
Tech Soup lists new discounted products available to nonprofits. Many are geared toward remote work. Don't know about TechSoup's products for nonprofits? This is a good entry point.
A new series from MailChimp has popped up about helping small struggling businesses in Los Angeles. Three gurus offer their expertise to overhaul the companies.
The IRS is planning on new enforcement initiatives for these groups after they reopen on July 15. One targets high-income households with a related pass-through entity, and the other private foundations.