November Journal

November 2, 2020

November Financial Update

As if the corona virus weren’t enough, I missed October’s journal because I was in the midst of relocating to Richmond, Virginia. Unpacking, working, and getting my kids set up in virtual school was as much as I could do! Indeed, a lot of working America is struggling hard with parenting as virtual school steams ahead for many of us.

Speaking of enough already, the pandemic continues to ratchet up alongside other crises. Apocalyptic-seeming wildfires grab headline space alongside hotly contested national political battles over the presidency, senate and Supreme Court. Is the political stress getting to you? NPR offers four ways to KEEP CALM before the election. Another author wonders if all the stress and fuss in politics isn’t “political junkies” versus everyone else, with many or even most people not following politics very closely at all. Regardless, the news cycle is basically on fire right now, and not looking to calm down soon.

Financial Calendar – For a full list of tax deadline dates, see the IRS Tax Calendar, but briefly:

  • November 1: The Opening Day for federal health insurance marketplace enrollment for 2021 coverage;
  • The FAFSA for 2021-22 opened October 1;
  • November 2: Deposit FUTA owed through Sep if more than $500;
  • November 10: Due date for third quarter 941;
  • November 16: Deposit payroll tax for Oct if the monthly rule applies;
  • Semi-weekly usual payroll tax deposits.

Government Aid in Coronatimes

The Small Business Administration closed new applications in August, so now all the news is forgiveness. The SBA has once again updated their forgiveness guidelines with a new Easy Form for folks who borrowed under $50,000.00. I’ve been through the full forgiveness form a few time, and the new Form 3508S is definitely a lot easier. Lawmakers are still debating further easing of forgiveness measures, but no information about when that might be decided is currently known.

Should you file for forgiveness yet? Many accountants say no, wait and find out more information. It’s tough to be patient with the process and wait to see what Congress does. However, even if you wanted to file now, many major and smaller banks aren’t ready to start accepting forms. So forgiveness is still mostly a waiting game. The SBA reported that as of September 29, it had received just 96,000 forgiveness applications.

My list of great resources for PPP help in case you’re thinking about applying for forgiveness below:

What’s Happening, in Charts

It’s now no secret at all that women have been hit harder than men in the employment field due to the corona virus. Women are leaving the workplace at a rate four times that of men. More women left the workforce in September than jobs were added. Some are even calling it a female recession.

Women Are Leaving The Workforce In Greater Numbers Than Men During The Pandemic
Via whyy.org: Stuck-at-home moms: The pandemic’s devastating toll on women.

This chart shows how GDP will be impacted depending on if companies take action now to remedy gender parity, versus delaying action for remedying the situation in the future:

gender women girls employment equality parity unfair unjust Coronavirus china virus health healthcare who world health organization disease deaths pandemic epidemic worries concerns Health virus contagious contagion viruses diseases disease lab laboratory doctor health dr nurse medical medicine drugs vaccines vaccinations inoculations technology testing test medicinal biotechnology biotech biology chemistry physics microscope research influenza flu cold common cold bug risk symptomes respiratory china iran italy europe asia america south america north washing hands wash hands coughs sneezes spread spreading precaution precautions health warning covid 19 cov SARS 2019ncov wuhan sarscow wuhanpneumonia  pneumonia outbreak patients unhealthy fatality mortality elderly old elder age serious death deathly deadly
World Economic Forum: COVID-19 has worsened gender inequality. These charts show what we can do about it.

For unemployed Americans, September and October looked grim as CARES Act money, including expanded unemployment benefits and the $1,200 stimulus checks, started to run out. This chart shows spending by unemployed and employed people through September, with no sign that the drop in spending would do anything but fall through the floor. This will have long-term impacts both for families dealing with a cash shortfall as well as retail and restaurant businesses who depend on customers to spend their dollars.

CNBC: These charts show how CARES Act savings are running out for unemployed Americans

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