Archives for March 2020

The spread of the coronavirus (COVID-19) is developing rapidly, leaving many small business owners uncertain about their future. Those we’ve spoken with expect the coronavirus to have a significant impact on their revenue.
Unfortunately, it seems these concerns are justified, but there are some actions you can take to protect your small business while at the same time, protecting yourself, your employees, and your customers.
In this article, I’ll lay out what we know about how coronavirus is impacting small businesses, how you can minimize losses, and steps to protect your business. These suggestions are by no means exhaustive, as there is much we still don’t know about how this situation will play out. But we hope they will be a good starting point for business owners who are overwhelmed and unsure of what actions to take.
First, I want to make clear that your number one priority should be to stay safe and take care of yourself.

Take care of yourself

Situations like this are stressful enough on their own, and managing a small business in the midst of the chaos can amplify that stress. Before you rush into action, if you’re struggling with excessive stress and anxiety, look for some ways to alleviate that. I know that when you’re overwhelmed and concerned about your small business, it can seem like you don’t have time for things like self-care. But this situation is a marathon — not a sprint – and it’s important to take care of yourself throughout.

Resources for managing stress and anxiety

There are many resources on the internet for how to manage anxiety related to the coronavirus outbreak for you to explore. To start, here are three things you can try to get some relief:

• Take a 10-minute break to do some light breathing exercises or yoga. Purposeful, mindful breathing has been shown to be an effective tool against anxiety.
• Consider limiting your coronavirus news consumption. It’s important to stay informed, but refreshing your feeds constantly for tidbits of news on the coronavirus isn’t going to prove productive. Instead, check the CDC website for updates periodically and try to spend most of your day focused on other things.
• Talk to your friends and family. It’s important that even though this situation leads to increased social isolation, that you stay in touch with people. Don’t be afraid to reach out to a friend for a phone call — or better yet — a video chat.

And here is a GIF of a baby elephant, which has been very effective for me personally:

Actions you can take to protect your business, your employees, and your customers during the coronavirus outbreak

Here are some simple, short-term actions you can take immediately to address some of the most-pressing small business concerns caused by the coronavirus outbreak.

Prioritize safety

Again, safety is the number one priority. Take extra efforts to implement CDC-recommended precautions in your business as soon as possible. Among the most important recommendations are:

• Actively encourage employees, especially those who are sick, to stay home. Implement systems that allow them to work from home if possible.
• Emphasize the importance of cough and sneeze etiquette as well as hand hygiene within your business.
• Perform routine, thorough environmental cleaning.

Adapt and use digital tools to continue to serve customers

As people across the globe are being asked — or required — to stay home as much as possible, your business will likely experience a dip in customers. One way you might be able to curb the dip in revenue is to offer your goods and services online.
If you’re selling items and you aren’t already selling online, look into setting up a basic online store. Some store owners are also offering pick-up services, where customers can call or email ahead of time with the items they are looking for, and pick up a wrapped/sealed order without entering the store. Many restaurants are offering “non-contact” food delivery.
Depending on your type of business, there might be other ways you can continue to offer services. For example, my local fitness center is continuing to offer personal training via video conference, and many yoga studios are doing the same.

Get the right message out to customers and potential customers

Once you’ve implemented CDC recommendations for operating your business safely, ease your customers’ minds and possible concerns by telling them about it. Tell them you’re taking this situation seriously and share what policies and processes you’re following to keep them safe as they engage in business with you.
And of course, be sure to include in these messages any important updates you might have about your business hours or product availability.
If you need more help communicating about the coronavirus as it relates to your business, look at the U.S. Chamber of Commerce’s coronavirus response toolkit.
Once you have your most important messages and updates written out, here’s how to share them:

• Update your website homepage
• Update all of your business listings (most importantly, Google My Business)
• Send an email to your subscribers
• Post an update on your social media channels.

Finally, if you have a physical location, put up signage in your storefront with the same information on the precautions you’re taking.

Additional resources available for small business owners and entrepreneurs affected by the coronavirus outbreak

As this situation unfolds, we’ll be working to gather and share additional guidance for small business owners.
Check our official Disaster Response and Recovery Resources for Small Businesses. We’ll be updating this page continuously as we develop guidance for small businesses dealing with this situation.

Other resources

CDC Guidance for businesses
Chamber of Commerce COVID-19 Response Toolkit
Economic Injury Disaster Loan Program
Local Assistance Directory from the Small Business Association
By: Jake Link (Constant Contact Blog)
Click here to view source article

Due to the public health emergency declared by Governor Michelle Lujan Grisham in Executive Order 2020-004, and to the cancellation of continuing education (CE) opportunities, the New Mexico Real Estate Commission will implement the following procedures through the Regulation and Licensing Department, Boards and Commissions staff:

Boards and Commissions Process and Procedures

Renewal Process and Procedures 

• Boards and Commissions staff will process renewals without the proof of continuing CE credit needed for renewal during the pendency of the public health emergency instituted by Executive Order 2020-004.
• Licensees submitting renewals without the sufficient CE credits will be required to give notice to the commission through the notice procedures established by the Public Email Noticed on March 17, 2020.
• If all other license renewal requirements are met, licenses will be renewed without proof of CE credits.
• When the public health emergency is lifted, Boards and Commissions staff will send out a notice to licensees stating that the licensee has three (3) months to submit their proof of CE or be subject to discipline by the Commission.

Suspension of Fingerprint Submission for License Renewal

1. Temporary suspension of the statutorily required fingerprint submission will be granted only on a case-by-case basis by the Commission.
2. All requests for temporary suspension of submission of fingerprint cards shall be made in writing to the Commission at the following email address:  RLDRealEstate.Comsn@state.nm.us or to via U.S. Mail to the address listed.
3. All requests will be reviewed for approval by the Commission Chair. The renewal applicant will receive written approval or denial from the Commission Chair.
4. Licensee must acknowledge in writing, the receipt of the approval or denial. Denials will not be subject to review by any other entity.
5. Criteria for review and the approval of temporary suspension shall be based upon all or one of the following:
   a.  medical exception, health, and safety of the renewal applicant;
   b.  potential for economic harm to the applicant;
   c.  physical location of the renewal applicant;
   d.  lack of resources for travel to open location; and
   e.  health and safety-related to community spread etc.
6. After the renewal applicants written request is approved in writing, if all other license renewal requirements are met, the license will be renewed without the required fingerprint submission.
7. When the public health emergency is lifted, Boards and Commissions staff will send out a notice to licensees stating that the licensee has one (1) month from the date the emergency is lifted, to submit their fingerprints to the Commission or be subject to disciplinary action.

For initial (first time) applicants, the requirement to submit fingerprints pursuant to NMSA 1978, Section 61-29-4.4 will NOT be suspended during the public health emergency. The Boards and Commissions staff will work with the Department of Public Safety and other public and private agencies to communicate with applicants regarding where fingerprinting may still available. Initial applicants must follow the procedures in the Boards and Commissions public notice regarding COVID-19 dated March 16, 2020.
Read the public notice here.

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New Mexico Regulation and Licensing Department 
BOARDS AND COMMISSIONS
Toney Anaya Building ▪ 2550 Cerrillos Road ▪ Santa Fe, New Mexico 87504
Information (505) 476-4500 ▪ Direct (505) 476-4508 ▪ Fax (505) 476-4511

Stock market sellers might be realizing capital gains without having a specific tax plan for the increase they just realized.

Without a doubt, the sell-off on Wall Street is painful. But, Reid Thomas, executive vice president of NES Financial, an Opportunity Zone fund administrator, thinks it could ultimately be a driver of Opportunity Zone investments.
“The market has been going up for so many years,” Thomas says. “I presume people are selling at a gain, or a significant portion of it is being sold at a gain.”
Thomas says many sellers might be realizing capital gains without having a specific tax plan for the profits they just realized.
“Presumably, there has been a creation of a big, one-time capital gains event that hasn’t happened in a long, long time,” he says. “So, you have people who probably sold without a plan in place to deal with capital gains taxes.”
Opportunity Zones, which give investors up to 180 days to invest in a fund to defer capital gains tax, will have an appeal to these investors. “You can take your gain, and then you have 180 days from the date that gain is realized to invest it into a fund,” Thomas says. “Right now, it’s chaos. People are selling and building up cash.
Eventually, things are going to come down, and investors are going trying to decide what to do and what markets they should be invested in.”
For Opportunity Zones that could represent a spike in investment later in the summer. “The big market sell-offs started in February and are continuing in March,” Thomas says. “One hundred and eighty days from then puts us in the August or September timeframe.”
As the COVID-19 creates global economic uncertainty and fears of a recession, Thomas argues that countercyclical investments might become more attractive.
“If the economy goes south, which all indications are that’s the way it’s headed, then people might be more open to long-term countercyclical and safer investments,” he says. “Things that tend to be countercyclical, such as affordable housing or assisted living facilities, are well suited for Opportunity Zones. They have less downside than say a Ritz Carlton in New York, but they also have less upside.”
One counter argument to this theory is that investors seek safety in times of distress, and Opportunity Zones are in more up and coming areas, which aren’t always safe.
But if a tax deferral strategy is a priority for the investor, Thomas says Opportunity Zones make sense.
“Given that there are 8,700 Opportunity Zones, there is a potential for a wide range of alternatives that provide different levels of safety,” Thomas says. “The types of asset classes that are well suited for Opportunity Zones [or up and coming areas] tend to provide downside protection risk.”
By: Les Shaver (GlobeSt)
Click here to view source article