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COVID-19 Anxiety, Furloughs, Layoffs …
March 31, 2020
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The radio business is a small community and there are good and bad times. CORVID-19 has set up a recession scenario causing advertisers to cancel advertising. To counter such actions radio companies have had to make staff adjustments and payroll reductions. The Coronavirus pandemic has drastically altered the way we live, our economy, and the cash flow for businesses. The growth rate of infections and related deaths have not peaked yet.
Every Day There Is More News …
With plummeting budget projections and the uncertainty of when the Coronavirus will taper off, business sectors have had to put a lot of employees on the sidelines. In radio, iHeartMedia has furloughed employees for 90 days, Beasley Media Group eliminated 67 positions; furloughed 18 cut salaries 20%, Townsquare Media had 65 layoffs, and Entercom layoffs are expected at any moment. “You can’t shadow box what you can’t see,” it’s impossible to predict when the revenue downcycle will be over.There will be more furloughs, downsizing, and temporary wage reductions in the days to come at many radio companies. We are in commercial radio and advertisers don’t have the money right now to advertise. Therefore, on the business side something had to be done to offset high revenue losses and the projected economic slowdown.
Coping …
If you're on the sidelines trying to cope, try and find ways to keep yourself in a positive frame of mind. It is important to refocus and reevaluate while waiting on the next opportunity. My personal experience with unemployment taught me to embrace everything around me while waiting.Staying Safe …
It can’t be stressed enough, wash your hands often, don’t touch your face, self-isolate, stay away from groups of 10 or more, cover your coughs and sneezes -do both into your elbow, and clean & disinfect household surfaces -phones, remote controls, counters, tabletops, doorknobs, bathroom fixtures, toilets, keyboards, tablets and bedside tables. Physical distancing is necessary until the virus peaks and starts to be less of a threat to our health.Unemployment Insurance …
If you haven’t done so, file online for unemployment. Also check and see the qualifications for any type of assistance, everything goes towards your bottom line. Those $1,200.00 checks coming from the federal government will not go far, but it’s something.Mortgages & Rent …
Government-backed mortgage buyers Fannie Mae and Freddie Mac have suspended all foreclosure sales and evictions of borrowers in single-family homes owned by their companies.They are also offering more borrowers relief for up to one year and suspending late charges and penalties. Together they guarantee about half of the U.S. home market.
The federal government has suspended foreclosures and evictions for mortgages insured by the Federal Housing Administration.
Some local governments have moved to stop evictions and foreclosures for everyone, and a few are freezing rent and mortgage payments completely. The Daily Beast has a breakdown of COVID-19 rules on housing in every state, check here.
Early Withdrawal …No Penalties …
The recent 2 trillion-dollar financial assistance CARES Act (Coronavirus Aid Relief and Economic Security) will let people take a withdrawal of up to $100,000 from their retirement savings, 401(k)s, or individual retirement accounts, without penalty. Everything is about survival mode and this one more short-term way of financial relief if it gets to that point for you.What Do You Want? …
When you are not working the days seem to crawl by. Be patient and do some soul searching. Knowing what you want will help you zero in on the opportunities that are a good fit. Now, at the same time, you may have to adjust your salary requirements or work in a business sector that might have not been on your radar.Stay Busy …
The waiting is the hardest part of being furloughed or unemployed. Regardless, don't let your talents go completely to waste while you're searching for work. You’ve got computer software and editing programs for Podcasting or anything else audio wise. Also, keep in touch with your radio colleagues, don't drift away from them. The simple act of staying in contact will have greater significance then you could ever imagine. -
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