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Officials from the Port Jefferson village, chamber and BID joined Teachers Federal Credit Union and hospital heads to accept a $5,000 check allowing more meals to hospital workers. Photo by Kyle Barr

This post has been updated with new information of more funds coming from Suffolk Federal Credit Union.

Port Jeff business organizations have gotten a helping hand from Teachers Federal Credit Union in their quest to bring meals to hospital workers on the front lines of the coronavirus, as well as support restaurants that have seen massive drops in sales since the start of the pandemic.

Mary Joy Pipe, the president of the Greater Port Jefferson Chamber of Commerce, and Inna Sprague, the chief experience officer of Teachers, joined together in offering a check to the chamber and BID’s program offering meals to hospital workers. Photo by Kyle Barr

Holding a large $5,000 novelty check in front of the PJ Lobster House, Mary Joy Pipe, the president of the Greater Port Jefferson Chamber of Commerce and Inna Sprague, the chief experience officer of Teachers,joined village and hospital officials in accepting the check. It was also a show of how people try to maintain social distancing even in such simple events like a press conference.

“Thank you for thinking of us as your hometown as all of our hometowns are suffering,” Pipe said.

On Tuesday, April 14, Suffolk Federal Credit Union will also be presenting the business organizations a $7,500 check to help with operations, according to chamber executive director Barbara Ransome. This brings the total in donations from credit unions
to $12,500.

For the past few weeks, Port Jefferson village, the chamber and the Business Improvement District have teamed up to have restaurants supply meals that are shipped to both John T. Mather and St. Charles hospitals. James Luciano, the owner of PJ Lobster House and the BID’s secretary, said they are sending 40 meals to hospital workers at a time on a rotating basis between businesses. Participating businesses include Slurp, Nantuckets, Prohibition Kitchen, Wave Seafood & Steak, Pasta Pasta, The Steam Room, Fifth Season, C’est Cheese, Saghar, The Pie, PJ Lobster House and Salsa Salsa.

The money raised is also partially to help businesses support some of their staff while there are a limited number of customers.

BID and chamber leaders said they have been holding constant meetings alongside village officials to try and keep on top of events.

“The BID and chamber are matching contributions from the restaurant association to help keep these meals moving along,” Mayor Margot Garant said. “We accept any support we can get from partners and our residents to help keep our businesses relevant and open to help feed the front line and also the people who are in need of supplies and meals.”

The chamber has established a Gofundme page at www.gofundme.com/f/help-port-jeff-restaurants-feed-hospital-workers. So far they have raised nearly $6,500.

“The restaurants and shops are the backbone of our community,” Roger Rutherford, the general manager of Roger’s Frigate and BID president said. “When we see partners such as Teachers stepping up it’s a really wonderful thing that helps us sustain and weather the storm.”

The idea of supporting hospitals during the crisis has spread to downtowns all throughout the Island. Sprague said Teachers originally caught on to what Port Jeff and other communities like Patchogue were doing through the Greater Long Island websites. Last week they donated $5,000 to the fundraising efforts in Patchogue. Later this week the credit union plans to donate another $5,000 to restaurants in Bayshore and Babylon.

“Our goal is to continue to support frontline staff who are deemed essential to our society, as well as keep our local businesses employed and functioning and operating,” she said.

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U.S. Rep. Lee Zeldin. Flie photo by Alex Petroski

Thousands of masks have come to Suffolk County over the past two days courtesy of the White House, both from purchases and donations.

After U.S. Rep. Lee Zeldin (R-NY1) put out a tweet asking for help for Suffolk County, where the number of positive diagnosis for COVID-19 continues to climb above 10,000, a member of the President Donald Trump (R) family connected with County Executive Steve Bellone (D). The county executive, who had run out of his supplies of personal protective equipment, purchased 150,000 surgical masks.

On Sunday night,  Trump announced that he would ship 200,000 coveted n95 masks to Suffolk County, which came from a federal procurement collection, said Zeldin.

“For the n95 masks to come in without a charge helps all of those local entities laying out a lot of cash at the moment,” Zeldin said.

Zeldin is continuing to reach out to other resources around the country, hoping to secure hospital gowns, among other equipment. Indeed, Zeldin spoke earlier today with the Ambassador to Iceland, who is “working the phones to see if he can help the county procure gowns.”

The 1st district representative said he believes the timing of his tweet seeking assistance for Suffolk County “connected with Americans who may not even live in New York, but who were feeling the spirit as fellow Americans to do whatever they can.”

As for ventilators, Zeldin indicated that the White House is likely to respond to any requests for additional equipment with a question about the location and use of the 4,000 ventilators the federal government already sent.

“It appears [the ventilators from the federal stock pile] haven’t been deployed yet,” Zeldin said. “If you went back to the White House right now and said, ‘I need another ventilator,’ it would be a fair question to be asked back, ‘Where are the ventilators that we sent you?’”

Zeldin said he understands the plan at the state level to increase the number of ventilators as the state prepares for any sudden increase in demand, adding he wouldn’t expect the state to provide a map of where every ventilator is located,  but he does believe an accounting of the life saving equipment would help the White House respond to any further requests.

Zeldin said putting together the location of ventilators in Suffolk County is, “something that [Bellone’s] office is working proactively on to identify. It appears that they know where every ventilator is in the county. They were working to obtain additional information beyond that and hopefully will yield some additional intelligence that helps in the process.”

Despite Gov. Andrew Cuomo (D) again today sharing he is optimistic New York could be hitting the apex of the virus, the number of cases on Long Island continue to grow as testing continues.

As of this morning, Bellone said the number of positive tests in Suffolk County for the virus had climbed to 13,487, which is an increase of over 1,000.

“We’re seeing a big increase in the number of people testing positive,” Bellone said.

The hospitalization rate, however, increased at a much slower pace than it had prior to Sunday as well. The number of people in the hospital with the virus stands at 1,463, which is up 26 patients, with 546 residents in the Intensive Care Unit, an increase of six patients.

“For the second day in a row, we’ve had a modest increase in the number of hospitalizations,” Bellone said “That is a good sign.”

Another positive piece of news, Bellone said, is that 63 people have left the hospital who had Covid-19.

These encouraging signs mean that the social distancing and New York Pause, which Cuomo extended until April 29, are working.

They do not, however, indicate that “we take our foot off the pedal,” Bellone said. “The worst thing is to see positive news and decide we can start adjusting our life back to normal. Then, we would see a rise in cases again and, instead of a plateau, we would go back up. We do not want to see that happen.”

As of today, Suffolk County had 710 hospital beds available, including 65 ICU beds.

The number of people who have died with coronavirus continues to rise. Bellone reported an additional 24 people who have died from complications related to coronavirus, which brings the total to 199. He expects those numbers may be under reported and the county may have crossed above 200 deaths.

Bellone continued to urge people who have recovered from a confirmed case of Covid-19 to donate blood plasma, which is rich in virus-fighting antibodies, to the Red Cross, to the New York Blood Center or to the Mount Sinai health system, which are available online at NYBloodCenter.org or MountSinai.org.

The Suffolk County Police Department continues to respond to calls about residents who are not complying with social distancing the New York Pause. Yesterday, the police department had 24 calls, of which three were non compliant. Once the officers spoke to those who were not compliant, they immediately changed their behavior and the officers didn’t have to issue any tickets.

Police Commissioner Geraldine Hart said some of those who were not complying with the ongoing social distancing rules have been in the hard-to-reach immigrant community. The police department is going out with signage and fliers. This morning,  Hart participated in a radio show with La Fiesta “to make sure we’re communicating.” The police department has also reached out to community leaders to ask for their help.

To reach younger people who may not be complying, the police department has also used social media. Over the weekend,  Hart partnered with school superintendents to do a robocall to ask families to follow the current public health mandates.

As of this morning, 56 sworn officers and six civilians had contracted COVID-19.

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Update: This story includes details about 200,000 n95 masks President Trump is delivering tomorrow to Suffolk County. The story also adds a quote from Representative Lee Zeldin.

With the well running dry for personal protective equipment from local resources as the viral pandemic spreads, Suffolk County is receiving much-needed help from President Donald Trump, White House Senior Advisor Jared Kushner and U.S. Rep. Lee Zeldin (R-NY1).

After Suffolk County received 150,000 n95 masks Sunday, President Donald Trump (R) said the White House is sending an additional 200,000 masks to the county tomorrow at no cost.

Zeldin, who is a member of the bipartisan Congressman Coronavirus Task Force, had been asking for help to find masks for a county where the number of people infected and dying from the virus continued to climb.

Soon after Zeldin’s request for assistance, Kushner told Zeldin he would like to ensure that Suffolk County receives all the personal protective equipment it will need over the next 30 days.

“We are all in this fight together, and I am encouraged by the Administration’s swift, effective and immediate response to Suffolk Suffolk County has the support of officials at every level of government, Bellone said, with ongoing help from Governor Andrew Cuomo (D) and the commitment Zeldin received from Jared Kushner, a senior advisor in the White House and President Donald Trump’s son-in-law.

“It is a significant thing to know we have that commitment from the White House,” said County Executive Steve Bellone (D) on his daily conference call with reporters.

“I want to thank [Congressman] Zeldin,” Bellone said. “We will continue to work together.”

The Suffolk County Fire Chief’s Association, meanwhile, expressed its ongoing appreciation for the effort and sacrifice of health care workers throughout the county this evening at 7 pm. Throughout the county, Suffolk County fire trucks sounded their sirens in unison to “express their gratitude and support,” Bellone said.

Indeed, the number of positive diagnoses has increased to 12,405 in Suffolk County, which is an increase of 1,035 over the previous 24 hours,.

At the same time, the number of patients hospitalized with coronavirus increased to 1,435, which is a rise of 19 over the previous day. The increase is the second consecutive day when the number of hospitalizations has risen by a smaller amount.

“We’re hopeful that is a trend that will continue,” Bellone said. “We hopeful,” but it’s too early to say that is the case. At this point, it’s too early to predict when the surge will reach its peak.

The number of patients in the Intensive Care Unit climbed by 113, which is a “huge jump,” Bellone said, bringing the total in the ICU to 540 people.

Additionally, the number of people who have died with the virus has now climbed to 175

On a positive note, the number of patients with Covid-19 who were released from the hospital increased to 107 over the last day.

In addressing the Center for Disease Control and Prevention’s recommendation that people wear face coverings when they go out in public, Bellone urged people not to use the N95 surgical masks that the county is reserving for health care workers and others exposed to infected residents regularly as a part of their jobs. Instead, he suggested that people use cloth coverings.

On his facebook page and social media sites, Bellone is sharing ways residents can make their own masks, which can include wrapping a tee shirt around their heads.

The county executive said he would be “wearing one when I am out in public. If I’m out anymore and I haven’t been going to the store much, I will wear a face covering in alignment with guidance from the CDC. We are modeling what we are asking county residents to do.”

Separately, the county is revising the limitations for cultural and artistic grants. Those organizations that have received those grants can use them to fund payroll and offer virtual programming. Bellone said the county “understands that may be a necessity for a while.”

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Suffolk County lost 28 more residents to the coronavirus, bringing the total in the county to 124, according to County Executive Steve Bellone (D). The residents who succumbed to the disease Covid-19 ranged in age from their mid 30’s to their mid 90’s.

“We extend our heartfelt condolences,” said Bellone on his daily conference call with reporters. “We pray for all those who are in the hospital and are struggling without family and loved ones to be there for them.”

Bellone reminded residents that the reason for social distancing rules and for the pause in non essential businesses is to prevent the spread of the disease and to save lives.

Bellone also reported that the county has given out over 1.7 million pieces of personal protective equipment, which has become a critical need for health care workers and first responders who help the public. At this point, the county has emptied its entire cache of supplies and is working to continue to get donations and to purchase personal protective equipment from around the world.

Bellone thanks the Long Island Chinese American Association for donating 20,000 ear loop masks. The county will “make sure they get to emergency personnel and to places that need them.”

The county executive suggested several ways residents could contribute to the effort to combat the virus and the effects it has had on the community.

People who have recovered from Covid-19 can become a part of the solution for others who are battling against the virus. Anyone who has had a confirmed case of the disease and has recovered can donate plasma as a part of a treatment regime. Their antibodies, which helped them fight off the virus, could also prove effective in the molecular battle others are fighting.

Bellone encouraged everyone who has had the virus and recovered to reach out to the red cross, at redcrossblood.org to see if they are eligible to donate life-saving plasma.

Additionally, people can provide financial support to organizations that work tirelessly to feed people throughout Long Island by donating to Long Island Harvest and Long Island Cares at LIHarvest.org and LICares.org.

As for the number of cases of coronavirus, Suffolk County now has 11,370 people with the virus. That’s an increase of 1,216 people over a 24 hour period.

The number of people hospitalized increased by 118, which is “a little bit of good news,” Bellone said. “That is a lower number than we’ve seen in the last couple of days.”

Health care workers throughout the county are currently caring for 427 patients in Intensive Care Units, which is up 26 from yesterday. The number of available ICU beds, however, climbed to 72, which is up from 43 the day before.

Also on the positive side, 96 patients hospitalized with Covid-19 left the hospital over the last day.

As the Centers for Disease Control and Prevention has urged people to wear masks when they go out in public, Bellone said the Suffolk County Police Department has “had conversations” about officers wearing masks, but has not yet reached a decision on that.

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Above, an injured barn owl is in safe hands at Sweetbriar Nature Center in Smithtown. Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of Sweetbriar Nature Center
Photo courtesy of STAR Foundation

By Melissa Arnold

As most businesses come to a standstill to aid in social distancing, many people are looking for ways to help their neighbors and community. While there’s plenty to do for one another, local wildlife organizations have their own plea: Don’t forget the animals.

It’s a tough time for places like the Save the Animals Rescue (STAR) Foundation in Middle Island, a non-profit which rescues and rehabilitates a wide variety of injured wildlife. They also provide a place of sanctuary for those animals not well enough to return to their natural habitats.

Photo courtesy of STAR Foundation

“We rescue those unusual pets that people have abandoned, birds and reptiles, guinea pigs, rabbits, and we’ve been doing this for 25 years,” said STAR Foundation co-director Lori Ketcham. “We are 100 percent reliant on volunteers, and have no paid staff or municipal support. [Normally] about 30 hands-on volunteers assist with rescues, provide animal care, clean cages, help with transport and do whatever else we need help with.”

The STAR Foundation has a long-standing relationship with the Animal Emergency Service clinic in Selden. Temporary limits on staffing and social distancing measures have added additional pressure to the clinic, and for now, STAR is no longer able to send animals to them for immediate care.

“They’re short on equipment and supplies, and what can they do? We [in the animal care field] need gloves and masks just like every other profession, and when those things are gone, they’re gone,” Ketcham said. “And while we’d happily welcome vets who are willing to provide care, not every vet is certified to work with wild animals, so we can’t turn to just anyone.”

The warmest months of the year are also the busiest times for animal rescue organizations, between the arrival of new baby animals and those that sustain injuries while out and about. STAR cares for about 150 animals at a time — currently they’re bottle-feeding baby squirrels and rabbits, caring for woodchucks and all kinds of birds, from quail to great horned owls, and small exotic pets with nowhere to go thanks to suspended adoptions.

While the foundation is keeping a skeleton crew of two to three people on-site, sanitizing regularly and staying separated as much as possible, each new person that enters the building resets that process and introduces new risks, Ketcham explained.

At Sweetbriar Nature Center in Smithtown, they have the same concerns. 

“It’s certainly a big challenge for us — since we’ve been closed to the public, we have only one or two people coming in to work,” said Sweetbriar’s education director Eric Young. “Volunteers have taken some of the animals home for care, but that’s only temporary.”

Photo courtesy of Sweetbriar Nature Center

The center is home to countless animals of all kinds, from bustling ant colonies and hissing cockroaches to box turtles and groundhogs, the occasional goats and foxes, to name a few. Young estimates there are around 50 different kinds of animals on site. At the moment, its on-site Wildlife Rehabilitation Center is caring for several owls and rabbits, a hawk that suffered a gunshot wound, gulls and Canada geese, among others. 

As education director, Young said he’s feeling the loss of the many students who visit the center at this time of year. Sweetbriar interacts with thousands of students annually, including in-school presentations and class field trips.

Now, with schools closed and students adjusting to digital learning in varied forms, Young is trying to find creative ways to bring the animals online.

“We’re thinking about sharing our animal presentations on YouTube, and I’m in the process of putting together resources to share with teachers,” he said. 

At this point, Director of Wildlife Rehabilitation Janine Bendicksen is simply hoping for a quick end to the pandemic so that they can ensure the wellbeing of the staff.

“The Town of Smithtown covers our utilities and major repairs, but we still depend on financial support to pay the salaries of our staff, care for the animals and purchase formula, medicine and food,” Bendicksen said. “Our greatest need right now is to continue to support our staff.”

Ketcham echoed the need for continued donations in these difficult times. 

“We plan our fundraisers well in advance, and without doing five or six fundraisers a year, we’re not going to make it,” she said. “We don’t know what events we will be able to hold. Everything is up in the air right now. It costs about $8,000 a month to keep the center going, and donations have slowed to a trickle.  We have utility bills and insurances, cleaning, food and medical supply bills, no matter what else is going on. Without programs or fundraisers, it will become critical in no time.”

Both the STAR Foundation and Sweetbriar Nature Center are encouraging those who wish to support them with donations to send money only at this time — please protect the staff and do not bring supplies to their physical locations.

To donate to the Save the Animals Rescue (STAR) Foundation, visit www.savetheanimalsrescue.org. Call 631-736-8207 for urgent assistance with wildlife.

To donate to Sweetbriar Nature Center, visit www.sweetbriarnc.org. For those who find an injured wild animal, call 631-979-6344 and leave a message.” All our phone calls go directly to an answering machine that we check each day, we will call them back and give advice. We will accept wildlife if possible,” said Bendicksen.

You can also visit the Department of Environmental Conservation website at www.dec.ny.gov and search for “wildlife rehabilitator near me” to connect with other rescue organizations in your area.

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Image from CDC

A total of 93 confirmed coronavirus patients have been released from hospitals in Suffolk as County Executive Steve Bellone (D) said they have been cleared to go home. Meanwhile, however, Suffolk is trying to meet the hard task of staying ahead in the number of beds available before the number of hospitalized COVID-19 patients reaches its apex. 

Bellone said there are 648 hospital beds and 43 Intensive Care Unit beds available, and Gregson Pigott, Suffolk County’s health commissioner, said those were spread out among hospitals, though even still he admitted, “that’s not a lot of beds.”

As counties all across New York fight to stay ahead of the number of patients, all have seen a significant lack of personal protective equipment, including gloves, masks and gowns. Ventilators, which can be lifesaving to critically ill patients, have also been in extreme short supply. Stony Brook University Hospital, for instance, has been looking to detail plans and designs that could put two patients on a single ventilator at a time. 

Gov. Andrew Cuomo said Friday morning he would be signing an executive order allowing the National Guard to go to facilities that are not currently using equipment like ventilators and bring them to places that need them.

“I understand they don’t want to give up their ventilators … the theory is if the government gets them they will never get that back, I understand that, but I don’t have an option,” Cuomo said. 

In that same press conference, the governor named several locations as COVID-19 “hotspots,” which included Stony Brook University Hospital. 

Cuomo added the city could start running out of ventilators by next week.

While Suffolk County has exhausted “all” its PPE equipment for health care facilities and has hosted equipment donation drives, Bellone said they have increasingly called on companies who were interested to retool any kind of production for purpose of making medical equipment. The first of these companies, Hauppauge-based 71 Visuals, a sign making company, has retooled its facility to making face shields for health care workers. So far the county has purchased 25,000 of said face shields. 

“When we can have local manufacturers, we can purchase which can be utilized in this fight to save lives,” Bellone said.

The county executive has called on any other company who is considering retooling their operations to reach out to them, saying those businesses will be worked with and compensated for their efforts.

The number of deaths due to the coronavirus continues to rise. There are now 10,149 confirmed cases, according to the county’s data tracking website. This past day saw nine new deaths, bringing the total fatalities in Suffolk to 93. 

Yesterday, The New York Times reported the navy ship USNS Comfort, which is docked inside New York Harbor, is not accepting coronavirus patients, instead being used as a place for overflow, non-COVID related patients. The vast majority of its 1,000 beds are currently unused, especially since non-coronavirus related sickness and injuries has severely decreased thanks to current stay-at-home orders.

Bellone criticized the fact the ship was not being used to field the flood of new daily coronavirus patients.

“Patients need to go where there is space available to help save lives,” Bellone said.

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Suffolk County has been managing to keep the number of beds available above the rate of hospitalizations due to the coronavirus pandemic, though cases continue to climb.

In his daily call with reporters April 2, County Executive Steve Bellone (D) said the number of cases in Suffolk County has breached 8,927, climbing well over 1,000 by yesterday’s count. This has been attributed to the greater amount of testing being done, with over 21,000 being completed to date in Suffolk alone.

Meanwhile, the county has been trying to meet Gov. Andrew Cuomo’s (D) executive order to increase the number of available hospital beds by at least 50 percent, with the goal of reaching 100 percent increase. Bellone said Suffolk has increased its count of hospital beds to 2,831 beds countywide, with 438 Intensive Care Unit beds also available for the most severe cases. Currently, 472 hospital beds and 64 are vacant and available.

This is also while Cuomo said in this morning’s briefing he is becoming even more concerned with the limited number of ventilators for use during the crisis, now being down to about 2,200.

Healthcare workers on the front lines have struggled to deal with the number of cases now coming into hospitals. Bellone said the surge is still building, but the voices of health care workers are being heard.

“They’re operating in an incredibly difficult, stressful traumatic environment in which they are working overtime, double shifts, day after day after day, in a struggle to save peoples’ lives” Bellone said. “It is emotional, it is stressful and it is extraordinarily difficult.”

The number of deaths increased by 15 from the previous day. All had underlying health conditions. This includes eight individuals in their 80s, four in their 70s, and one in their 40s and 50s. One individual in his 60s died while in mandatory isolation at a local nursing home.

Currently, there are 1,323 cases in Brookhaven, 435 in Smithtown and 1,390 in Huntington townships. While close to 9,000 total cases are growing in Suffolk, New York State currently totals at more than 92,000.

The economic impact has also been felt far and wide, and Bellone said he is continuing to build out what the county can internally do to help businesses separately from the federal government’s response. So far, the county has been keeping a survey of businesses through their recently created Business Response Unit, and as of March 31, there were over 1,200 responses to said survey from businesses that employ more than 13,000 individuals, with over 7,000 responding they had lost their jobs or employment. The overall New York number, however, is much more staggering, with approximately 6.6 million filing for unemployment, a number not seen since the 1981 recession.

“Particularly our downtowns are facing tremendous hardships, and we will need a targeted effort there,” Bellone said. 

He added while some businesses have maintained some employees, “without assistance, they will not be able to keep that up much longer.”

The County Executive said he has spoken with financial institutions, who will be handling the disbursement of loans via the CARES Act, the federal financial assistance bill that promises loans to businesses to help keep people employed. The rollout of that has not been foolproof, however, with the federal Small Business Administration telling business owners they would need to reapply for their loans at https://covid19relief.sba.gov/#/

Anybody who previously applied via email, fax or snail mail will have to reapply.

Bellone said any difficulties that said financial institutions may have must be overcome if the region is to see any kind of recovery by the time the crisis begins to ebb. 

“The public wasn’t expecting this, we weren’t expecting this, but we have to deal with it,” he said. “We were on call with financial institutions and continue to convene with them.”

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By Leah Chiappino

One of the most trying aspects of COVID-19 is the financial turmoil it has brought on both national and local business sectors. Financial adviser Michael Christodoulou of Edward Jones Investments in Stony Brook answered some commonly asked questions about how to secure investments and resources for small businesses, and the types of financial assistance offered through the recent stimulus package.

Q: What is your advice for people, especially those that are retired or nearing retirement, regarding their stocks and 401(k) plans?

A: For one thing, ask yourself this: When do you really need the money from your investment accounts, such as your IRA and your 401(k) or similar employer-sponsored plan? These are retirement accounts, so, depending on your age, you may not need to tap into them for 20, 30 or even 40 years. If so, your losses may be “paper” ones only for now and aren’t subjecting you to imminent financial jeopardy. This isn’t to minimize the effect this downturn will have on you, of course — it always takes time to recover lost ground, and there are no guarantees with investing. However, although past performance does not guarantee future results, it is useful to note that, over its long history, the U.S. stock market has typically trended in one direction — up — despite serious and sometimes lengthy declines such as we saw in the Great Depression and, to a lesser extent, the bursting of the dot.com bubble of the early 2000s and the financial crisis of 2008-09.

Nonetheless, you may have shorter-term goals — a wedding, down payment on a home, overseas trip, etc. — for which you need to save. For these goals, though, you wouldn’t want to touch your IRA or 401(k), anyway, as you’d likely face taxes and penalties. Instead, you’ll want your money invested in liquid, low-risk accounts that will be minimally affected, if at all, by declines in the financial markets. These vehicles might include Certificates of Deposit (CDs), money market accounts and even good old-fashioned U.S. savings bonds, all of which offer the protection of principal and can pay higher rates than traditional bank savings accounts.

Q: Should people stop contributing to retirement during this time?

A: Every investor has a different time horizon and risk tolerance. Depending on their time horizon and risk tolerance there may be a number of different recommendations.

For example, if a client has a longer-time horizon until retirement it may make sense to continue investing periodically in their retirement plan. But for someone who is looking to retire relatively soon, they might want to stop contributions or start saving those assets in low-risk accounts.

I highly recommend they work with their financial adviser in order to have a personalized strategy designed based on their goals for retirement.

Q: How would you advise small businesses go about applying for governmental assistance, especially through the federal stimulus bill?

A: Small businesses should work with their tax professionals/CPA and financial adviser in order to review their individual situation. I recommend they start by logging onto www.sba.gov/disaster. During this time, they should also be very cautious about scams. 

Q: The economic effects of this virus are already enormous, and will get exponentially worse. How do you think people can financially cope if this crisis continues?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) offers help for investors and small businesses. As we go through the coronavirus crisis, we are all, first and foremost, concerned about the health of our loved ones and communities. But the economic implications of the virus have also weighed heavily on our minds. However, if you’re an investor or a business owner, you just got some help from Washington, and it could make a big difference, at least in the short term, for your financial future. Specifically, the passage of the $2 trillion CARES Act offers, among other provisions, the following:

  • Expanded unemployment benefits: The CARES Act provides $250 billion for extended unemployment insurance, expands eligibility and provides workers with an additional $600 per week for four months, in addition to what state programs pay. The package will also cover the self-employed, independent contractors and “gig economy” workers. Obviously, if your employment has been affected, these benefits can be a lifeline. Furthermore, the benefits could help you avoid liquidating some long-term investments you’ve earmarked for retirement just to meet your daily cash flow needs.
  • Direct payments: Individuals will receive a one-time payment of up to $1,200, although this amount is reduced for incomes over $75,000 and eliminated altogether at $99,000. Joint filers will receive up to $2,400, which will be reduced for incomes over $150,000 and eliminated at $198,000 for joint filers with no children. Plus, taxpayers with children will receive an extra $500 for each dependent child under the age of 17. If you don’t need this money for an immediate need, you might consider putting it into a low-risk, liquid account as part of an emergency fund.
  • No penalty on early withdrawals: Typically, you’d have to pay a 10 percent penalty on early withdrawals from IRAs, 401(k)s and similar retirement accounts. Under the CARES Act, this penalty will be waived for individuals who qualify for COVID-19 relief and/or in plans that allow COVID-19 distributions. Withdrawals will still be taxable, but the taxes can be spread out over three years. Still, you might want to avoid taking early withdrawals, as you’ll want to keep your retirement accounts intact as long as possible.
  • Suspension of required withdrawals: Once you turn 72, you’ll be required to take withdrawals from your traditional IRA and 401(k). The CARES Act waives these required minimum distributions for 2020. If you’re in this age group, but you don’t need the money, you can let your retirement accounts continue growing on a tax-deferred basis.
  • Increase of retirement plan loan limit: Retirement plan investors who qualify for COVID-19 relief can now borrow up to $100,000 from their accounts, up from $50,000, provided their plan allows loans. We recommend that you explore other options, such as the direct payments, to bridge the gap on current expenses and if you choose to take a plan loan work with your financial adviser to develop strategies to pay back these funds over time to reduce any long-term impact to your retirement goals.
  • Small business loans: The CARES Act provides $349 billion to help small businesses — those with fewer than 500 employees — retain workers and avoid closing up shop. A significant part of this small business relief is the Paycheck Protection Program. This initiative provides federally guaranteed loans to small businesses who maintain payroll during this emergency. Significantly, these loans may be forgiven if borrowers use the loans for payroll and other essential business expenses, such as mortgage interest, rent and utilities, and maintain their payroll during the crisis. Please visit sba.gov/disaster for more information.

We’ll be in a challenging economic environment for some time, but the CARES Act should give us a positive jolt — and brighten our outlook.

Q: Do you have any information on how residents will know the exact number on their stimulus check for those above the $75,000 income threshold?

A: I would advise individuals to contact their tax professional/CPA. They will be able to give more accurate guidance based on their clients’ taxable situation and possible qualifications for the CARES Act direct payment program.

Q: What is your advice for those that have recently lost jobs and need to prioritize their loans? How can people cut back, and are there any specific loans that should be paid over others?

A: In the unfortunate event that you or a family member loses your job there are some easy steps to follow to help you better prepare yourself for this event. The federal government has taken a big step in protecting renters by issuing a 120-day moratorium on evictions from federally subsidized housing and property with federally backed mortgage loans. Some states have barred evictions for a few weeks. Please check with your landlord and or mortgage company.

Q: With stocks dipping, is now a good time to buy?

A: Before investing we recommend that investors understand their time horizon with the asset they are thinking about investing. What will that money be used for in the future? At what point in the future will you need the money?

For investors with a long-term outlook and time horizon, we remain confident that a rebound will take shape. It may take a while longer to materialize, but we think it will be robust and fueled by a return of confidence in the post-virus outlook. Long-term investors don’t need to capitalize on the pullback all at once but should consider opportunities to benefit from this decline. Consider:

  1. Rebalancing: Trimming overweight allocations and filling gaps in underrepresented asset classes and sectors.
  2. Systematic investing: Taking advantage of the ongoing volatility by systematically investing at regular intervals, reducing the “timing” aspect as the selloff plays out.
  3. Look for good buying opportunities, because they are certainly out there. A well-managed company with a solid business plan that produces quality products and services is going to be that same company after the coronavirus and oil price panics subside and, right now, that company’s stock shares may literally be “on sale.”

We recommend you consult with a financial adviser in order to make sure you completely understand your level of risk and time horizon.

Q: Do you have any recommendations for a set amount people should have in savings in case of an emergency? What is the best way to do so?

A:  I believe everyone should have an emergency fund. Unfortunately, there isn’t a universal dollar amount that applies for everyone.

If you don’t already have an emergency fund, take these first steps to prepare:

  1. Detail your current financial situation including your income, expenses, assets and debts and any money previously set aside for unexpected expenses.
  2. Create a detailed budget in order to figure out what your monthly and annual living expenses add up to.
  3. Consider saving between three and six months of living expenses if you are still working; 12 months or more if you are retired.

This is just a starting point. Depending on your age, your list may look considerably different. Your financial adviser can help you put together your cash flow analysis related to your financial goals and help you calculate how much cash you may need for your next unexpected event.

Q: How do you think people should go about negotiating with credit card companies and banks if they need relief?

A: If someone is facing some financial hardship, they should contact their credit card company or bank directly. In most cases these companies can provide guidance and options so the individual understands their options and can make a decision based on all the information provided to them.

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By Daniel Dunaief

Daniel Dunaief

Disclaimer: The following column is intended to provide a lighthearted response to the ongoing pandemic. In no way does it diminish or ignore the suffering or the unimaginable horror for people who have lost loved ones or who are on the front lines of the crisis. I continue to be grateful for all the help, support, and work everyone is doing to keep us safe, fed, and cared for (see last week’s column). This latest column, however, is designed to offer comic relief.

I was thinking about how life has changed in small, and largely insignificant ways. Please find below some “before coronavirus” and “after coronavirus” trivial differences for those of us fortunate enough to be inconvenienced and not irreparably harmed by the virus and when we’re not focused on the anxiety of shuttered businesses and lost income.

Where should we eat?

BC: Do you want to go to the Italian restaurant with the cool music and the frescoes on the wall, or the Chinese restaurant, with the incredible dumplings and the endless supply of hot tea?

AC: Should we go back to the kitchen, the dining room or the bedroom, where there are so many leftover crumbs that we could eat those for dinner without going to the refrigerator?

What should we wear?

BC: We could take the newly pressed suit that’s back from the dry cleaner, the slightly wrinkled suit that we wore a few days earlier, or the jeans and casual shirt that works on a casual Friday.

AC: We could take yesterday’s sweatpants, the ripped jeans that don’t smell too bad, or stay in the pajamas we wore to bed.

What should we do when we see people we know on the sidewalk?

BC: We slow our walk, smile, shake hands or hug and ask how they are doing.

AC: We run across the street, yell in their general direction and wave as we make the same joke we made the day before about the need for social distancing.

How do we start emails?

BC: We might dive right in, ask an important question or ease into it, hoping all is well.

AC: We often start emails by hoping the person we’re writing to and their family are safe.

How should we check on our college-age children?

BC: We can call them or FaceTime to see how they are doing and listen attentively as they share the excitement about school.

AC: We can call or FaceTime them from behind their locked door in our house and ask them how they are doing.

What do we do about the polarizing president?

BC: If we love him, we can find others who admire him. If we hate him, we can blame him for climate change, relaxing regulations, and changing the tone of discourse in Washington.

AC: If we love him, we can thank our lucky stars that he’s leading us and the economy out of this pandemic. If we hate him, we can blame him for our slow reaction and hold him to account for everything he and his administration haves said or didn’t say in connection with the COVIDcovid-19 response.

What do we do if someone sneezes?

BC: We offer a polite “God bless you” or, if we’re fans of “Seinfeld,” we say, “You are so good looking.”

AC: We drop anything we’re carrying and race across the room. When we’re a safe distance, we turn around scornfully, particularly if the person didn’t sneeze into anhis or her  elbow.

What do we think is funny?

BC: We follow our own sense of humor, reserving the right to laugh only when we feel compelled.

AC: We look at a picture of Winnie-the- Pooh and Piglet. We see Winnie telling Piglet to “Back the f$#@$ off,” and we laugh and send it to everyone who won’t get in trouble for receiving an email in which someone curses, after we ask if they and their family are safe.

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By Leah S. Dunaief

Leah Dunaief

If you are feeling a mite anxious these days, just know that you are like the rest of us. According to a Siena College poll released Monday, New York State residents are “deeply worried,” with 92 percent of those polled saying they were “very” or “somewhat” concerned about coronavirus. That’s as quoted by The New York Times. The poll was conducted between March 22 and 26 and surveyed 566 NYS registered voters by telephone.

Maybe we would feel better if we thought of this time as extended snow days? After all, remarkably we had no snow days this winter. I confess that’s something of a disappointment for me. I enjoy snow days — if they happen to occur on days when no one is inconvenienced. I accept them as a gift of time, like maybe one or two days to be homebound. That’s a chance to answer emails and cook a new recipe. But this coronavirus distancing is too much of a good thing; rather it’s a wicked thing. It’s scary because people are sickening and dying, and the governmental projections of casualties for the next two weeks are pouring oil on the fire.

There are two parts to our fear. 

Health, of course, is the first. We should all do what we are urged to do: Stay indoors to the fullest extent possible, wash our hands, use hand sanitizer when we can’t, don’t assemble in groups of any sort, even neighbors or relatives beyond our nuclear families and stay occupied — with work or entertainment.

The second part is economic. We read or hear that thousands are losing their jobs as business slows to a crawl or stops altogether. Businesses have no revenues with which to pay their employees. When companies like Macy’s and the Gap are furloughing most of their 125,000 and 80,000 workers respectively, how about the small business owner? They are all wondering how they will pay their rents, utilities and vendors. With no rents coming in, landlords worry about how they will make their mortgage, taxes, maintenance and insurance payments. And on and on, it’s a game of economic dominoes.

There are federal loans available, ranging from a maximum of $25,000 as bridge loans for disaster-related purposes to $210 million for disaster loans. These are made possible through the U.S. Small Business Administration (SBA), and for more information go to their website, www.sba.gov/disaster, or they can be reached  by phone or email for an appointment and advice. The trouble with loans, of course, is that they have to be repaid and with interest. That is more than most small businesses would be able to do, especially those already hit by the retail downturn.

While this is all incredibly worrisome, it might help to project into the future. How will we live differently? How will we work differently? Even, how will we shop for food differently? The world will change. Can we make it for the better?  

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