Coronavirus and Work Life

By Brian Jacks, MTM
Marketplace Pastor of Christ Church

Undeniably, COVID-19 hit the world and our healthcare system like a Mike Tyson blow to the ribs. It hurts and the pain will last for a while, especially for those who have lost loved ones. Life has changed for all of us and truthfully some aspects may never return to what we once knew as normal. This truth can extend to our work lives.

So, what can we do?

First, let’s all understand our current economic landscape. A friend of mine is Bob Doll, the founder and chief equity strategist at Nuveen, an investment management company. He is a highly respected authority on the equities markets among investors, advisors, and the media. During a Good Friday virtual breakfast, hosted by the Christian Businessman’s Connection, Bob shared insightful observations. Here are a few:

1. The COVID-19 pandemic has caused an external shock to our system, but what we are facing now is not a result of an internal economic weakness. Our nation’s current financial crisis was caused by this global pandemic. In response, we engineered this current recession by closing businesses and curtailing activity, therefore it cannot be compared to the 2008 Global Financial Crisis or the 1929 depression because we essentially turned the economy off. When it is turned back on some sectors of the economy will recover right away. Other elements will take longer to bounce back, but unfortunately some parts may never recover.
2. So far, the U.S. unemployment rate is already up to 14%. A month ago, it was 3.5%, the lowest in 50 years. It is likely going up at least 20% before it starts to improve.
3. The $2.2T stimulus package, which may be followed by another stimulus package in the trillions, will be the largest fiscal response to a crisis we have ever seen since WWII.

Clearly our country is devastated–in more ways than one. However, just as the mortality rate due to this virus is disproportionately impacting minorities and the poor compared to the nation’s average, so is the economic fallout. In fact, I am sure the unemployment rate in these communities is and will be much, much higher than for others.

Here’s some advice to better equip all of us to safeguard our income:

1. Put first things first. “I lift up my eyes to the mountains—where does my help come from? My help comes from the Lord, the Maker of heaven and earth.” (Ps. 121: 1&2) Stimulus packages are great and we absolutely appreciate all that healthcare professionals risk to serve us, but our trust has to be in the Lord. We have to turn to Him for direction and guidance. And as we each function within very specific vocational circumstances, all advice must be tailored to meet our individual needs. What is universally true though is the Lord knows exactly where we are and He will meet our needs when we place our faith and trust in Him.

   I lift up my eyes to the mountains —
   where does my help come from? My help comes from the Lord,
   the Maker of heaven and earth
   

   - Psalms 121:1&2

2. Assess where you are vocationally. Some have lost their jobs (temporarily or permanently), while others remain employed, but are uncertain about what their future holds. Meanwhile, others have businesses that have been shook to the core. Regardless of your situation, it’s important to complete a meticulous inventory of your circumstances. For starters, ponder these questions:
   1. How essential am I to my employer in this environment?
   2. When this pandemic is over how will my position or role be changed?
   3. How has this pandemic impacted my industry and my company?
   4. What should I do now to prepare for my best future?
   As you consider and pray over these questions, ask the Lord for insight and direction.
3. Don’t waste this time. If your workload is reduced working remotely, proactively find ways to bring value to your employer. Try to become indispensable in helping your organization reach its goals and mission. Ask the Lord for creative ideas and strategies. Also, business owners should think about how their industry may alter and how to capitalize on anticipated changes. This is also a great time to learn new things. There are a multitude of free online classes available. Here is a link to free Ivy League courses: https://www.classcentral.com/collection/ivy-league-moocs.
4. Look for opportunities. I challenged my adult children to brainstorm with my wife and I about how the world will change as a result of this pandemic. We asked questions like: How will our industries change? How will transportation shift? How will education evolve? How will real estate convert? How will the church adapt? I encourage you to engage in this exercise with a loved one to ready your mind and heart for what may be ahead, while you consider the following:
   
   In a 1959 speech, President John F. Kennedy famously said, “When written in Chinese, the word ‘crisis’ is composed of two characters–one represents danger [ 危 ] and one represents opportunity [ 机 ]”. Although it is widely recognized that his speech contained some linguistic inaccuracy, President Kennedy’s wisdom in pointing out how opportunities are coupled with crisis is spot on. I invite you to also think about how you can find opportunities birthed from this recession.

   When written in Chinese, the word ‘crisis’ is composed of two characters - one represents danger [ 危 ] and one represents opportunity [ 机 ]
   

   - President John F. Kennedy

5. Don’t wait to take advantage of stimulus benefits. – As previously mentioned, our government is providing trillions of dollars to lift us out of this recession. Be sure to get your share. Everyone that is eligible will receive a stimulus check, but there are additionally other benefits you may qualify for. If you’re unemployed, be diligent about filing for unemployment (no matter how long it takes). If you’re a business owner, apply for the Small Business Administration's Payroll Protection Plan loan from your bank, which under certain criteria can be forgiven, meaning it can be free money. Know that if you’re a contractor or a consultant, you can also apply. Also, if you owe income taxes, you can delay filing until July 15 for federal taxes. The same applies if you live in New Jersey for state income taxes. Even certain student loans will accrue 0% interest until Sept 30. So any payments made will go 100% to reducing the principal balance. As you can see, there are many options to help you stay afloat during this trying time. For more resources, explore this list the Christ Church Financial Empowerment team created of COVID-19 Financial Resources.

Finally, just a word of caution. With all this stimulus activity, unfortunately there are dishonest opportunistic people looking to take advantage of those who are the most vulnerable. Be vigilant against scams by carefully vetting any emails, social media posts, or phone calls requesting personal information. Keep in mind some of the most common scams include:

• Fraudulent products claiming a cure
• False charities
• Imposter calls claiming they are a government agency
• Bogus investment opportunities

Be safe, continue to practice social distancing, and with the Lord’s help we will emerge stronger individually and as a community when this COVID-19 crisis is over.