COVID-19 (coronavirus) Update. Stay informed with the latest information.

On the Economic Scene

Volusia County On the Economic Scene

Sign up to receive the Economic Scene weekly newsletter by email.

May 26, 2020
Online Version at FloridaBusiness.org

COVID-19 Business Resource Center: VolusiaBusinessResources.com

VOLUSIA COUNTY EXPANDS COVID-19 SMALL BUSINESS ASSISTANCE GRANT PROGRAM – The Volusia County Council decided at its meeting last Tuesday to expand the COVID-19 small business assistance grant program to small businesses in Volusia County with up to 50 full-time employees. Businesses with between 26-50 full-time equivalents (FTEs) that meet the eligibility criteria, may qualify for a one-time grant of $5,000. Businesses with up to 25 full-time FTEs that meet the eligibility criteria, may still qualify for a one-time grant of $3,000. The county is using coronavirus relief funds it received from the federal government as part of the CARES Act to fund the grants. The application and a qualification criteria can be found on the county’s new Volusia Business Resources website.

CDC RELEASES DETAILED CORONAVIRUS GUIDELINES – The CDC has released detailed guidelines for reopening schools and businesses that have been shut down in the coronavirus pandemic. The 60-page document is named the CDC Activities and Initiatives Supporting the COVID-19 Response and the President’s Plan for Opening America Up Again. The document includes specific guidance for reopening childcare centers, schools, businesses, restaurants and public transit. It also lays out steps for containing the disease at federal and state levels through contact tracing and monitoring for outbreaks.

ALL 50 STATES POST UNEMPLOYMENT RATE INCREASES – Unemployment rates were higher in April in all 50 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported on Friday. Similarly, all 50 states and the District had jobless rate increases from a year earlier. The national unemployment rate rose by 10.3 percentage points over the month to 14.7% and was 11.1 points higher than in April 2019. Non-farm payroll employment decreased in all 50 states and the District in April 2020. Over the year, non-farm payroll employment decreased in all 50 states and the District.

WEAPONIZING YOUR PLAN FOR TAX EFFICIENCY & ARMORING AGAINST COVID-19 – Before COVID-19, the company retirement plan was viewed as a necessary overhead expense to attract and retain talent. Generic, commodity style plans permeated the industry and no one was discussing how the plan could be weaponized to mitigate tax and enhance net worth for owners. Now, business owners have tremendous revenue and demographic uncertainties and their current plan could be a financial risk. GrowFL will host a webinar that will cover foundational concepts and governing deadlines of how to amend the different commodity plan types to cut costs and hedge against revenue uncertainty in 2021. It will show how entrepreneurs who utilize a customized plan have more flexibility and predictability in their employee match and can shelter distribution income from tax. Lastly, the workshop will analyze the difference between proprietary mutual funds and institutional class mutual funds and chart the difference in return between the two when the market drops the way it did in March. The webinar is scheduled for 10 a.m. May 28. 

DISTRIBUTION HUBS TO BENEFIT FROM WAREHOUSE DEMAND INCREASE – As the U.S. economy restarts, adjustments to business supply chains will increase the demand for warehouse space. This according to commercial real estate services firm, CBRE, Inc. It notes that the downward trend in inventory-to-sales ratios since the early 1990s could reverse as manufacturers, wholesalers and retailers store materials and products closer to manufacturing centers and consumers. Businesses may create more domestic supply chains as they re-shore or near-shore production. The COVID-19 crisis has underscored the fragility of just-in-time (JIT) production networks. These JIT systems are now susceptible to closed manufacturing facilities, ports and borders due to the COVID-19 crisis. A March survey by the Institute for Supply Management found that nearly 75% of business respondents have experienced supply chain disruptions and more than 80% believe they will in the future. More on this can be found here.

TAKE-OUT FOOD DURING THE CORONAVIRUS CRISIS – Florida Trend reports that when Governor Ron DeSantis ordered restaurants to close their dining rooms in mid-March, the industry went on hold, with a million workers at risk. The only food that restaurants could sell would have to be taken home and many dining venues scrambled to enter an area they long avoided — takeout. In the last decade, UberEats, GrubHub, Door Dash and others have brought any restaurant to the willfully homebound. That has only intensified during the pandemic. Coronavirus take out trends have included entrees large enough to feed a family, restaurants selling produce and dry goods and smarter food packaging.

NEWS ITEMS WANTED! Please send your business news items to Joanne Magley

2020

May 11, 2020
May 4, 2020
April 27, 2020
April 20, 2020
April 13, 2020
April 6, 2020
 

March 30, 2020
March 16, 2020
March 9, 2020
March 2, 2020
February 24, 2020
February 17, 2020
February 10, 2020
Febuary 3, 2020
January 27, 2020
January 20, 2020
January 13, 2020
January 6, 2020

2019

December 30, 2019
December 23, 2019
December 16, 2019
December 9, 2019
December 2, 2019
November 25, 2019
November 18, 2019
November 11, 2019
November 4, 2019
October 28, 2019
October 21, 2019
October 14, 2019
October 7, 2019

September 30, 2019
September 23, 2019
September 16, 2019
September 9, 2019
August 26, 2019
August 19, 2019
August 12, 2019
August 5, 2019
July 29, 2019
July 22, 2019
July 15, 2019
July 8, 2019
July 1, 2019

June 24, 2019
June 17, 2019
June 10, 2019
June 3, 2019
May 27, 2019
May 20, 2019
May 13, 2019
May 6, 2019
April 29, 2019
April 22, 2019
April 15, 2019
April 8, 2019
April 1, 2019


March 25, 2019
March 18, 2019
March 11, 2019
March 4, 2019
February 25, 2019
February 18, 2019
February 11, 2019
February 4, 2019
January 28, 2019
January 21, 2019
January 14, 2019
January 7, 2019

2018

December 31, 2018
December 24, 2018
December 17, 2018
December 10, 2018
December 3, 2018
November 26, 2018
November 19, 2018
November 12, 2018
November 5, 2018
October 29, 2018
October 22, 2018
October 15, 2018
October 8, 2018
October 1, 2018

September 24, 2018
September 17, 2018
September 10, 2018
September 3, 2018
August 27, 2018
August 20, 2018
August 13, 2018
August 6, 2018
July 30, 2018
July 23, 2018
July 16, 2018
July 9, 2018
July 2, 2018

June 25, 2018
June 18, 2018
June 11, 2018
June 4, 2018
May 28, 2018
May 21, 2018
May 14, 2018
May 7, 2018
April 30, 2018
April 23, 2018
April 16, 2018
April 9, 2018
April 2, 2018

March 26, 2018
March 19, 2018
March 12, 2018
March 5, 2018
February 26, 2018
February 19, 2018
February 12, 2018
February 5, 2018
January 29, 2018
January 22, 2018
January 15, 2018
January 8, 2018
January 2, 2018