The 2008 recession was not that long ago. Drawing from the experiences learned, we know small businesses were slow to recover, but not as slow as the unemployment rate (which rose to 10%). According to Neel Kaskari, of the Federal Reserve, it took ten years for the job market to rebound.
Drawing from his 2008 experiences as Assistant Secretary of the Treasury for Financial Security, Mr. Kaskair asked Congress to begin printing money, now. And they did. As of Monday, small businesses can get up to $10,000 right now by logging on to SBA.gov, clicking the yellow bar across the top and filling out the simple 4 page questionnaire. Don’t wait! The money will be put directly into your bank account within 5 days. Next week the Payroll Protection Program is scheduled to roll out that will offer more bank loans and grants.
In the last recession, when the economy did rebound, a large portion of the people’s lost jobs had either changed, been replaced by automation, or eliminated altogether.
Having been laid off from jobs in my youth, I remember the head game it plays on you.
What to do if you’ve been laid off
If you are a citizen (I refrained from saying victim) in freefall from the predicted Coronavirus recession, I say stay strong. Staying strong will take a conscious effort with concerted action steps.
- Even if you have nowhere to go, wake up early and get dressed. Be sure to make your bed. This is important because it instantly gives you a sense of accomplishment.
- Make a routine that includes some form of exercise at least once a day. Twice a day would be even better. This does not have to be strenuous, just get moving and if possible, get some sunshine. Together this will create endorphins to fight depression and expose you to vitamin D that will boost your immune system. Depression creates illness, so keep healthy.
- Stay happy. Learn to manage that devilish voice of self-doubt, anger, and resentment in your head. As I said last month, in my FFA speech, if you don’t reset your thinking it will map a really nasty little negative neuron pattern in your brain. Again, this takes conscious effort. Read self-help books, listen to audio, or learn other tricks to stay emotionally healthy.
- And last, check your ego. If your unemployed, any job is a step up. Don’t be too good to work for a lower pay than you once had. You never know where it will lead.
Every right action, no matter how small, is leading somewhere. If you feel paralyzed from indecision or depression, take baby steps. For most of us, opportunities lie outside the home.
Get involved, stay healthy, work smart and be BRAVE.