The Georgia-based FCSI Associate outlines his initiative to redirect economic relief payments to those in need
The stimulus checks [from the $2trn CARES Act] are now on the way to most Americans. For some, these checks will be their only lifelines to make ends meet and put food on families’ tables during this time of crisis.
But for those of us who are fortunate to have continued employment, who can keep their lights on and have their mortgages paid without government aid, it’s a precious opportunity to give back and help those who need our help. We are proud to promote the #givecare initiative, and we ask that you join us in donating to food banks and other charities that will support those out of work and also our first responders and medical personnel dedicated to taking care of our communities.
Make a difference
Americans have a tenured history of supporting one another. Back in the recession of 2008, the ratio of Americans’ charitable donations to income remained consistent. In September 2001, tip jars across the service industry were wilfully replaced with collections for the first responders and victims. Recent data shows that around 20% of people with means plan to donate their stimulus checks. Such is the American tradition. It is our values that make us who we are in this great nation.
This is an opportunity to redirect several billion dollars in stimulus checks to those most in need. Please join us in promoting #givecare and help make a difference.
Covering basic needs
This is something I have been thinking about for some weeks. It just seemed like a logical way to get more money to food banks and other charities that need money to cover basic needs of people unemployed or working on the front lines of the battle against coronavirus. There are people who are receiving the money who don’t need it to cover household expenses. That’s the money we’re targeting. In addition, our research revealed that 20% of people may donate their checks. It’s at least $5bn that could be redirected to charity.
The foodservice sector is getting decimated. Many restaurants have a week to a month of working capital. That’s gone at this point. The Paycheck Protection Program (PPP) loans are not going to benefit most restaurants because it makes more sense to furlough employees than to bring them back. For those that can take a cash flow loan, the 1% rate is appealing and makes sense in some situations. It’s also it impacting all the companies that service restaurants which is immense.
Business slow down
On the consultancy side of the business, we’re looking at a PPP loan to pay our staff. We’ve got work that can be done, but most of our projects have been deferred. During this time, we have picked up one client. Leads are coming in, but at a much slower rate. I think many firms are seeing a business slow down. I believe we are all doing some pro bono consulting to help people with figuring out what to do next.
For more information, please visit www.facebook.com/givecarenow
Jay Bandy is president of Goliath Consulting Group