Financial impact of COVID on employers

[Pjmm]

My boss and I have both taken cuts. Well mine was he increased what I pay for health care insurance. I'm happy to be working though. It's very slow going.

Yes, all employees took pay-cuts at one of my employers as well. I am also happy to be working, for now, although, I suppose, if they keep cutting my pay, idk, eventually, it'll be a tough choice, LOL.

Well I planned to do side work for the census just in case. But that's slow to start too.

[wildflowers25]

We've both been working this whole time. I'm concerned for the future. We don't know how this will turn out or if it will get worse later on.

[Anonymous 2]

I work as a substitute in my school district and I was hoping to get a permanent position but that may not happen if it ever does We were on a hiring freeze right before all of this happened and it looks like the hiring freeze will continue and some jobs will have to be eliminated. My mom retired from the nursing home she worked at for 33 years, she was going to wait a few months but ended up with the flu and pneumonia which ended up in a 4 day hospital stay. Her dr kept putting her off so she decided just to retire as she has a compromised immune system. My mom posted an article from the ceo mentioning how they were majorly struggling and the state mandating that they test all employees twice a day to the cost of about 60,000 a week doesn't help. They were saying how they need federal money to stay open and may not get it.

[mcginnisc]

Dh is pissed..his company states they are fine and then turns around 2 days ago and says they are not going to 401K match anymore until the next fiscal year..that is February.

[Traci_Momof2]

We've remained open the whole time because as a financial / accounting service, we are considered essential by our state. So AFAIK my boss hasn't really lost any money. He did apply for the PPT loan and got it recently.

We've been moreso affected by how busy we are. As soon as those PPT loans became available, all our small business clients wanted to apply for them, and of course wanted our help. So the CPA (boss) has been busy working on that. Which means he hasn't done a whole lot as far as people's personal income taxes. And the deadline has been extended to July 15 so there's time, but people are still wondering why their taxes aren't done yet when they brought them in early March. So my coworker and I have to field those calls which is not fun when they get snippy with us, especially since we have no control over when those returns are finished.

[Deleted User 172]

I'm still working. They had to postpone my retro raise and the top exec's took a paycut.
All in all, still glad to be working.

[mojogirl]

I work in IT at a public university so all good for now. We'll see what happens when official enrollment numbers roll in for fall and what's gonna happen to football season. Without students on campus and a packed football stadium every other week many businesses will go under. It will be devastating for my community.

[Traci_Momof2]

I am a recruiter I work with one other person. I am very nervous.
I have some steady work in food manufacturing, they have not slowed down their hiring process. I do remember during the subprime mortgage debacle of '08 it took almost two years before we felt the impact to where we almost closed our doors.

I hope you and your family are OK. Very uncertain times.

DH is a recruiter and he was laid off mid April because their one huge client was one of the big banks in the US, and the bank stopped hiring so there was nothing left to recruit for. At least not enough, so they laid off several from his office.
But he's been finding jobs to apply for and has been getting interviews so here's hoping something comes through.

Around '08, '09, DH was laid off because his company was bought out by another, and with the way the economy was then it took him 18 months to find another job. That was horrible. This has only been one month so far. I'm not too worried yet.

[Anonymous 3]

We are rolling around in money. Everyone received a bonus, a $5 pay raise, and we all have extra PTO.

[LiveWhatULove]

I'm still working. They had to postpone my retro raise and the top exec's took a paycut.
All in all, still glad to be working.

You've been really busy, haven't you? I don't see you post much anymore, unless you're going anon.