Worcester Business Journal

wbjournal.com | March 30, 2020 | Worcester Business Journal 7 Coronavirus response measures are appropriate F L AS H P O L L Much of the Central Mass. economy, along with the rest of the country and the world, is grinding to a halt as government and public health officials work to stem the spread of the coronavirus. Since those measures have been put in place, Greater Worcester businesses have closed, unemployment has skyrocketed and employees are staying at home. On March 24, Massachusetts forced the shut down of all non-essential businesses. When polled online, more than half of WBJ readers felt the measures are appropriate, despite the economic consequences. Have the measures designed to stem the coronavirus threat been appropriate? W H E A L T H C A R E F O C U S es in-state remain shutdown under Gov. Charlie Baker's order from March 24, businesses are dealing with immediate cash flow challenges, making it difficult or even impossible to know if or when doors can reopen and normal opera- tions might resume. Dave McManus, a co-managing partner at Westborough accounting firm AAFCPA said business owners should take a close look at their banking relationships, including where and how they store their cash. As uncertainty looms, he said, it's possible that banks may freeze lend- ing opportunities. If cash access is a problem, or is projected to become a problem, McManus said owners should consider drawing on lines of credit sooner, rather than later. Moreover, he said, owners should look at their respective Federal Deposit Insurance Corp. limits and evaluate how much of their money is actually insured. "We're talking to [our clients] about maybe moving money around at different banks," McManus said. Like Kilroy, he emphasized the importance of tracking developments surrounding the Families First Coronavirus Response Act, as well as having an emergency plans in place to ensure day-to-do operations can continue to take place. "Now is the time for businesses to really be looking at what type of remote access or remote cloud-based applications they have to be able to keep business going, even if they can't get into the office," McManus said. is might include the obvious, like video conferencing and document sharing, but also electronic bill pay systems and electronic deposit mechanisms, too, he said. Going through these checklists might be a challenge initially, but in his view, McManus said, it's a learning experience growing in value over time. "What you put in place in terms of being able to work remotely will really pay off dividents in the future," McManus said. Dave McManus, co-managing partner at AAFCPAs No, more needs to be done to stop the disease's spread. 34% Yes, with this many unknowns, it is better to be safe than sorry. 28% Yes, although the economy will take a long time to recover. 28% No, this is an overreaction to a minimal threat. 10% COMMENTS: "Reasonable response. However, we need an endgame." "Lottery is still running, and a lot of people are just buying lottery. What a greedy state!" "Polling already? The hospitals are still gearing up, and COVID-19 hasn't begun to affect our medical industry yet. The results of a poll with questions like the ones you pose to your readers is dangerous and irresponsible! You should remove the poll right away. It's plain old stupid."

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