The COVID-19 pandemic has ravaged the confidence of U.S. adults nearing retirement age. One in five (19%) have reported the pandemic and its effects on the global economy has pushed them to delay their retirement or no longer retire at all, according to a new 2021 Tax-Efficient Retirement Income survey.
The Harris Poll, run by Nationwide Retirement Institute, found that one fourth (27%) of Americans have cut their retirement saving way back or stopped completely due to loss of job or other hardships. Two in five Americans (37%) have or are likely to pull from retirement savings due to the pandemic, and the marks are even higher on millennials (58%).
“COVID-19 has many Americans feeling financially insecure — especially younger ones,” said Eric Henderson, president of Nationwide’s Annuity business. “This presents an opportunity for financial professionals to not only get clients back on track, but ensure they have the right tools and education on topics like taxes in retirement, which can get them closer to their long-term goals.”
Savannah River National Laboratory’s (SRNL) Unmanned Aircraft System (USA) team won the 2020 Department of Energy (DOE) UAS Unit Award, which is distributed by the DOE’s Office of Aviation Management.
The award is given based on management, training, best practices, and other criteria. Nominations of teams are reviewed by a panel made up high-ranking military personnel and aviation management professionals.
“The key to the success of this team was the hard work and partnership developed between the DOE and SRNL,” said Tony Polk, director of the DOE Savannah River Laboratory Office. “I look forward to seeing that partnership carried forward into future endeavors.”
The Small Business Administration plans on using $28.6 billion in Restaurant Revitalization Funds in April, tentatively. Patrick Kelley, associate administrator for the SBA’s Office of Capitol Access, confirmed in a Small Business Committee hearing.
A few notes, per Augusta CEO:
- Kelley said that the SBA will likely start posting relevant qualifications, instructions and other information for restaurant operators over the next 7-10 days and give guidance on supporting documents needed to apply.
- Schumer indicated that the SBA will open applications in April. Schumer also said that if the $28.6 billion is used up, that he would introduce another bill for additional funding.
- Applications would be open to prioritized groups, including women, veterans and oppressed groups, who would receive prioritization for the first wave of grants, before being opened up to a wider rollout.
- The whole process, he said, will take place over the next 30-45 days, and that the government agency is “focused like a laser” on getting the applications up and running.
- Part of the reason the process is taking so long is that the SBA has to build a technology platform from scratch that’s capable of dealing with the crush of applications and likely automating the process so it’s as efficient as possible. Once it’s up and running, the grants will function like direct payments to the applicants.
Tyler Strong is the Business Editor for The Augusta Press. Reach him at tyler@theaugustapress.com
