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About The Columbia press. (Astoria, Or.) 1949-current | View Entire Issue (May 8, 2020)
May 8, 2020 T he C olumbia P ress Senior Financial Focus Moments with Adam Miller with Emma Edwards Getting off the merry-go-round It’s been said the adult brain is most reliable in its youth. However, more recent re- search tells us that our brain continues to grow all the way into middle age. So, how is middle age defined, age wise? I ran into six differentiations of age breakdowns. One that best describes adults that I’ve observed over the years puts middle age at 45 to 65 (recog- nized by the U.S. Census). I like graphs and studies, such as the one I saw recent- ly defining reactions to crises such as COVID-19 relative to our age. Does our reaction de- fine us age-wise? Beyond middle age, another study recognizes the “young old” as 65 to 74, the “middle old” as 75 to 84, and the “old- est old” as 85 plus. Yet another study tells us that from middle age on, we seem to react less and less to negative thoughts (such as those that can arise during a crisis). Many seniors have “kids” who are well into the middle age category, no mat- ter which chart we look at. It’s fun (at least to me) to see how knowledgeable they’ve suddenly become. So, if you’re “young-old” or older, don’t discount the ad- vice from your middle-aged kids or acquaintances. As I have often said before, our at- titudes and goals have a lot to do with this subject. An old Cherokee proverb says, “When you were born, you cried and the world re- joiced. Live your life so that when you die, the world cries and you rejoice.” I’m remind- ed of the saying, “Laugh and the world laughs with you. Cry and you cry alone!” I received an unexpected compliment the other day. It made me feel good and, when I told them it made me feel good, they said it made them feel good to make me feel good. A while back, we talked about trying to give someone at least one compliment a day. Well, now with our different style of life, I think it’s dou- bly important. Let those mid- dle-age kids of yours know how good they make you feel when they show they care. I was reminded recently that I once wished I could just “get off the merry-go-round of life” and the Covid-19 virus has afforded me a chance to do just that. Do I like it? Yes! Am I ready to re- turn to “normal”? Yes! They tell us we’re in this to- gether. I am respecting those in authority over us in this hour of crisis, including my kids. I am enjoying -- and even look forward to -- my dreams, as I feel free as a bird in those. In one of my many dreams ear- ly last week, I got to hug all six of my kids! Maybe, when we end a phone call, we should simply say, “hope to see you in my dreams.” Special columns in The Columbia Press Every week: Senior Moments with Emma Edwards Week 1: History in the Making Week 2: Financial Focus with Adam Miller Week 3: Off the Shelf by Kelly Knudsen Week 4: Mayor’s Message by Henry Balensifer III 7 PPP funding a bumpy ride for businesses If you’re a business owner, you’ve probably gone through a range of emotions recently. A few weeks ago, as part of the $2 trillion CARES Act, the Paycheck Protection Pro- gram (PPP) was launched to provide $349 billion to help small businesses keep their workers and stay afloat. Your expectations may have risen. But the money ran out more quickly than anticipated – a letdown for many business owners. Now, it’s on to Round 2. Time for high hopes again? Here are the details: The first $349 billion was used up in less than two weeks, with some 1.6 million companies securing funding. However, many other businesses failed to get loans, and the program drew controversy as some larger businesses, such as ho- tel and restaurant chains, were able to access the money. In response, Congress passed a $484 billion pack- age, which, in addition to including more money for hospitals and coronavirus testing, provides $310 billion for the PPP. As was the case with the original PPP, the additional funds are designed to help companies with fewer than 500 employees receive loans from banks, primarily to cover payroll costs. The businesses that do keep their employees and fulfill other requirements will have their loans forgiven. The new legislation also provides $60 billion in addi- tional funding for the Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program, con- sisting of $50 billion for EIDL loans and $10 billion for emergency grants that al- low an eligible business that has applied for an EIDL loan to request an advance of that loan of up to $10,000. It can be tricky to navigate the PPP process, but you’ll improve your chances of get- ting a loan if you’re prepared. If you have to go back to gath- er information, you will delay your loan application – and with a finite amount of mon- ey available, any delay could harm your chances of getting a loan. Before you file, collect all your paperwork, including your 2019 tax returns, pay- roll reports, mortgage or rent documents, utility statements and documented proof that the coronavirus pandemic has hurt your business. In any case, don’t wait to apply for a PPP loan. Contact your local Small Business Ad- ministrator lender, federally insured depository institu- tion, federally insured credit union or Farm Credit System Institution. If you’re interest- ed in the EIDL program, con- tact the Small Business Ad- ministration directly. The replenished PPP pro- gram may not be the last chance for government help to small businesses – but if you’re like many, you can’t afford to wait for what might happen down the line. Although there are no guar- antees, do what you can to ex- plore this new opportunity. It may prove to be a lifeline for your business and a chance to strengthen your financial fu- ture. This article was written by Edward Jones and submit- ted by Adam Miller, financial advisor at the Astoria office, 632A W. Marine Drive. To reach him, call 503-325-7991.