The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.

SBA does not initiate contact on disaster loans or grants. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.

SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.

If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to [email protected].

If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to [email protected].

Phishing

If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.

Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII),to obtain personal banking access, or to install ransomware/malware on your computer.

Any email communication from SBA will come from accounts ending with sba.gov.

The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at www.sba.gov.

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

by Marci Phillips NCOA’s Director of Public Policy and Advocacy

The COVID-19 pandemic has caused a staggering loss of jobs. At the end of March, the Bureau of Labor Statistics reported that 7.1 million Americans were unemployed, with numbers projected to rise further throughout April.

In 2019, roughly 1 in 5 older adults aged 65+ was still in the workforce. Nearly three-quarters were working at jobs where teleworking was not an option. The pandemic has put these seniors at a double risk: being furloughed/laid off or being forced to go into a workplace and put their health at risk.

For older adults, losing a job can be especially difficult. Older workers are more likely to remain out of work for lengthier periods of time compared to their younger counterparts; some may choose not to return to the workforce at all. An AARP survey of older workers found that following the Great Recession, the average duration of unemployment was close to a year for older adults. More recently, last month AARP reported that 19.9% of jobseekers aged 55+ were long-term unemployed, compared with 16.2% of those aged 16 to 54.

While it’s hard to know what the long-term economic fallout will be from the COVID-19 pandemic, there are clues from the last decade, following the 2008 market collapse. A recent issue brief from NCOA and LeadingAge LTSS Center @UMass Boston examined the financial impact of the Great Recession of 2008-09 on adults aged 60+ and found:

Among all age groups, individuals who were retired fared worse than those who were still in the workforce. (Though those who were aged 75+ fared better than those aged 60-74.)

However, although being over age 75 in the workforce meant better income than those retired, it appears that many of these older adults remained in the workforce out of necessity precisely because their overall financial resources and net wealth were worse than those retired.

Unsurprisingly, those with the lowest net worth and financial assets fared worse following the market collapse. A common trend seen across those 60+, regardless of age group or retirement status, was a decrease in total net wealth and taking on greater debts, particularly property related debt, during times of recession.

NCOA is one of several national sponsors of the Senior Community Service Employment Program (SCSEP). Funded by the U.S. Department of Labor (DOL), SCSEP is a training program that helps low-income, unemployed individuals aged 55+ find part-time work and get back on the path to financial stability.

As the nation began to shutter businesses and ask Americans to shelter in place during the onset of COVID-19, NCOA took an unprecedented step to request DOL to allow us to continue to pay SCSEP participants during the pandemic, even if their training sites were closed. For these vulnerable older adults, their SCSEP stipend offers a lifeline during difficult financial times.

NCOA, along with the Leadership Council on Aging Organizations, is urging Congress to provide an additional $500 million in funding for the SCSEP in the next COVID-19 stimulus and relief bill. Additional funding will more than double the program’s current capacity to serve between 56,000 to 128,000 additional eligible individuals that need SCSEP services.

History tells us that older adults are likely to face significant financial hurdles following the COVID-19 pandemic. Investing in programs like SCSEP can ensure that many will have an opportunity to return to the workforce and regain some of their financial footing.

by Jayson Cohen American Legacy Solutions

Countless Americans are worried about the impact that Covid-19 will have on the health of their families and friends, and indeed their own well-being. However, there is another concern that could impact you.

In preparing for retirement, investors should prepare for all sorts of investment environments, and that includes downturns like Covid-19. While it may seem out of the ordinary, remember that it has been less than 15 years since the last financial downturn, and while the growth seen over the past ten years has been substantial, it is now clear that it is sandwiched between two bear periods.

Therefore, it is all the more crucial that your retirement plan be prepared for any such eventuality. As painful as one as it has been, Covid-19 is just a test for your finances. Here’s how to check to see if you’re ready.

Diversification is Key

Although many securities are doing poorly right now, there are others that are doing well. Many mail-order retailers, healthcare stocks, and PPE manufacturers are seeing high earnings. Even traditional publishers are seeing an increased demand for books. Plenty of companies stand ready to make substantial profits as a result, and given that it is on a sector by sector basis, diversified portfolios are likely seeing substantial stability.

It is not just about stocks, however. Fixed income, alternative investments, currencies, and commodities have all also seen considerable volatility over the past few weeks, but through that volatility there has been a number of opportunities to gain considerably. Not all of these will be immediate, of course; some may pay considerably in the future. At any rate, diversification is a step that helps you accomplish all of this.

Appetite for Risk

More than just a need for diversification, Covid-19 has also informed a need for knowing what one’s appetite for risk is, no matter what the market conditions may be. Doing this must be done not only with an eye to the future, but with an eye to the individual appetites of the investor in question.

After all, different investors will have different appetites. Some investors may have no problem riding out a storm like Covid-19, confident that the market will prevail. Others, especially those who rely on more actively managed portfolios, may wish to fall back to a safe harbor during such a situation.

The goals of each investor, as well as his/her time left in the market, each play a large role here. Someone who is close to her financial goals may not want to risk eroding what she has gained over the years. Likewise, an investor who is younger and has the benefits of time and compound interest may well wish to search for greater rewards.

At any rate, solid communication and a good plan will help make sure that you are prepared to meet the market on your terms. Rather than treating Covid-19 as a one-off occurrence, by addressing it as a potential market fluctuation that could happen again, you will be better suited to handle it in the future, knowing what could well come as a result, and preserving your net worth regardless of what goes on around you.

On April 24, 2020, Governor Newsom announced the launch of a first-in-the-nation “Great Plates Delivered” program, a meal delivery service for California’s older adults. The program helps seniors and other adults at high risk from COVID-19 to stay home and stay healthy by delivering three nutritious meals a day, and also provides essential economic stimulus to local businesses struggling to stay afloat during the COVID-19 crisis. Local restaurants can learn more about the requirements and how to apply here. Seniors can apply here. Please email [email protected] for more information. Special thanks to Victoria Jump, the Director of the Ventura County Aera Agency on Aging (VCAAA) and Patrick Maynard, Director of the Office of Emergency Services for implementing this program locally in record time. This program enhances the efforts that have already been in place to feed the most vulnerable. More than 250,000 meals have been provided since COVID-19 hit our County. Learn more about VCAAA at www.vcaaa.org/.

The outbreak of infectious diseases such as Covid-19 can be a stressful time. It is not uncommon to feel anxious or worried while listening, reading or watching the news, even if you’re at little to no risk of getting ill yourself. It’s important during times like these to keep track of your own physical and mental health, as well as safely stay connected to your community. Know the signs of stress and when and how to seek help for yourself, as well as loved ones. During this stressful time, don’t forget your own self-care. Take time to breathe, exercise, get plenty of sleep, and take a break from the news and social media periodically.

Ventura County residents can also join the free ongoing online help and support line to connect with others and lean healthy habits to maintain emotional well-being through the pandemic. Learn more at https://giveanhour.org/initiatives-and-programs/covid19-ca/ and https://www.wellnesseveryday.org/coping-during-coronavirus.

Older people and people of any age who have serious underlying health conditions are at higher risk for severe illness from COVID-19. People who may have issues getting assistance if they become ill, like those experiencing homelessness or people with disabilities are also at increased risk from COVID-19.

These conditions and situations may result in increased stress during this pandemic. Fear and anxiety can be overwhelming and cause strong emotions.

Things you can do to support yourself:

Take breaks from watching, reading, or listening to news stories and social media. Hearing about the pandemic repeatedly can be upsetting.

Take care of your body. Take deep breaths, stretch, or meditate. Try to eat healthy, well-balanced meals, exercise regularly, get plenty of sleep, and avoid alcohol and drugs.

Make time to unwind. Try to do some other activities you enjoy.

Connect with others. Talk with people you trust about your concerns and how you are feeling.

Call your healthcare provider if stress gets in the way of your daily activities for several days in a row.

If you, or someone you care about, are feeling overwhelmed with emotions like sadness, depression, or anxiety, or feel like you want to harm yourself or others call 911.

Have a plan for if you get sick

Know how to stay in touch with others by phone or email. You may need to ask for help from friends, family, neighbors, and community health workers if you become sick.

Determine who can care for you if your caregiver gets sick.

Contact your healthcare provider to ask about obtaining extra necessary medications to have on hand in case there is an outbreak of COVID-19 in your community and you need to stay home for a prolonged period of time.

If you cannot get extra medications, consider using mail-order for medications.

Be sure you have over-the-counter medicines and medical supplies (tissues, etc.) to treat fever and other symptoms. Most people will be able to recover from COVID-19 at home.

Have enough household items and groceries on hand so that you will be prepared to stay at home.

Consider ways of getting medications and food brought to your house through family, social, or commercial networks.

Have a plan for someone to care for your pets during your illness.

Cleaning and Disinfecting Your Home

Check with your local public health officials

Depending on how severe the outbreak is, your local public health officials may recommend community actions to reduce people’s risk of being exposed to COVID-19. These actions can slow the spread and reduce the impact of disease.

Stay home as much as possible. Take extra measures to put distance between yourself and other people to further reduce your risk of being exposed to this new virus.

What to do if you have symptoms

• Watch for symptoms and emergency warning signs.
• Pay attention for potential COVID-19 symptoms including, fever, cough, and shortness of breath.
• If you feel like you are developing symptoms, stay home and call your doctor. Tell them that you have or may have COVID-19. This will help them take care of you and keep other people from getting infected or exposed.
• If you are not sick enough to be hospitalized, you can recover at home.

If you develop emergency warning signs for COVID-19 get medical attention immediately. In adults, emergency warning signs* are:

• Difficulty breathing or shortness of breath
• Persistent pain or pressure in the chest
• New confusion or inability to arouse
• Bluish lips or face

The County of Ventura remains in a health emergency. Gov. Gavin Newsom recommended that all individuals 65 and older isolate themselves from the public in an effort to reduce the risk of exposure to COVID-19 (Coronavirus). This order makes VCAAA services and the services of our partnering agencies even more critical. Efforts have been heavily focused on ensuring that older adults in Ventura County have the food and supplies they need to stay healthy and safe. We have been promoting the Help Your Neighbors flyer and Have You Considered video, and encourage you to do the same via social media, e-mail, and in any public setting you deem fitting.

All operations at the County level will remain in place with some changes implemented to keep staff, clients, and the community as a whole as safe and healthy as possible. Those changes include:

Social distancing – asking all individuals to keep a 6-foot distance between themselves and others.
Requesting that all individuals experiencing any kind of illness stay home.
Canceling and/or postponing events that include 50 or more people.
Canceling and/or postponing any events, trainings, classes, etc. that are not time sensitive.
Identifying and establishing the option for staff to work remotely (when feasible) to lessen person-to-person contact.
Increasing the frequency of sanitization of offices.

The VCAAA is implementing all of the above-mentioned practices. Most VCAAA services remain operating at this time, with the exception of Fall Prevention Classes, SNAP-Ed classes, and in-person nutrition counseling. In addition, tax preparation services offered through AARP Tax Aide have been suspended indefinitely. Specific health and safety procedures for VCAAA programs include:

Fall Prevention Classes – all Fall Prevention Program classes have been canceled.

Senior Nutrition Counseling Services and Classes – In-person nutrition counseling and SNAP-Ed classes have been canceled, however counseling via telephone is available. For more information call (805) 477-7300.

Senior Nutrition Program Meal Sites – Please see below for information related to the Senior Nutrition Program meal sites.

Care Management Programs – The VCAAA is working to identify clients who are facing isolation due to the health emergency to ensure that they have the food, supplies, and necessary support.
AARP Tax Services – AARP tax services have been suspended at the VCAAA at this time.
VACE Classes at VCAAA Campus – All VACE classes have been canceled at this time.
Please be sure to emphasize to clients that while many community and senior centers, as well as other service sites, are temporarily closing, the VCAAA’s office will remain open and the Information & Assistance team will be on hand to answer calls and assist clients as they navigate these difficult times.

The VCAAA is now seeking volunteers who are interested in making food deliveries and/or working at the Agency’s Senior Nutrition Garden to help harvest produce that will be given to area residents. Interested parties can contact the VCAAA directly by emailing [email protected]. Please include name, phone number, and cities in which the volunteer can deliver and/or volunteer.

A COVID-19 hotline has been established for immediate concerns. That number is: 805-465-6650. There is a vast amount of information available through VCEmergency.com, including print resources, videos, guidelines, and additional facts and resources related to closures.

If you haven’t already done so, be sure to follow the County of Ventura and Ventura County Area Agency on Aging on social media for updates that are shareable with the community. These updates are also accessible to the public at www.vcaaa.org/news-events/.

Ventura Avenue Active Adult Center:  Closed indefinitely. Home delivered meal services are operating as usual. Congregate meal participants have the option to pick-up a frozen meal daily.  For more information call (805) 648-3035.