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Yesterday Governor Polis announced that numerous counties across the state will be shuttering indoor restaurants including Denver county as soon as this Friday. Independent financial planning advisor Thomas Reilly of Strategic Wealth Designers joined the newscast to discuss how this is going to affect business owners throughout the state and if this will be the last pullback we receive. He says the trending of the cases is a significant problem the economy and for businesses, especially small businesses.
“Throughout the United States cases are sky-rocketing,” Reilly says. “We were told this was likely to happen in the winter months. People are experience ‘restriction fatigue’ and they are wanting to get out, wanting to see friends, family. Yesterday’s announcement that many business owners are going to have to shutter their doors and lay people off again is devastating. The long-term affects of these decisions will be very costly.”
The Governor said the caseloads are at a point that there isn’t any other course of action other than to turn back some of the openings that have occurred. He mentioned they will be working on funding to help those hurt the most during this time, it could possibly run the course of the entire winter. Some restaurant owners feel like they are being singled out compared to other businesses still in operation. Reilly says it has the makings of another early March coming ahead.
“There is no doubt we have better understanding of the virus now than we did back in March but we also have the virus running much more rampant as well,” Reilly says. “We are moving through this slow motion pull back again like we saw in March, it has an eerily similar feeling that could drag the market much lower. The only saving grace this time is there appears to be light at the end of the tunnel with a vaccine making progress.”
For investors watching what is happening, it may be smart to consider shifting some of the portfolio away from the stock market in the near term to hedge against volatility. Reilly says the market is likely headed for a long winter before seeing a recovery once again in the spring as the vaccine is expected to be distributed to a much largely size of the population. To see additional stories surrounding business and economic news for the Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to firstname.lastname@example.org.