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Claustrum

(4,845 posts)
Tue Apr 7, 2020, 07:39 PM Apr 2020

Looks like a second wave of layoff is starting

My dad just got the layoff notice after being placed on paid leave (using previously year saved leaves or sick leave) after 2 weeks. Bigger companies are starting to layoff people as the stay at home restriction continue and they can't keep people on payroll for much longer with no end in sight. Buckle up as it will continue to get worst.

Stay safe and stay healthy everyone!

20 replies = new reply since forum marked as read
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Looks like a second wave of layoff is starting (Original Post) Claustrum Apr 2020 OP
I am so sorry about your dad. I hope you all will be OK. Squinch Apr 2020 #1
Thank you Claustrum Apr 2020 #3
Oh man. Can they get Obamacare? I think they are eligible as they just lost a job. Squinch Apr 2020 #4
Do Some Digging On Cobra ProfessorGAC Apr 2020 #9
Thank you. I will be doing the digging as my parent don't speak English all that well. Claustrum Apr 2020 #10
Go Figure ProfessorGAC Apr 2020 #15
I was a non-voter up until 2016 (voted for Hillary for the first time) Claustrum Apr 2020 #19
Don't forget about two other options besides COBRA Massacure Apr 2020 #16
Loss Of Employer Insurance Qualifies Him for Immediate Enrollment in Obamacare Indykatie Apr 2020 #20
Sorry to hear that underpants Apr 2020 #2
Thank you. Claustrum Apr 2020 #5
Sorry to hear this, but Sherman A1 Apr 2020 #6
Yes, I've been wondering how long the big tech companies will choose to keep their huge engineering gristy Apr 2020 #7
Yes. This is the second wave people that I was talking about. Claustrum Apr 2020 #8
Bear 2nd wave down in stock markets may be starting. empedocles Apr 2020 #11
I told them I could see the stock market to go down to about 15,000 points Claustrum Apr 2020 #13
My parents were doing alright with their small restaurant until a few days ago Victor_c3 Apr 2020 #12
That's the unfortunate circumstance most small/restaurant business will face Claustrum Apr 2020 #14
Fortunately for them, they've been in business for 49+ years Victor_c3 Apr 2020 #17
Wells Fargo can no longer provide Paycheck Protection Program loans... AntiFascist Apr 2020 #18

Claustrum

(4,845 posts)
3. Thank you
Tue Apr 7, 2020, 07:56 PM
Apr 2020

I prepared him for the eventual outcome (though I don't think he took it in before). The company just can't keep people on payroll while placing them on leave indefinitely. I am sad for him as he has been with the company for over 20 years.

They are most worried about healthcare right now as I told them the employer pays 82% of his premium and he will have to pay it fully under COBRA and that could amount to close to two thousand dollars a month. I am holding my breathe so much to not tell them "I told you not to vote for republicans". Sadly, they are Trump-voting republicans and I couldn't change their mind in the last 4 years. Employer based healthcare is just such a joke and they lived their early parts of life having government provided healthcare. We are first generation immigrants. But the mindset of the "lazy" taking from government is so strong for them.

Squinch

(50,899 posts)
4. Oh man. Can they get Obamacare? I think they are eligible as they just lost a job.
Tue Apr 7, 2020, 07:57 PM
Apr 2020

That should cut that 2K down considerably.

ProfessorGAC

(64,804 posts)
9. Do Some Digging On Cobra
Tue Apr 7, 2020, 08:48 PM
Apr 2020

Here's why.
When I retired I went COBRA. I dropped it to just me, then dental & optical for both of us,.
A surprise in my search a few months before retirement is that many policies cost x for single coverage, but 2.2x for a couple.
Now, my wife, due to disability, was already Medicare eligible, so she only needed an advantage plan. But even if that weren't the case, we could have gotten her single BCBS policy and my COBRA for $17k, while COBRA for a couple was $19,800. Same insurer, $2800 less for 2 single policies instead of one married couple covered!
It was the same with three other providers.
And, COBRA was $60-70 per month lower than the next best option!
Have dad do some pricing on couples, and 2 singles, or COBRA for him, and new single for spouse.
I was shocked by the outcome when we did it.

Claustrum

(4,845 posts)
10. Thank you. I will be doing the digging as my parent don't speak English all that well.
Tue Apr 7, 2020, 08:55 PM
Apr 2020

I will be doing the price checking for him once the official paperwork gets here. He is/was also on the most expensive employer provided plan so he might have to choose a cheaper/more affordable plan. Once again though, I hope I can work in some of the democratic ideas and how bad an employer healthcare plan is. It is funny though. Their middle class college educated kid is a democrat while they are working close to minimum wage jobs (doesn't speak much English) and are republicans.

ProfessorGAC

(64,804 posts)
15. Go Figure
Tue Apr 7, 2020, 09:09 PM
Apr 2020

For some folks, age can do that.
My parents were JFK, LBJ dems, voted for Humphrey, and Carter, twice.
The they voted Raygun the second time, HW twice, Silverspoon George. My dad died before his 2nd election. And mom voted McCain, with f'n Palin as #2.
Not sure why.
I actually got MORE liberal as I got older and more financially secure. Like you, I got a deep education. My dad did 1.5 years of seminary college, and mom, no college.
They got more conservative, I got more & more liberal.
(I was never a conservative)

Claustrum

(4,845 posts)
19. I was a non-voter up until 2016 (voted for Hillary for the first time)
Tue Apr 7, 2020, 09:22 PM
Apr 2020

I would described myself to be a moderate or even a conservative democrat. I am more fiscal conservative and social liberal I guess. I was registered as a republican but never voted. I really was one of those people that thought both sides are similar. I don't pay attention and don't complain about government much. Both sides have it's pros and cons and works for the most part with no complain from me until Trump came into the scene. Trump just baffles my minds as to how someone can consider him remotely normal or sane. In 2015, I was opened to vote for either side but Trump just turned me deeply into the democratic side immediately. I decided to vote straight blue tickets for at least the next 10 years to send a signal to republicans that Trumpism should never be tolerated.

Massacure

(7,511 posts)
16. Don't forget about two other options besides COBRA
Tue Apr 7, 2020, 09:13 PM
Apr 2020

If your dad has a spouse who works for an employer that provides a family plan, that will probably be cheaper than COBRA. If not, then your next best option is probably the Affordable Care Act. Being laid off is considered a qualifying life event and should open up a 60 day enrollment window for either.

Indykatie

(3,695 posts)
20. Loss Of Employer Insurance Qualifies Him for Immediate Enrollment in Obamacare
Wed Apr 8, 2020, 11:21 AM
Apr 2020

For the folks that I have counselled Obamacare is always cheaper than COBRA either because their reduced income qualifies them for free Medicaid or the subsidies reduce the cost far below COBRA rates. Sorry to see your parents brought into the myth of people needing assistance as lazy. They may change their minds now though.

Claustrum

(4,845 posts)
5. Thank you.
Tue Apr 7, 2020, 07:59 PM
Apr 2020

Well, to be honest, I expected it as he isn't an essential worker and the company has been placing him on paid leave since the shutdown. He couldn't work from home for his job so layoff is just the obvious answer after a few weeks. The company is kind of nice for placing him on leaves for a two weeks before making the actual layoff decision.

gristy

(10,667 posts)
7. Yes, I've been wondering how long the big tech companies will choose to keep their huge engineering
Tue Apr 7, 2020, 08:37 PM
Apr 2020

staffs busy developing products that were planned and started long ago but whose markets are vanishing. How long until Apple, Google, Microsoft, Tesla, IBM, Sony, Intel, IBM, Dell, etc. start layoffs? It is a long list and they employ millions.

Claustrum

(4,845 posts)
8. Yes. This is the second wave people that I was talking about.
Tue Apr 7, 2020, 08:42 PM
Apr 2020

They are the workers for bigger companies that tried to wait it out for having people work from home or placed on leave for a few weeks. Then, as the profit portions of the company are laid off, it will filter out to their HR departments, etc. And then the domino effect for other companies like law firm from losing or reduced business from these bigger companies.

Claustrum

(4,845 posts)
13. I told them I could see the stock market to go down to about 15,000 points
Tue Apr 7, 2020, 09:05 PM
Apr 2020

They looked at me with horror. Just a week or two ago, they said Trump will help the stock market back up to 30,000 and the 10,000 point drop was overhyped. I think his own layoff is starting to sink in for him how big the economic impact will be. And no, I don't think stock market = economy but they do, republican and all.

Victor_c3

(3,557 posts)
12. My parents were doing alright with their small restaurant until a few days ago
Tue Apr 7, 2020, 09:04 PM
Apr 2020

Business was slow and they didn’t need any of the extra help they usually keep on, but they were doing enough to-go business to be alright - until a few days ago. They haven’t had a single order since Saturday.

Claustrum

(4,845 posts)
14. That's the unfortunate circumstance most small/restaurant business will face
Tue Apr 7, 2020, 09:09 PM
Apr 2020

As more people are layoff or are worried about their financial stability, they will cut back from their usual dining out/to-go meals. My family used to have dine out/to-go meals 3-4 days a week and we haven't had any meal from outside for the last week.

Victor_c3

(3,557 posts)
17. Fortunately for them, they've been in business for 49+ years
Tue Apr 7, 2020, 09:15 PM
Apr 2020

They’ve paid off their building in 1989 and they have a rental house on the same piece of property. Bills to keep them solvent are minimal.

I told my parents that I’d make sure they don’t crumble financially over this. Fortunately, my income will never be at risk and I have plenty to help them with.

I live in an apartment directly above a very popular restaurant in a very vibrant downtown area. It’s incredible how quiet things have gotten here.

AntiFascist

(12,792 posts)
18. Wells Fargo can no longer provide Paycheck Protection Program loans...
Tue Apr 7, 2020, 09:17 PM
Apr 2020

due to their previous fraud scandal capping their ability to provide loans.

USBank is only providing PPP loans to single owner companies. FYI

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