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Monday's Afternoon Update:
What you need to know about Florida today
Earnings reports detail widespread losses among Florida corporations
The coronavirus crisis’ devastation of Florida’s economy is showing up almost universally in first-quarter earnings reports issued in the past week by Florida-based publicly-traded companies tracked by The Associated Press. From car dealers such as AutoNation to tourism operators such as SeaWorld Entertainment, from technology services such as ADT to restaurant companies such as Bloomin’ Brands, and from real estate management firms such as Xenia Hotels & Resorts to insurance companies such as United Insurance, corporations are reporting significant losses in the first quarter of 2020. More from Florida Politics.
Florida Trend Exclusive
State halts admissions to Miami nursing home over inability to stem spread of COVID
Fair Havens Center, a nursing home in Miami Springs, has the highest number of COVID-19 cases in Miami-Dade County and is among the hardest hit in the state. As of last week, 58 residents and 32 staff members have tested positive and eight have died, according to state data. Thirty-eight residents have been transferred out of the facility after contracting the virus. In an emergency order issued Friday, the state halted admissions to Fair Havens, stating that the facility has “demonstrated an inability or unwillingness to ensure that its practices minimize the risk of contagion within the Facility.” [Source: Florida Trend]
Small Business Advice
Now is a good time to revisit your business plan
With all the uncertainties we are dealing with, it is difficult to plan a definitive course of action. One must approach the problem as if you were starting out all over again. A good place to start is to revisit your business plan. The good news is that this time around you approach the problem of restarting an existing business, as opposed to a brand-new operation. Read Gray Poehler's full column here.
For Miami-Dade businesses, the 2020 outlook is ‘somewhat optimistic’ despite pandemic
For Miami-Dade businesses, the year’s prospects are looking dim. In a survey conducted by the Miami Herald, about half of the 352 respondents said they were “not at all optimistic” that the national or state economies would recover most of the ground lost to the pandemic by the end of 2020. When it came to their own businesses, they were a bit cheerier. Almost 55% were somewhat or very optimist they would recover by the end of the year. More from the Miami Herald.
As hurricane season looms amid coronavirus, time to check flood insurance
With hurricane season on the horizon the time is now to prepare. Among a homeowner’s preparation checklist is making sure they have flood insurance before the next storm arrives, but according to the Federal Emergency Management Administration, most Floridians don’t have flood insurance. In fact, FEMA reports about 22% of Floridian homeowners in 2017 had flood insurance, which is a separate policy from other coverage policies. More from the Orlando Sentinel.
Resources
Getting back to business?
Florida Small Business, in print at the end of July, is here to help whether you are starting, expanding, or recovering. Visit the Florida Small Business website to Get Help for Your Business.
» More from Florida Small Business.
Entrepreneurship
Taste of Immokalee
As businesses shuttered around the country due to COVID-19, a youth entrepreneurship program in Collier County kept its business going. The result: Taste of Immokalee students are getting firsthand experience during an unprecedented time, Marie Capita, the company’s executive director, said. "This program took career readiness to another level for them because it prepared them for things like this that nobody else foresaw," Capita said. Taste of Immokalee, which started in 2014, is an entrepreneurship and mentorship program that helps students learn business and leadership skills.
» Read more from the Naples Daily News.
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