Here’s how the US and private sectors aid to overcome the COVID-19 situation

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The US Government & private sectors aid to overcome the pandemic situation.

Laid off or unemployed –

  • Unemployment benefits can be claimed from your respective resident state, but they vary state to state.
  • Most states provide 26 weeks of unemployment insurance. Massachusetts provides up to 30 weeks.
  • North Carolina and Florida, on the other hand, provide up to 12 weeks.

Cannot pay Rent or Mortgage payments

  • The federal government and some local authorities have announced a series of moratoriums on evictions and other actions.
  • The US Department of Housing and Urban Development announced a foreclosure and eviction moratorium Wednesday for single-family homeowners for the next 60 days if they have Federal Housing Administration-insured mortgages.
  • The action “will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns,” HUD Secretary Ben Carson said in a statement.

Student loans

President Trump, for example, said his administration is waiving all federal student loan interest during the coronavirus crisis. In addition to waiving interest, their plan suspends loan payments for up to six months (up from three months in their original bill). Students who leave school for a coronavirus-related reason would also have student loan obligations canceled and would not have to return grants. Likewise, students participating in a work-study program could still be paid if they were unable to fulfill their obligations because of the coronavirus pandemic.

Jobs lost – other firms hiring:

  • Walmart is hiring 150,000 associates in distribution centers and fulfillment centers.
  • Amazon announced plans to hire 100,000 new employees to handle an influx of e-commerce orders and deliveries as more Americans stay home.
  • Food and convenience stores Like, 7-Eleven will hire 20,000, Kroger is hiring 10,000.
  • Safeway, a national grocery chain, is looking to fill 2,000 new jobs located mainly in California.

To know more, please visit the link

Bankers May help you to overcome Cash Crunch

Consumers who are facing a cash crunch should pick up the phone and call their bank, according to consumer advocates and banking experts. Already, credit card companies are preparing for some customers who are struggling with their bills.

Earlier this month, Citi said it would offer credit line increases and collection forbearance programs for credit card customers impacted by the pandemic. And Apple recently emailed customers to say they could skip their March payment without interest charges if needed

To know more, please visit the link 

Many banks are already putting together coronavirus response pages.

Here are a few major ones: 

To know more, please visit the link

Telecommunication giants will continue serving the community.

AT&T, Comcast, and dozens of other telecommunications firms have committed to not disconnecting service to residential and small business customers who can’t pay their bills because of the coronavirus outbreak, the Federal Communications Commission said on Friday. The pledge the companies plan to implement also calls for them to open public Wi-Fi hot spots and waive late fees for 60 days.

To know more, please visit the link.

New Jersey, New York NO Utility shut-offs due to coronavirus pandemic

New Jersey and New York utilities will keep the power, heat, and water on, for all customers in response to the coronavirus emergency, both states announced Friday.

Utilities in New York have voluntarily agreed to this measure, according to the governor’s office. No order from the Public Service Commission is expected.

To know more, please visit the link.

Govt is looking to take below Measures to help people under this Pandemic Situation

  • Stimulus Checks: It is too early to tell exactly how this will be done, it’s looking more and more like Americans will be getting stimulus checks in the mail at some point soon.
  • Paid Sick and Family Leave: Workers who are sick or quarantined get full pay while on coronavirus leave, up to $511 per day ($5,110 in total). Workers caring for another person or on leave because of an HHS-specified condition get two-thirds of their normal pay while on leave, up to $200 per day ($2,000 in total).
  • Tax Credits for the Self-Employed: They receive refundable tax credits against the self-employment tax that are similar to those allowed for employers.
  • Payroll Tax Cut: President Trump has been pushing for a temporary payroll tax cut for American workers to get more cash into the economy
  • RMD Suspensions: Congress is considering suspending RMDs for 2020. If enacted, this would apply to both first-time RMDs due April 1 and to other RMDs that aren’t due until December 31. 
  • Early Withdrawal from Retirement PlansSenate Republicans: wants to waive the 10% penalty for people who are infected by the virus, have family members who catch it or experience adverse financial consequences because of it. The penalty waiver would only apply to withdrawals of $100,000 or less.
  • Expanded unemployment compensation: A bill being considered in the US Senate would provide even greater benefits. It would, for example, provide up to 39 weeks of unemployment compensation for self-employed people, independent contractors, and others out of work because of the coronavirus pandemic who don’t otherwise qualify for benefits. Weekly unemployment checks would also increase by $600 through June, and states would be encouraged to drop one-week waiting periods before benefits can be paid. An additional 13 weeks of benefits would be provided, too.

To know more, please visit the link.

If you need help with understanding the fiscal stimulus bill, or if you require assistance with applying for COVID-19 SBA loan, payroll credits, loan waivers, etc. Please feel free to reach out Anand Palanisamy at C19Grants@mytaxfiler.com.

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