We have reached another point in our lives where we are dealing with an economic change. COVID-19 is running rampant which caused closures to our schools, bars, restaurants, tourist activities, and non-essential businesses. Most states have implemented a shelter-in-place to reduce the curve on the COVID-19. With the closures, it has caused a significant impact to our economy. Last week, we saw the largest increase in unemployment now 6.6 million.
“A record 6.6 million Americans applied for unemployment benefits last week as the new coronavirus struck the U.S. economy and sent a recently booming labor market into free fall.” Source: cnn.com
Even though this has occurred, we are seeing the government, corporations, small businesses and even individuals assisting to make sure that we can come out of this on top.
We want everyone to be safe and adhere to your local government plans to combat the COVID-19. Please remember to do the following:
Source: cdc.gov
Below we have collected information to assist you with any issues you are dealing with during this pandemic:
CARES Act
“This legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. While that is great news, in and of itself, here’s a look at some of the key provisions included in the bill and what that may mean for you:
Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.
Unemployment: The program provides $250 billion for an extended unemployment insurance program and expands eligibility and offers workers an additional $600 per week for four months, on top of what state programs pay. It also extends UI benefits through Dec. 31 for eligible workers. The deal applies to the self-employed, independent contractors and gig economy workers.
Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.
401(k) Loans: The loan limit is increased from $50,000 to $100,000
Small business relief: $350 billion is being dedicated to preventing layoffs and business closures while workers have to stay home during the outbreak. Companies with 500 employees or fewer that maintain their payroll during coronavirus can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.”
Source: forbes.com
Tax Filing Deadline:
“The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.”
Source: irs.gov
For State filings, you must check with your state to determine if an extension has been granted.
The Alignment Chapter
The Alignment Chapter is here to help signal mother’s stay aligned with their financial, spiritual, and mental goals. Many women suffer a silent struggle and most of the time they have nowhere to turn. The fear of embarrassment from family and public shame decreases their ability to seek or ask for help.
If you need assistance, please feel out the form here on their website. If you would like to donate, please contact them at 412-918-6664. Below is their website and Facebook page:
Local Food Banks:
If you are in need of food, please check the following link to Feeding America to find your local food bank.
Bank Assistance:
Banks across the US are assisting their customers during the COVID-19 pandemic. See below links to financial institutions help pages:
Ally - Ally’s coronavirus help page
Bank of America - Bank of America’s coronavirus help page
BBVA USA - BBVA’s coronavirus help page
Capital One - Capital One’s coronavirus help page
Chase - Chase’s coronavirus help page
Citibank - Citibank’s coronavirus help page
Consumers Credit Union - Consumers Credit Union's coronavirus help page
Discover - Discover’s coronavirus help page
Fifth Third Bank - Fifth Third Bank’s coronavirus help page
HSBC USA - coronavirus help page
Huntington - Huntington's coronavirus help page
Marcus by Goldman Sachs - Marcus by Goldman Sachs’ coronavirus help page.
Navy Federal Credit Union - Navy Federal's coronavirus help page, including its pandemic relief FAQs
PNC Bank - PNC’s coronavirus help page
Santander - Santander’s coronavirus help page
State Employees’ Credit Union - SECU's coronavirus help page
TD Bank - TD Bank's coronavirus help page
Truist - Truist’s coronavirus help page
U.S. Bank - U.S. Bank’s coronavirus help page
Wells Fargo - Wells Fargo’s coronavirus help page
Source: forbes.com
Airline Refund
“Federal officials on Friday ordered airlines to reimburse customers for canceled flights, saying a growing number of passengers are complaining amid the coronavirus pandemic that airlines are providing travel credits rather than refunds.
The US Department of Transportation did not say how many claims it has substantiated, but it did direct carriers in an enforcement notice "that passengers should be refunded promptly when their scheduled flights are cancelled or significantly delayed."
The government said it would "exercise its prosecutorial discretion" and allow airlines time to contact customers, update policies and properly train staff.”
Source: cnn.com
Price Gouging
If you are aware of individuals and/or businesses increasing the price of items that are need during the pandemic, report this to your State Attorney General as it is illegal.
Children
Audible is making all of their kids (0-16) books FREE because school is out. Happy downloading! https://stories.audible.com/start-listen
ABC NYC provided a host of free items for your children to use: https://abc7ny.com/coronavirus-help-new-york-ny-jersey/6035120/