COMMITTED TO CARING FOR YOU AND OUR COMMUNITY. COVID-19 TASKFORCE_UDiON FOUNDATION
The current situation with the coronavirus (COVID-19) is touching lives across our community and around the world. No one is immune to the challenge we face — even those of us who are physically healthy.
If you’re feeling the emotional and mental weight of this moment, you’re not alone. It’s natural for stress and anxiety to build up right now, whether you’re wondering what to do if you feel sick or you’re stressed about how to get maneuver this global pandemic.
Many local and national NGO’s are helping the local community, UDiON is trying to create a list of these organizations and continue to update this post. With the information, please stay connected and stay informed, most importantly stay safe with Social Distancing (6′).
Many of our greater DC community members individually reached out and offer their help. For our greater DC community, we are building a coalition with the interested individual and organizations to offer our help to your needs. All of your information will be confidential and kept secret, please reach out to anyone of us for help: any other individual or organization interested to volunteer, please let me know so I can add the name to this ongoing list.
- Shampa Banik
- Rajib Barua
- AABEA
- Kabab King (Mohammed Hossain)
- News Bangla (Kajol Bhai)
- Ekattor Foundation (helping with Face Mask), you can send your address to them they will mail the mask to your address
- UDiON Foundation
Greater DC has almost 32 organizations, I urge everyone to come and join hands in this global crisis to help each other. Every year collectively community spent over 50-70K in financial resources to host cultural events just in greater DC, use the resources to benefit the community you so desire to serve. I also urge every community in 50 states to do the same, needs are much greater than our differences.
RESOURCES:
- Register here to get help or to volunteer to help. Shahed Amanullah is a good friend of mine who worked at the White House during President Obama as Special Envoy to the Middle East, & under Secretary Clinton as Global Youth Leader, the site has been developed for community to help each other we will match your needs with the volunteers: www.nextdoorhelper.org
- AABEA (Greater DC base Non-Profit engineers’ organization) working here with many State Governors as well as BGD PM office to help with AABEA COVID-19 fund: https://aabea.org
- National Restaurant Association Education Foundation (NRAEF) and other industry leaders created a Restaurant Employee Relief Fund (RERF). Grant applications are open to impacted workers at https://rerf.us
- Feeding America is also helping: Find your local Foodbank here: www.feedingamerica.org
CARES ACT:
A significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses.
- 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. YOU DON’T have to take any action to receive the funds IRS will use your tax information to calculate your payment if you haven’t filled 2019 IRS will use your 2018 tax return.
- 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.
- Payroll taxes: The measure allows employers to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022.
- 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
- RMDs suspended: Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended.
- Charity: There is a new provision that provides an above-the-line deduction for charitable contributions, plus, the limits on charitable contributions are changed.
- 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.
- Net Operating Losses: The Tax Cuts and Jobs Act (TCJA) net operating loss rules are modified. The 80% rule is lifted, and losses can now be carried back five years.
- Excess Loss Limitations: The excess loss limitation (ELL) rules for pass-through entities are suspended.
- Interest Expense Limitation: The interest expense limitations are increased to 50% from 30% for tax years beginning in 2019 or 2020. Taxpayers can also elect to calculate the interest limitation for 2020 using their 2019 adjusted taxable income as the relevant base, which often will be significantly higher.
- Large corporations: $500 billion will be allotted to provide loans, loan guarantees, and other investments, these will be overseen by a Treasury Department inspector general. These loans will not exceed five years and cannot be forgiven. Airlines will receive $50 billion (of the $500 billion) for passenger air carriers and $8 billion for cargo air carriers.
- Hospitals and health care: The deal provides over $140 billion in appropriations to support the U.S. health system, $100 billion of which will be injected directly into hospitals. The rest will be dedicated to providing personal and protective equipment for health care workers, testing supplies, increased workforce, and training, accelerated Medicare payments, and supporting the CDC, among other health investments.
- Coronavirus testing: All testing and potential vaccines for COVID-19 will be covered at no cost to patients.
- States and local governments: State, local and tribal governments will receive $150 billion. $30 billion is set aside for states and educational institutions. $45 billion is for disaster relief and $25 billion for transit programs.
- Agriculture: The deal would increase the amount the Agriculture Department can spend on its bailout program from $30 billion to $50 billion.
As a part of the new legislation (CARES ACT), the Small Business Administration (SBA) has created a nearly $350 billion loan program called the PAYCHECK PROTECTION PROGRAM (PPP), for the businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more.
The federal government is currently finalizing the details and protocols about how and when different programs and relief will be implemented. Meanwhile, some reports states business is interested to seek SBA help, should gather the following information to start with:
- 2019 Payroll — including the last 12 months of payroll
- 2019 Employees — 1099’s for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099’s for services)
- Healthcare costs — all health insurance premiums paid by the business owner under a group health plan.
- Retirement — your company retirement plan funding paid for by the company.
Link to SBA Covid19 Relief: www.sba.gov (https://covid19relief.sba.gov)
The CARES ACT Bill: www.congress.gov/bill/116th-congress/house-bill/748/text
Temporary Employment Opportunity:
https://www.sba.gov/page/disaster-response-jobs-sba#section-header-5
HOW TO PROTECT YOURSELF:
www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html
FOR THE LATEST INFORMATION ON COVID-19 PLEASE VISIT:
Personal Tax Deadline has been extended to July 15, 2020: www.irs.gov/individuals
WARNING:
THIS IS NOT A MEDICAL OR LEGAL ADVISORY NOR A RECOMMENDATION, YOU MUST CONSULT WITH YOUR MEDICAL DOCTOR FOR YOUR HEALTH NEEDS AND CDC FOR UP TO DATE INFORMATION AND LEGAL COUNSELOR FOR LEGAL ADVICE. If you are sick and have some of the following symptoms please get medical attention immediately:
Emergency warning signs for COVID-19 include*:
- Fever
- Cough
- Shortness of breath or Trouble breathing
- Persistent pain or pressure in the chest
- New confusion or inability to arouse
- Bluish lips or face
*This list is not all-inclusive. Please consult your medical provider for any other symptoms that are severe or concerning.
AVOID SCAM ACTIVITIES:
The IRS or the treasury WILL NOT CALL, TEXT YOU, EMAIL YOU OR CONTACT YOU ON SOCIAL MEDIA asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.
HASHTAGS:
#UDiON #StopTheSpread #StayHome #SaveLives #JoinTheCause #CopyAndPasteIfYouCanAndAreWilling #COVID19
