# 1 Indian American Weekly: Since 2006 VOL 14 ISSUE 14 ● NEW YORK / DALLAS ● APR 03 - 09, 2020 ● ENQUIRIES: 646-247-9458 www.theindianpanorama.news AMERICA Coronavirus cases hit 1 million UNITED AGAINST worldwide, deaths pass 52,000 COVID-19 Global Recession Feared; US Joblessness at a record high KEEP SAFE ● Follow President Trump's NEW YORK (TIP): The number of Guidelines on Coronavirus coronavirus infections worldwide has ● Observe Social Distancing hit 1 million, with more than 50,000 ● Wash Hands Frequently deaths, according to the tally kept by ● No Panic Buying Johns Hopkins University. ● No Price Gouging The figures were another bleak KEEP AMERICA SAFE milestone in the epidemic that has forced the lockdown of entire countries and brought economies to a shuddering halt. The coronavirus outbreak has COVID-19 thrown 10 million Americans out of work in just two weeks, the swiftest, most stunning collapse the U.S. job IN BRIEF contd on Page 32 ● THERE ARE MORE THAN 1 MILLION CASES OF In New York, Governor Andrew Cuomo CORONAVIRUS GLOBALLY, warned that the State is quickly running out of breathing machines ACCORDING TO JOHNS HOPKINS UNIVERSITY. ● THE US HAS REPORTED MORE India's Prime Minister calls upon Coronavirus Outbreak in New Jersey THAN 243,000 CASES, WITH MORE THAN 5,900 DEATHS. CM's to Prepare Common Exit Accelerates with 537 Deaths ● 6.6 MILLION PEOPLE IN THE US Strategy post lockdown TRENTON , NJ (TIP): The FILED FOR UNEMPLOYMENT Important to ensure coronavirus outbreak in New Jersey LAST WEEK - THE HIGHEST staggered movement continued to accelerate with 182 new deaths April 2, bringing the statewide NUMBER OF INITIAL CLAIMS IN post shutdown, he says HISTORY. total of 537 deaths and total 25,590 ● US FEDERAL STOCKPILES OF NEW DELHI (TIP): coronavirus cases, as officials India's Prime Minister reported 3,489 new positive tests. EMERGENCY MEDICAL GEAR NJ Governor Phil Murphy, ARE ALMOST DEPLETED. Narendra Modi on Gov. Phil Murphy and U.S. Sen. Bob "In the next few weeks, testing, April 2, took stock of the ● ITALY, GERMANY AND tracing, isolation and quarantine Thursday,April 2, suggested Menendez spent about 20 minutes situation in the wake of PAKISTAN HAVE PROLONGED should remain the areas of focus", that states should prepare a Thursday, April 2, touring the state's increase in the number of THEIR LOCKDOWNS. said Prime Minister Narendra Modi common exit strategy for a first field hospital in response to the Coronavirus cases and deaths. Twitter picture @narendramodi.in contd on page 32 contd on Page 32 THE INDIAN PANORAMA 2 NY/NJ/CT FRIDAY, APRIL 3, 2020 The CARES Act - What You Need to Know Late Wednesday, March 25, the Senate December 31, 2022 (50%). Lease payments unanimously approved an historic A taxpayer who is self-employed can Mortgage payments stimulus bill - the Coronavirus Aid, Relief and Economic Security Act defer paying 50% of his or her self- **Any amount forgiven will not be ("CARES Act") - to provide significant employment tax that would be due from taxable income aid to the American people and the date of the CARES Act's enactment Businesses with current SBA loans businesses impacted by the coronavirus through the end of 2020 until the end of can suspend certain payments and this paid family leave, are not covered. pandemic. The text of the bill is a 2021 (25%) and 2022 (25%). program may not be exclusive. lengthy 880 pages and as expected, What are the Benefits? Exact unemployment benefits will provides significant relief for small Under this provision, an employer can It is not clear however, when business and expanded unemployment defer payment of payroll taxes for two businesses will be able to apply for depend on each state's unemployment benefits for individuals. Below are some years and still take immediate advantage theseloans. In the interim there are other insurance program. However, under the highlights. of the new payroll tax credits described programs currently available and CARES Act, covered individuals would Payroll Tax Relief above, as well as credits for payment of funding, including, but not limited to: be entitled to receive an extra $600 per The CARES Act includes nine business emergency sick and family leave under NYC Employee Retention Grants week in addition to their state benefits. tax provisions, including a credit to the Families First Coronavirus Response NYC Business Continuity Loans In New York, an individual would be retain workers during COVID-19 related Act, if applicable. NYS Emergency Loans eligible for the maximum state closures, deferral of payroll tax If an employer takes out a payroll SBA Disaster Relief Loans unemployment benefit of $504 per week payments for two years, a change to the protection loan under Section 7(a) of the Expanded Unemployment Benefits and under the CARES Act would receive tax treatment of business losses and Small Business Act as amended by this Who is Covered? an additional $600 of federal some technical corrections to the Tax Act, no payroll tax deferral will be The CARES Act has substantially compensation. States will have the Cuts and Jobs Act. Below are some key available. expanded benefits to the types of option of providing the entire amount in points on the payroll tax credit and Small Business Assistance workers that would usually not be one payment or sending the additional payroll deferments. eligible for unemployment benefits. This payment separately, provided that both Tax Credit: The CARES Act allocates expansion of coverage now includes payments have to be made on the same This provision provides eligible approximately $350 billion for small Individuals who are self-employed (e.g., weekly basis. employers with a refundable tax credit business assistance. The United States gig workers - Uber Drivers, and other Benefit amounts for self-employed against the employer's share of payroll Small Business Administration (the part-time workers such as bartenders individuals would be calculated based on taxes for applicable employment taxes. "SBA") will administer the SBA 7a loan and waiters - freelancers, and previous income, using a formula from For each calendar quarter during the program created to eligible businesses to independent contractors). the Disaster Unemployment Assistance applicable period, the employer can help pay operational costs like payroll, Covered individuals include those who program. receive a credit in an amount equal to rent, health benefits, insurance are unemployed, partially unemployed Self-employed workers would also be 50% of qualified wages (inclusive of premiums, utilities, etc. Subject to or unable to work because: eligible for the additional $600 weekly health insurance) up to $10,000 per certain conditions, loan amounts are *an individual has been diagnosed benefit. employee per quarter ending on forgivable if employers retain with COVID-19 or is experiencing The CARES Act would provide all December 31, 2020. The credit is treated employees. We can report the following symptoms and is seeking a medical eligible individuals with an additional 13 as a refund if it exceeds the employer's specifics: diagnosis. weeks of payments following the end of applicable employment taxes for a given Small Businesses with 0-500 employees *an individual has a member of the state benefit programs; provided that the quarter. are eligible to apply. household diagnosed with COVID-19. total period cannot exceed 39 weeks A business is eligible for this tax credit The loans reward businesses for *an individual is providing care for a (certain states may adopt shorter in two ways: (i) If operations were keeping workers on payroll (this is family member or member of the periods). partially or fully suspended due to a retroactive to February 1, 2020 for those household diagnosed with COVID-19. The extra $600 payment would last for mandatory government shut-down laid off on or after that date). *an individual is the primary up to four months, covering weeks of related to COVID-19; or (ii) if the The loans allow businesses to pay caregiver and relies on a school or unemployment ending July 31, 2020. business remained opened during any employees, mortgages and lease another facility to care for a child, Expanded coverage would be available quarter in 2020 but gross receipts for that payments. elderly parent or another household to workers who were newly eligible for quarter were less than 50% of what they Loan amounts can be up to 2.5 times a member in order to work and that school unemployment benefits for weeks were for the same quarter in 2019. The company's annual to average monthly or facility has been closed because of starting on Jan. 27, 2020 and through Dec. business will then be entitled to a credit payroll (between January 1, 2020 and COVID-19. 31, 2020. for each quarter, until the business has a February 29, 2020), mortgage payments *an individual is unable to get to work The additional $600 benefit would quarter where gross receipts exceed 80% and lease payments (this excludes because of a quarantine imposed as a count as income when determining of what they were for the same quarter compensation paid to any one employee direct result of COVID-19. eligibility for means-tested programs, in the previous year. over $100k). Maximum loan amount is *an individual is unable to get to work except for Medicaid and the Children's Eligible employers. Employers with $10 million. because such individual has been Health Insurance Program; and greater than 100 employees are eligible to An advance grant of up to $10k can be advised by a health care provider to self- States have been incentivized to waive receive the credit if they continue to pay requested 3 days after applying for the quarantine due to concerns related to the one-week waiting period, but employees that are not providing loan.