Unvaccinated Goldman Sachs Employees Blocked From Entering Office
Since 10 June, all Goldman Sachs employees are required to report their vaccine status to the company. Failure to do so will see ID card’s blocked and employees unable to enter the workplace, CNN reports. Unvaccinated employees are required to get a rapid Covid-19 test on site at the Goldman Sachs office and will be tested regularly, a company spokesperson said. Employees who test positive will immediately be asked to leave the building.
The US Bureau of Labor Statistics released a new report titled “Impact Of The Coronavirus Pandemic On Businesses And Employees By Industry.”
The report highlights the impact which covid-19 has had on businesses in the US, including, how they “saw their supply chains interrupted, demand for their products and services decline, shortages in supplies and inputs, and government-mandated closures.”
Which sectors continued to pay employees that were not working at the highest rates?
Employing over 2 million people, the Finance and Insurance sector paid 76% of establishments “continued to pay some or all employees that were told not to work.” Across the economy, the researchers found that “about 43.5 million employees worked in establishments that paid at least some workers while they were not working.”
Is There A Deadline To Get My Second Stimulus Check
All second stimulus checks were issued by January 15, 2021. If you didnt get a second stimulus check by then , you can claim your second stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.
If youre required to file taxes:
The deadline to file your 2020 tax return was May 17, 2021. The tax filing extension deadline is October 15, 2021. Many tax filing software programs close after this date. If you can find an online tax filing program that is still accepting 2020 tax returns, you can file a tax return to get your stimulus checks even though the deadline has passed.
If you dont owe taxes, there is no penalty for filing late. If you owe taxes, you may be subject to penalties and fines for not filing or not paying taxes. The government may reduce your tax refund to pay for any taxes you owe and other federal and state debts.
If youre not required to file taxes:
The deadline to use GetCTC.org is November 15, 2021. You can get the Recovery Rebate Credit using GetCTC.org, a simplified tax filing portal for non-filers. GetCTC is an IRS-approved service created by Code for America in partnership with the White House and U.S. Department of Treasury. You can use the portal even if youre not signing up for the Child Tax Credit advance payments.
Million American Families Have Started Receiving Ctc
Under the Child Tax Credit program that was broadened under Biden’s covid-19 stimulus, eligible families collect an initial monthly payment of up to $300 for each child under six years old and up to $250 for each older child.
Payouts made to families, covering nearly 60 million eligible children, totaled about $15 billion for July. The payments are automatic for many U.S. taxpayers, while others need to sign up.
Biden wants to extend expanded, monthly benefits for years to come as part of a $3.5 trillion spending plan being considered by Senate Democrats, who expect strong Republican opposition to the full bill.
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What Can I Do If I Have Not Received My Eip Money By Those Deadlines
If you have not received all or some portion of your Economic Impact Payments by the deadlines above, you will have to file a 2020 tax return and claim these amounts. You claim them on line 30 of the 2020 Form 1040 as a “Recovery Rebate Credit“. This is another name for the EIP stimulus payments. If you did not get all or a portion of the EIP payments in advance, then you can claim them on line 30 of your tax return for 2020.
A Fourth Stimulus Check Is Unlikely
All of this tacit and explicit support keeps alive the possibility of another stimulus check. The support doesn’t make a fourth payment likely, however. And there are many reasons why.
Vaccinations are progressing steadily, albeit not as quickly as before. Adults and those at least 12 years old are eligible to be inoculated in all 50 states. Three different options are available to the public. But actually putting needles in arms is taking time, even with supply readily available. Americans have received over 344 million doses, with 57.2 percent of the population having received at least one dose and 49.4 percent completely vaccinated. Vaccination numbers continue to increase at a rate of over half a million doses per day. The Centers for Disease Control and Prevention had advised that the fully vaccinated could forgo masks and social distancing in most indoor and outdoor settings. But their revised guidance recommends that vaccinated people in areas with higher COVID transmission revert to wearing masks indoors.
Plenty more negotiating seems inevitable before any bill comes to a final vote. And securing 10 Republican supporters in the Senate for whatever legislation results is far from certain. Democrats may very well be anticipating the need to use reconciliation again to push through legislation.
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Fourth Stimulus Check Update
Biden’s American Rescue Plan Act, which created the third stimulus checks, did boost tax credits for most parents with children under 18, but only for the year 2021. Most parents and legal guardians will receive a tax credit of $3,600 for children under six, and $3,000 per child aged six through 17.
Half of that credit is coming in the form of monthly advance payments to parents beginning July 15 $300 per month for younger kids, and $250 for older ones. That’s similar to the monthly recurring checks that some legislators have called for.
The same law also retroactively exempted a large chunk of unemployment benefits paid out in 2020 from federal income tax. People who collected unemployment in 2020 and paid tax on it are getting thousands of dollars in tax-refund checks.
The American Rescue Plan Act also offers tax credits that cover all or most of the cost of a “Silver” health-insurance plan for six months under the Affordable Care Act, aka Obamacare. You’re eligible for this if you filed for unemployment benefits at any time in 2021, and if you don’t currently get health insurance through Medicare, Medicaid or someone else’s health plan.
Biden’s American Families Plan, which is separate from the American Jobs Plan, will seek to extend those tax credits, including the advance payments, through the end of 2025.
The American Families Plan would also mandate up to 12 weeks of paid parental leave and subsidies for childcare.
Which Cities Saw The Largest Decreases In Unemployment In June
The Department of Labor has just released data on the the unemployment rate for urban areas from June. The unemployment rate was lower in “386 of the 389 metropolitan areas and higher in 3 areas,” compared to June of last year.
At 2.4% unemployed, the Logan area of Utah and Idaho had the lowest rate, while Yuma, Arizona saw the highest at 20.4%. When compared to the national unemployment rate which stood at 6.1% in June, 261 areas recorded lower rates, 124 areas saw higher rates, and 4 stood at 6.1%.
To learn more check out the link to the interactive tool the department put together.
Members of the House of Representatives say that the Senate’s infrastructure will will need serious revisions. CNN‘s Manu Raju reports that Rep. Pete DeFazio said that it “was written by three people who have no knowledge of or expertise in transportation infrastructure.
New York and California have imposed mandatory vaccines on their federal workers, starting in August.
The move is an attempt to re-energize the vaccine rollout as it has slowed down to a crawl across the country.
President Biden has encouraged states to offer a $100 gift to people who come forward to be vaccinated. Just under 50% of of the American population are fully vaccinated.
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Facebook Strikes Back After Biden Criticism
Facebook has defended itself against U.S. President Joe Biden’s assertion that the social media platform is “killing people” by allowing misinformation about coronavirus vaccines to proliferate, saying the facts tell a different story.
“The data shows that 85% of Facebook users in the US have been or want to be vaccinated against covid-19,” Facebook said in a corporate blog post by Guy Rosen, a company vice president.
“President Bidens goal was for 70% of Americans to be vaccinated by July 4. Facebook is not the reason this goal was missed.”
25 states have cut at least the federal $300 booster to unemployment benefit early, if not all pandemic benefits, only 15 saw significant job growth.
Here Are Some Questions And Answers Around This New Stimulus Payment:
If I didnt file taxes in 2019/2020 will I receive the stimulus ? Unlike the first stimulus payment where those who didnt need to file a tax return could update the IRS non-filer tool, this time around due to the speed of roll-out of the second stimulus check and with tax season around the corner the IRS has said the non-filer tool is closed for updates. The IRS will be using information they have as of Nov 21, 2020 or from your first stimulus check payment . Otherwise they are encouraging you to the stimulus by filing a 2020 1040 or 1040-SR tax return. Free tax software programs can be used by people who are not normally required to file tax returns but are eligible to claim the credit.
How will I get paid? Like the first stimulus payment in 2020, the IRS will facilitate payment of these checks based on your 2019 tax information. You will also get the dependent stimulus payment for eligible dependents claimed on your tax return. For other groups who dont file taxes the IRS will work with other government departments or the Get My Payment tool. Direct deposit will still be the fastest way to get your payment.
Dependents in 2020? Households who added dependents in 2020 might not qualify for full payments immediately, since based on 2019 tax return information. But they can request additional money as part of the 2020 tax returns they will file in early 2021. See more in this articles for dependent qualification income thresholds.
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Growing Wealth Gap In The Us Poses Threat To Democracy Says Pelosi
House Speaker Nancy Pelosi warned that the ever increasing wealth gap between the private sector and working class Americans and the unequal distribution of wealth is a threat to the standard of living of ordinary citizens and even a threat to democracy itself.
She told the Economic Disparity and Fairness in Growth Committee, “Today, our economy and our country faces a similar threat to the liberty of our democracy. We know that the middle class is the backbone of our democracy, if we strengthen our middle class, we strengthen our democracy. It’s not just about the middle class, it’s about those who aspire to it. Economic inequality has intensified during the pandemic. The widening chasm between CEO compensation & worker pay has gone from unfair to immoral. The stagnation of wages is a picture of injustice. We must ensure that our economy works for everyone while powering strong economic growth for years to come”.
Stimulus Check Updates To Know For July 2022
Despite all the talk about a fourth round of federal stimulus payments, summer is here and the check is still not in the mail. Lawmakers have proposed several plans to help America cope with inflation high gas prices, specifically but none have come to fruition so far.
Any federal action faces a tough road through a divided Congress. That doesnt mean help isnt on the way, but it all depends on where you live.
Some states arent waiting for a consensus from Washington, D.C., and are instead taking the initiative to make payments to their residents when they need it most: Right now.
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Can A Nursing Home Or Assisted Living Facility Take The Payment From Me
No. If you qualify for a payment, its yours to keep. If a loved one qualifies and lives in a nursing home, residential care home or assisted living facility, its theirs to keep. The facility may not put their hands on it or require somebody to sign it over to them. Even if that somebody is on Medicaid.
How Likely Is A Fourth Stimulus Check
Don’t hold your breath, according to Wall Street analysts.
For one, the Biden administration has focused on infrastructure spending to spark economic growth, betting that an investment in roads, trains and other direct investments will help get people back to work and spur the ongoing recovery.
Secondly, economists have pointed fingers at relief efforts such as the three rounds of stimulus checks for contributing to inflation. Because Americans had cash in their pockets, they boosted spending on goods such as furniture, cars and electronics. Combine that with the supply-chain crunch, and the result was sharply higher inflation, according to economists.
Without new stimulus efforts on the horizon, it’s likely that inflation could moderate in 2022, according to Brad McMillan, the chief investment officer at Commonwealth Financial Network. “One cause of inflation has been an explosion of demand driven by federal stimulus,” he noted in a December report. “But that stimulus has now ended.”
He added, “Yes, we will continue to face inflation and supply problems, but they are moderating and will keep doing so.”
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How Will Child Support Arrears And Payments Be Impacted With Stimulus Check
I seem to be getting a lot of comments on this question around child support. The IRS has confirmed that the stimulus check payment will NOT be offset or intercepted for those owe tax, have a payment agreement or owe other federal or state debts. It will however be OFFSET for past-due child support. This is because a court order for child support continues until it is modified or terminated. Similarly with unemployment compensation stimulus increases, your child support may be withheld from the UI payments. You will get a notice from BFS if this happens.
Second $600 Stimulus Check Details
While the CAA legislation, under which the stimulus payments were funded, required that the second round of payments be issued by Jan. 15, 2021, some second round Economic Impact Payments may still be in the mail and delivered by the end of February. The IRS however has confirmed has issued all first and second Economic Impact Payments it is legally permitted to issue, based on information on file for eligible people.
Get My Payment was last updated on Jan. 29, 2021, to reflect the final payments and will not update again for first or second Economic Impact Payments.
If you havent yet received your payment and GMP is not showing payment details then the IRS is recommending you claim this via a recovery rebate credit in your 2020 tax return that you will file this year. Major tax software providers like Turbo Tax and Tax Act have updated their software to allow tax payers to claim their missing first or second stimulus payment as a recovery rebate with their 2020 tax filing.
Under the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs totaling over $142 billion. Due to the lower income qualification thresholds and smaller payments this was lower than the 160 million payments made via the first stimulus check.
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What If I Owe Child Support Payments Back Taxes Money To Creditors Or Debt Collectors Or Federal Or State Debt
Both the first and second stimulus check cannot be reduced to pay any federal or state debts. Unlike the first stimulus check, your second stimulus check cannot be reduced if you owe past-due child support payments and is protected from garnishment by creditors and debt collectors.
If you use direct deposit and owe your bank overdraft fees, the bank may deduct these from your payment.
If you are claiming the payments as part of your 2020 tax refund , the payments are no longer protected from past-due child support payments, creditor and debt collectors, and other federal or state debt that you owe . In other words, if you receive your first and second stimulus checks as part of your tax refund instead of direct checks, it may be reduced.
Retail Sales Unexpectedly Rise In June
U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter.
Retail sales rebounded 0.6% last month, the Commerce Department said on Friday. Data for May was revised down to show sales falling 1.7% instead of declining 1.3% as previously reported.
Economists polled by Reuters had forecast retail sales dropping 0.4%. But shortages of motor vehicles because of a global semiconductor supply squeeze, which is undercutting production, are hampering sales of automobiles.
Sales of some household appliances have also been impacted by the chip shortage.
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