Thousands of businesses around the world are expected to go bankrupt by the end of the year due to the economic damage caused by the coronavirus pandemic. Governments in leading economies are now trying to prevent this.

Last week, the overall picture of the scale of the effects of the COVID-19 coronavirus pandemic on the global economy became somewhat clearer. It was then that a number of countries released their economic indicators for the second quarter of 2020. During this period, the lockdown introduced in many parts of the world led to the shutdown of entire industries and services.

In Europe, the deepest economic decline was recorded in Spain – in the second quarter of this year, its economy fell by 18.5% compared to the previous quarter. In France and Italy, the economic downturn was also quite sensitive – 14 and 12%, respectively. The recession did not bypass even the largest economy on the continent – Germany. Here, in the second quarter, economic activity fell by a record of 10.1%.

Actually, in other countries of the world in the period from April to June the economic situation was not better. For example, in the United States, the decline in the Gross Domestic Product (GDP) reached 9.5% compared to the first quarter, and in Japan, according to preliminary estimates, the economic downturn was more than 11%.

United States

The United States has not made direct changes to Chapter 11 of the Bankruptcy Act. However, the package of economic support measures adopted in March this year provides, in particular, support for enterprises involved in countering the pandemic. The law passed by lawmakers contains a package of economic incentives worth more than two trillion dollars. It was the largest package of economic support in US history.

In addition, the US Federal Reserve System has allocated an additional $500 billion to finance the government’s program to lend to troubled companies.

Small and medium-sized businesses are supported through lending programs run by the Small Business Administration (SBA) and a Paycheck Protection Program (PPP). The minimum threshold that allows businesses to take advantage of this program has recently been raised from $2.7 million to $7.5 million per company.

However, to take advantage of this program, a company does not have to be insolvent. In addition, the company’s management should provide a business plan on how it intends to integrate the proposed government support into the company’s long-term development strategy to overcome the current difficulties.

The collapse of many market players is imminent

However, many special support programs will expire in the coming months, creating the risk of a second wave of economic crisis around the world, including a growing number of bankruptcies.

Small firms with limited financial reserves and small margins will have a particularly difficult time. For them, any reduction in support programs can put an end to attempts to survive, which will simply destroy them.

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The main place in the US federal tax system is occupied by three taxes:

• individual income;
• social insurance;
• corporate profits.

The federal individual income tax is levied on the entire working population of the United States. It taxes almost all types of income that can be received by the population:

• wages and benefits;
• income from private business;
• interest on contributions to credit and savings institutions;
• dividends;
• rent;
• unemployment benefits paid by private companies.

Interest income received by holders of certain types of securities issued by state governments is not taxable. Pensions and social security benefits are partially taxed.

Each taxpayer is entitled to a number of discounts and deductions from their gross income before tax. First of all, there are so-called personal deductions.

In addition to personal deductions, taxpayers have the right to make a number of targeted discounts on their taxable income. The five articles of such discounts are the most important. In this way, it is allowed to deduct from the gross income part of the costs of treatment and other medical care, which exceeds 7.5% of this income for the previous year.

Many Americans buy private homes for payment using a special bank loan for up to 30 years but at high annual interest rates. Payments of this interest are also deducted from annual income. In addition, it is allowed to deduct part of the interest payments on a consumer loan.

Funds paid in the form of taxes to state and local authorities, as well as donations to various non-profit organizations, mainly religious and voluntary, are deducted from the annual income.

Instead of making all these discounts by item, the taxpayer has the right to apply the so-called standard discount, the amount of which depends only on marital status, but not on the amount of income or any items of expenditure.

Thus, a couple who uses a single standard discount applies it in the amount of 5 thousand dollars, for single people it is 3 thousand dollars, for single people who have at least one dependent – 4.4 thousand, and for a couple who fills out tax returns separately – 2.5 thousand dollars.

After the taxpayer has made all the deductions allowed by law from his gross annual income, the remaining amount is directly taxed on income tax.

The second most important federal tax is the social security tax, which is levied only on income from wages and gifts (so it is sometimes called the payroll tax). This tax has a number of specific features. First of all, it is levied in equal parts from workers, landlords, and entrepreneurs.

This means that the entrepreneur pays for each employee of the company an amount equal to the amount of tax levied on the employee. In addition, the social insurance tax is not levied on the entire salary, but only part of it to a certain level established by law (tax base).

The fees from this tax are determined by law exclusively for the payment of pensions to the elderly, the disabled, families who have lost a breadwinner and can be used for other activities.

The third major federal tax is the corporation tax. It is taxed on the gross redistributive income of a corporate business. Profit of 50 thousand dollars taxed at the maximum rate – 34%

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Over the last decade, no currency has become as important as the US dollar (USD). The US currency today is not just one of the main reserves, the dynamics of quotations which are closely monitored by world exchanges. More than 80% of world trade turnover is denominated in dollars, the share of financial turnover in the SWIFT system exceeds 40%, plus, the dollar today even replaces the national currency in many countries.

History of American money

The official history of the US dollar began 234 years ago when US President Thomas Jefferson declared it the national currency. But in fact, the dollar has long been known, not only in America but also in Europe.

The name comes from the thaler – a silver coin weighing about 27 grams, which was minted in Germany and the Czech Republic since 1519 and used in maritime trade. In England, so began to call any large silver coins, but with a slightly changed name “dollar”. The first Dutch settlers also used thalers, so the choice of the name of the money was obvious.

The minting of the US dollar (originally also its was made of silver) began in 1794 when was founded The United State Mint in Philadelphia. In this time it was called “bucks” – from the word “buckskins”, which meant the skins of animals used to barter with the Indians.

The first banknotes appeared only with the beginning of the Civil War: on July 17, 1861, Congress passed an act ordering the Treasury to issue new banknotes worth $ 60 million. The order was fulfilled by the New York company American Bank Note Co.

The first paper currency in the United States was black and white, and the market was quickly flooded with counterfeits. In 1869, the Treasury signed a contract with Philadelphia’s Messer J. M. & Cox for the production of gray-green paper with watermarked. The color was chosen not by chance: most government documents at that time were concluded on green stamp paper, and this should have won the trust of citizens.

Since then, the dollar has not changed much in appearance, it looks almost the same today. Only since in 2004 begin to be printed banknotes with some other colors.

Banknotes and coins

Modern US banknotes are made of a material that consists of 25% linen thread and 75% cotton thread, so they do not turn yellow. Paper for banknote is produced by only one company. Selling it to anyone other than the US Federal Reserve is prohibited. The paint formula is also secret.

The average lifespan of a banknote, depending on the denomination, is from 22 to 60 months. About 35 million banknotes of various denominations are issued daily for a total of more than $600 million, 95% of which are used to replace worn-out money.

The cost of the production of one bill is about 6 cents. All banknotes, regardless of denomination, have a size of 156 mm by 56 mm and a weight of about 1 gram.

There are 1, 2, 5, 10, 20, 50, and 100 dollar bills in circulation. A limited number of 500, 1,000, 5,000, and 10,000 dollar banknotes were issued before 1945 and were withdrawn from circulation in 1969 when the United States began to be used electronic money.

The $100,000 banknotes, issued in 1934, were used only in the internal calculations of The Federal Reserve System.

The basic design with portraits of presidents and statesmen was approved in 1928.

Coins are also in circulation:

• 1 cent – “penny”;
• 5 cents – “nickel”;
• 10 cents – “dime”;
• 25 cents – “quarter”;
• 50 cents – “half”;
• 1 dollar – “buck”.

Also to minted commemorative, anniversary, and investment coins.

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Where to go after registration of an accident. After all the documents have been drawn up and the driver turned to the insurance company, the insurer is obliged to set the time and place of the vehicle inspection to assess the damage within five days.

The time of the appraisal of the car is assigned taking into account the work schedule of the insurance and expert organizations. If the damage is so strong that it is impossible to get to the place by its course, then the condition of the car is estimated at the location of the car (wherever the tow truck took it).

At this stage, if the driver agrees with the results of the assessment and the amount of compensation, he receives payment.

As part of the crash benefit system in some states in the United States, your own insurance company pays for the damage caused to your car, regardless of who caused the accident. Thus, even if you were hit by a drunk driver who drove through a red light, and he was found guilty of drunk driving and dangerous driving, and also wrote you a long apology note that admits his guilt, it will not matter. Your insurance company pays for the damage caused to your car.

Then your insurance company can receive the full amount of compensation due to the fault of the driver or his insurance company. This is called “subrogative interest.” Your insurance company is completely dependent on whether they pursue this subrogative interest in relation to the driver responsible for the mistake. No matter how much you ask the insurance company to get the wrong employee to pay for his actions, they don’t have to do anything if they don’t want it.

It is also worth noting that the regulator with which you will deal, for the damage caused to your vehicle, is called the “regulator of properties”. These adjustments are different from those that handle your accident benefit or claim pain and suffering. The job of the “property regulator” is to determine the extent of damage to your vehicle and compensate you for this damage. You may run into problems if you think that your low-mileage used car had much more value than the value that the insurance company assigned to it.

Example: your Honda Accord 2005 drove 60,000 km. It was written off in a car accident. The actual cost of the car was $ 12,500 because it was traveling so well. But the insurance company adheres to a strict cost and estimated replacement cost at $ 8,000. This is a short drop of $ 4,500 that you have with your insurance company. In such cases, it is best to contact your injury lawyer or file a lawsuit in a minor lawsuit. The court of petty litigation is no longer so small. The limit is 10,000 dollars. Now it is set at $ 25,000, which makes it an excellent option for this kind of property dispute about the replacement cost of a damaged car.

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All major home insurance policies provide coverage ranging from $ 500 to $ 1,000 for jewelry. Jewelry Endorsement is usually not all-risk coverage (i.e. not coverage from anything else), which can be a problem for you. In other words, built-in coverage (built-in endorsement) extends strictly to the stated reasons for claims, such as fire, tornado, theft, etc. Still, the most frequent cause for action is not these misfortunes, but the so-called “mysterious disappearance”

Imagine that you took off your diamond ring to take a bath and put it on the windowsill. When you finished, you forgot that you left the ring, and when you remembered, he was no longer there. This is what is called mysterious disappearance, and although such a claim is not covered by ordinary home insurance, your Jewelry Endorsement should cover such a claim. On average, the price of such a supplement ranges from $ 15 to $ 25 per year, for every $ 1,000 of coverage. That is, insurance for a ring worth $ 5 thousand will cost you about $ 75- $ 125 extra per year. If the cost of your jewelry exceeds $ 10,000, many companies will require a photo of the product and an appraisal expert’s opinion (appraisal – you can get it from almost any jeweler or pawnshop) before including the product in your insurance.

By the way, expensive musical instruments, pianos, violins, etc., can also be included in the coating, for about the same conditions.

Each state has its own insurance legislation and its supervisory authority. There is no single federal insurance law and no single federal insurance supervisory authority. Each state submits its requirements regarding the minimum level of capital, types of insurance, conducts an audit of controlled insurance companies, carries out general regulation of insurance activity by issuing a license to brokers, agents and insurance companies themselves.

In the US, there are two types of insurance companies: joint-stock companies and mutual insurance societies. State insurance companies do not exist. Shares of joint stock companies can be purchased both by physical persons and legal entities.

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Cloyd has PPH Anthem Blue Cross health insurance, and she hoped that she would only be paid in part for her visit to the ER, and the rest would be covered by insurance. Instead, after 15 days, she received a letter from the insurer stating: “Your condition does not meet the definition of an emergency”, and therefore the woman, according to the letter, had to pay the entire bill from the ER, which was 12,596 dollars, writes CBS News.

The situation faced by Cloyd is becoming increasingly common in the health insurance industry, according to a study by the Doctor Patient Rights Project (DPRP). And PPH Anthem Blue Cross, which, given its subsidiary networks, is the largest private health insurer in the country, has taken the lead in refusing to pay for emergency services. DPRP argues that Anthem has a waiver policy designed to make their customers afraid to apply for ER services for fear of a huge bill.

Anthem spokeswoman Jizel Davis, who said she had not yet seen the study, gave a universal comment on this issue: “The review of the ER payment policy, conducted by Anthem, aims to encourage consumers to get emergency help in the most appropriate situations. It aims to reduce the trend in recent years of the misuse of emergency departments to provide services, when the situation is not really an emergency. ”

However, Anthem did not provide specific explanations as to what is the proper reason for the visit to the emergency room. But in a letter addressed to companies insuring their employees through Anthem, the insurer made it clear that he would not want his clients to apply for grinding at the ER, when they could be easily cured in a doctor’s office or a regular clinic.

According to representatives of Anthem, more than a quarter of visits to emergency departments made by customers of the company could have been avoided by solving the arisen health problem elsewhere.

“If we could cut down on unnecessary visits to the ER, we could cut spending on healthcare by 4.4 billion dollars a year,” the company said in a letter.

What is a “medical emergency”

 Kentucky is not the only state where Anthem has this policy. This also extends to the South and Midwest. In Georgia, the American College of Emergency Training and the State Medical Association filed a lawsuit in federal court demanding that Anthem’s unsafe policy on refusals to cover the costs of patients for emergency medical care.

US Senator Claire McCuskill sent a letter to the US Department of Health and Human Services, as well as to the Department of Labor asking to investigate whether certain insurers violated the terms of their insurance plans by refusing to cover certain expenses.

In 1997, Congress passed a law on the standard of non-expert caution for Medicare and Medicaid, and in 2010 it was expanded to group and individual insurance plans. He defines an “emergency situation” as one in which knowledge of an average person about health and medicine gives him grounds for contacting the ER based on the acute symptoms of a sufficient degree of severity.

137 million people visit the ER every year.

According to DPRP, on average, almost every fifth US citizen is reported to the ER every year, which gives a total of 137 million visits to these clinics per year. Statistics from 2012 that the average cost of a visit to the ER is 1233 dollars is very outdated. One of the reasons for the increase in prices since then, according to a study by the University of Maryland: an increase in the number of cases of substance abuse, especially among young people and middle-aged people, in most cases, such abuse is treated in the ER.

According to Anthem, even small savings can benefit the US healthcare system, in which Americans spent almost $ 3 trillion in 2015. The proportion of patients who leave the ER without treatment in general is 5%, according to Anthem. At the same time, the Centers for Disease Control and Prevention (CDC) say that this proportion is at least 3.3%.

CDC data also shows that applying to the ER can be the right decision and save lives in the event of a serious condition, such as chest or abdominal pain, as well as high fever. 43% of cases of treatment in the ER lead to hospitalization of patients.

How to make an appeal

Those who feel that they have been unjustifiably denied payment for medical services can file an appeal.

“Patients must first contact the insurer,” explained Stacy Worsy, executive director of Aimed Alliance, which works in the field of innovative medicine.

If you received a letter from the insurer with a refusal to pay the bill, send them in response to the documentation with justification of the need for treatment in the ER.

If you get a second refusal, request an external review by an independent party, possibly a state insurance regulator, or someone whom he appoints.

A study conducted in 2016 showed that 52% of patients who refused an insurer to pay bills for emergency medical services, after an independent review, ensured that the insurance company paid their bills.

Cloyd sent a letter to Anthem confirming the need for a visit to the ER, which also indicated that “she doesn’t know how a patient actually has internal bleeding,” but that her feelings were very painful and frightening. suspected exactly that.

As a result, Anthem paid the entire bill in the amount of 12,596 dollars.

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• student loan
• parent loan
• private loan

To simplify the loan repayment system, a consolidation loan is also provided, which combines all the existing loans of the borrower into one.

Student loans
Student loans are distinguished by low interest rates and no collateral. The Stafford Loan Federal Student Loan  is divided into two main types:

1. Federal Family Education Loan Program (FFELP). Such loans are issued by non-state legal entities (banks, savings and credit organizations). The federal government acts as a guarantor for the repayment of these loans.
2. Federal Direct Student Loan Program (FDSLP). These loans are managed by Direct Lending School. They are issued by the government directly to students and parents.

Stafford Credits
In turn, Stafford loans are divided into subsidized, the interest on which is repaid by the government, and non-subsidized (unsubsidized), on which the borrower pays interest on their own. In this case, the student has the opportunity to receive a deferment of payment until the end of his studies. Any student can use a non-subsidiary loan. However, in order to receive a subsidiary loan, a student must document that he really needs material support from the state.

Conditions for students who are parents
Parents-supported students have the opportunity to receive a loan in the following sizes: the first course of study is up to 2625 USD, the second course is 3500 USD, and each subsequent course is 5500 USD. Students who have their own earnings are given the opportunity to receive an additional loan of 4,000 USD in the first two courses and 5,000 USD in subsequent years of study. For graduate students the possibility of an annual loan of $ 18,500 is provided, however, only 8,500 USD of this amount is subject to subsidization.

Interest rate on student loans
The interest rate on student loans is variable. It is calculated by adding the 91-day rate of return on treasury bills (T-bill rate) and 1.7% during the course. At the end of the school, another 0.6% is added to the rate. The interest rate is set annually to the extent not exceeding 8.25%. All lenders give loans at a single rate, but, nevertheless, each of them can individually provide discounts on repayment through the electronic system and installments.

Perkins Loan Concessional Loan
Students and graduate students with a difficult financial situation can get Perkins Loan soft loans. In this case, the creditor is an educational institution that disposes of funds allocated for such purposes from the federal treasury. Since this loan is subsidiary, interest on it is paid by the federal authorities during the term of study. The interest rate on this loan is 5%, the repayment period is 10 years. Also a deferment in repayment of the loan for 9 months. The loan amount is set by the financial assistance department of the educational institution. For students, there are limitations of up to 3,000 USD per course of study, for graduate students – 5,000 USD. The total amount of restrictions for students is 15,000 USD, for graduate students – 30,000 USD. Expanded Lending Option (ELO), institutions in the extended lending program have the right to change the limit of restrictions. In this case, the loan amount is increased by 1000 USD per year, the total amount for students – by 5000 USD, for graduate students – by 10,000 USD. In addition, simplified cancellation conditions are provided for the Perkins loan.

Parent Loan
Parents of dependent students have the opportunity to receive a loan for the education of children (Parent Loan). The federal Parent Loan for Undergraduate Student (PLUS) is a parent federal loan that allows you to take up the amount of the cavity that covers the cost of tuition, as opposed to a student loan. PLUS loans can be issued by both private organizations and government agencies. The interest rate on this type of loan is made up of the 52-week rate of return of the treasury bill T-bill rate and 3.1%. It can vary in the range not exceeding the 9% barrier. Loan payments start from the 60th day after receiving the loan, the full repayment period is 10 years. Parents are fully liable for payments.

Private Loans
Private Loan also called Alternative Loan. This type of loan allows you to get the missing amount of money for full payment of tuition, since the loan amount provided by the government program is sometimes not enough. Alternative loans of various types are issued by private legal entities. To receive them, you do not need to fill out a federal form.

Loan Consolidation
This type of loan allows you to combine several loans issued by one lender (for example, student and parent). This greatly simplifies the process of repayment of the loan. The combined loan allows you to reduce the monthly amount of payments due to an increase in the full repayment of the loan. Unlike federal loans, which are issued for 10 years, the alternative ones provide a repayment period of 12 to 30 years. The interest rate is determined as the average value of the loan rates of the pooled loans. The rate is rounded up to 1/8, but does not exceed the 8.25% threshold.

There is also a huge number of grants and scholarships that can be won thanks to their knowledge and skills, if you have confidence in your abilities and a desire to learn.

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The United States House of Representatives passed a law that banned the eating of cats and dogs in the United States, according to The Hill.

Buchanan raised the issue of the ban on animal consumption in 2017. His office made a statement that the practice of slaughtering cats and dogs, which is legal in 44 states, should be completely outlawed, because dogs and cats provide love and communication to millions of people.

According to the law, for the use of cats and dogs will follow a fine of up to $ 5000. The law also provides for the punishment for the delivery, sale and transportation of animals for the purpose of slaughter for human consumption.

One of the authors of the law, Democrat Alcee Hastings, said that now the House of Representatives plans to call on other countries to adopt a similar law so that the trade in the meat of cats and dogs is banned all over the world.

Exception for Indians

The only exception to the law was made for Indian tribes who use animals for religious rites, which is part of their culture.

The US House of Representatives is the House of Congress, which has representatives from every state. In their authority – the adoption of laws.

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“Serious” debt is the amount of $ 50 thousand. At such a debt, the IRS will already have to provide the service with relevant information. According to the law, “unpaid, legally binding federal tax obligation” debt, the amount of which exceeds $ 50 thousand (plus accounting for a fine and interest), is considered a “serious offense”. The minimum amount of tax debt will change periodically – depending on inflation and the cost of living. Moreover, the total tax debt, rather than the annual period, is taken into account.

Tax debts do not fall into the category of “serious tax debt”, if they meet certain conditions:

• The payment was made in time, under an installment agreement, drawn up by the IRS.
• The payment was made on time, in accordance with the agreement with the Ministry of Justice or the Proposal for concluding a compromise agreement.
• When the innocent spouse is released from responsibility; division of tangible property.

When collecting due process, in order to collect the debt, it is necessary to file a request with Levy in a timely manner.

The State Department gives the non-payer 90 days during which he can take the following measures to avoid depriving the passport:

• Fully pay off tax debt.
• Find a compromise with the US Internal Revenue Service.
• Eliminate all errors in certification.
• When sending information to the State Department, the IRS must necessarily notify the defaulter in writing. The notification will be sent to the last specified address by regular mail.

The Tax Service informs the State Department when:

• The request was sent erroneously.
• The tax debt is partially repaid and is no longer critical.
• The tax debt is completely repaid.

If the taxpayer considers that the request of the IRS to the State Department is unreasonable, then in such a situation it is possible to apply to the US District Court or the Tax Court.

If a decision is made to cancel the passport, the State Department must notify the taxpayer. Prior to notification, the passport is considered valid.

In the event that a taxpayer needs to travel abroad, you need to contact the telephone number indicated on the notice CP 508C to find out the status of your passport. In other cases, you must call the State Department (National Passport Information Center number: 1-877-487-2778).

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The Manhattan prosecutors accuse Weinstein of rape of the first and third degree in one case and in the first degree sexual act in the second case.

Weinstein entered the New York police station through a flurry of journalists and photographers.

It was a scene not like walking on the red carpet, once again stressed how low the Hollywood producer fell, as dozens of women publicly accused him of sexual harassment.

It is expected that Weinstein will appear in court later on the same day.

He was arrested on charges of raping one woman and making the other engage in oral sex with him. Weinstein entered the New York police station through a crowd of journalists and photographers.
Note that the criminal case is based on statements of the former actress Lucia Evans. She was one of the first to publicly report the harassment of Weinstein back in 2017. According to Evans, Weinstein forced her to oral sex during a business meeting in 2004.

According to the source of law enforcement agencies, the amount of Vainshtein’s pledge will be set at $1m cash or $10m bond.

Recall that the story of sexual harassment Harvey Weinstein originates from October 2017. It was then that several women accused the movie tycoon of harassment. After some time about the rape the producer was declared and his other victims.

In general, Weinstein was accused of at least 50 women, among them well-known and not very much.

Weinstein refused to admit guilt.

In addition to paying the collateral, Weinstein was required to wear an electronic bracelet and not leave the state of New York and neighboring Connecticut.

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