According to the National Committee to Preserve Social Security & Medicare consolidated audit of March 31, 2021 (Note 12, Risks and Uncertainties- COVID-19 Outbreak):
"On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus (COVID-19)... In March 2020, the WHO classified the COVID-19 outbreak as a pandemic...
"Operationally, the Organization has remained focused on supporting members, employees, and communities during this time. The Organization has responded quickly to adopt a virtual corporate strategy consisting of enabling most employees to work productively from home while continuing to guard the health and safety of teams, support members, and mitigate risk. The Organization is focused on ensuring continuity for members. To the extent possible, the Organization is conducting business as usual, with necessary or advisable modifications to employee travel, employee work locations, and events.
"Through March 31, 2021, the Organization has not experienced any impact of COVID-19 and therefore, has not experienced any going concern issues or other events that negatively affected operating cash flows and liquidity. Management does not foresee any risks and uncertainties that could significantly affect the amounts reported in the financial statements in the near term.
"However, the global pandemic of COVID-19 continues to evolve, and the Organization will continue to monitor the COVID-19 situation closely. The ultimate impact of the COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change. The Organization does not yet know the full extent of potential delays or impacts on business, operations, or the global economy as a whole, which makes future results difficult to predict.
"On March 27, 2020, President Trump signed into law the 'Coronavirus Aid, Relief, and Economic Security (CARES) Act.' The CARES Act, among other things, includes provisions relating to refundable payroll tax credits...
"The Organization continues to examine the impact that the CARES Act may have on its business and is currently not impacted by the CARES Act.
"On December 27, 2020, the Consolidated Appropriations Act, 2021 (the Act) was passed, which includes $900 billion in stimulus relief as a result of the COVID-19 pandemic.
"On March 11, 2021, the American Rescue Plan Act of 2021 (the 2021 Act) was passed, a $1.9 trillion stimulus relief package that is intended to provide support to individuals and businesses affected by COVID-19.
"Management is currently evaluating the impact that the Act and the 2021 Act may have on the Organization's business."