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COVID-19: Financial Resources

COVID-19: Financial Resources

 

Click here for updates as of January 6th, 2021.

 

ECONOMIC IMPACT (STIMULUS) PAYMENTS TO BE ISSUED AS SOON AS THIS WEEK

Update January 5: The Internal Revenue Service yesterday announced that the Get My Payments portal—available in English and Spanish—is now live for individuals to log on and view the status of their economic impact payment. 

Update December 30: $600-per-person economic impact (also known as “stimulus”) payments are beginning to arrive in people’s bank accounts. Just like in the first round, these payments will be deposited directly into the bank account individuals used when filing their 2019 tax return. If you received a previous stimulus payment, look for it to arrive in the same bank account. It will appear as “IRS TREAS 310 XXTAXEIP2” or something similar.

*IMPORTANT* Pending deposits won't be available until the effective date shown. For example, if your pending deposit reads "ACH CR Eff 01/04/2021" then you will have access to the funds beginning January 4th.

Checks and prepaid cards will be mailed to those who have not provided their bank information to the IRS in the last two years and have not provided that information as a non-filer. If you receive a paper check, consider using the First Security Mobile App to deposit the check remotely. Learn more here.

The maximum benefits will apply to individuals with an income below $75,000, or couples with an income below $150,000. These individuals will receive $600 per person including dependents. As an example, a family of four could receive $2,400.

Please be patient if you have not yet received your payment. During the previous round of Economic Impact Payments, the IRS created an online portal where individuals could check their payment status. A similar initiative is expected for this round, but that information has not yet been released. We will update this page with that information as it is made available.

PLEASE REMEMBER: Fraudsters are likely to use this as a way to scam people. The government will not contact you by phone, text, or email about this payment.

 

NEW CORONAVIRUS RELIEF PACKAGE PASSED BY US HOUSE AND SENATE

December 27: The Iowa Bankers Association has created this list of some essential provisions in the bill signed by President Trump:

  • $284 billion in new funds for the Paycheck Protection Program, including a second draw option for prior PPP borrowers and $15 billion set aside specifically for first and second draws issued by community financial institutions, including community development financial institutions and minority depository institutions.
  • $12 billion in targeted emergency investments to help low-income and minority communities, including $9 billion to be used by Treasury to create an Emergency Capital Investment Program to make direct and indirect capital investments in low- and moderate income financial institutions.
  • A hold-harmless safe harbor for PPP lenders from enforcement and penalties to include all certifications made by borrowers or applicants connected to initial or second-draw PPP loans.
  • A simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation.
  • Allows expenses paid for with PPP loans to be tax deductible and excludes PPP loans that are forgiven from gross income.
  • Repeal of a CARES Act provision that required PPP borrowers to deduct the amount of their Economic Injury Disaster Loan advance from their PPP forgiveness amount.
  • Enhancements of existing SBA loan programs, including the 7(a), 504 and microloan programs.
  • A new round of economic impact payments at $600-per-person with an income phase out at $75,000 for single-filers and $150,000 for those filing jointly, as well as an additional $600 per each child.
  • An extension of enhanced unemployment insurance.
  • An extension until Jan. 1, 2022, of the troubled debt restructuring provisions that were included in the CARES Act.

 

RESOURCES FOR CUSTOMERS OF FIRST SECURITY BANK & TRUST

First Security Bank & Trust is taking several steps to help customers through the coronavirus pandemic and related economic downturn. Many of these efforts will be implemented on a case-by-case basis, and customers should contact their lender or banker for more information or to request assistance. An appointment can also be requested from our Contact Us page.

  • Applications for Safety Check overdraft protection/line of credit accounts can be accepted online. Click here to apply.

 

AGRICULTURE-RELATED RELIEF PROGRAMS

The US Secretary of Agriculture has set up a "one-stop shop" for USDA coronavirus relief measures. See the federal resource guide here: https://www.rd.usda.gov/sites/default/files/USDA_COVID-19_Fed_Rural_Resource_Guide.pdf

 

ECONOMIC INJURY DISASTER LOANS

Update January 4, 2021: Pursuant to the COVID-19 relief law enacted last week, Small Business Administration staff confirmed to ABA that Economic Injury Disaster Loan advances will no longer be deducted from Paycheck Protection Program loan forgiveness amounts. SBA’s API vendor updated its software on Dec. 29, SBA said. The agency expects to address retroactive payment of previously deducted EIDL advances in forthcoming guidance. (Source: American Bankers Association)

Update May 5: The US Small Business Administration announced that agricultural businesses are now eligible for the Economic Injury Disaster Loans through the SBA. This includes the EIDL Advance, which is fully forgivable. The EIDL portal is now open for applications after more funding was approved through the Paycheck Protection Program and Healthcare Enhancement Act. More information can be found her: 

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-make-economic-injury-disaster-loans-available-us-agricultural-businesses-impacted-covid-19

The SBA is accepting COVID-19 Economic Injury Disaster Loans at this link: https://covid19relief.sba.gov/#/ 

 

PAYCHECK PROTECTION PROGRAM

Please contact us if you are interested in applying for this program. We've created a separate page to go into further detail herehttps://www.1stsecuritybank.com/about/news/news_details/?news_cat=news&news_article=paycheck_protection_program:_getting_started

 

IOWA SMALL BUSINESS RELIEF PROGRAM

The application deadline for the Iowa Small Business Relief Program has passed, but there is information on several other opportunities and resources including an application for deferral of eligible taxes and waiver of penalty and interest at this link: https://www.iowaeconomicdevelopment.com/our-agency-detail-resources/6710

 

US SMALL BUSINESS ADMINISTRATION CORONAVIRUS GUIDANCE AND LOAN RESOURCES

Information on the Economic Injury Disaster Loan Program, SPA Express Bridge Loans can be found here: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources 

 

STUDENT LOAN RELIEF

Visit the Department of Education's COVID-19 response page to see terms for student loan relief and to apply: https://studentaid.gov/announcements-events/coronavirus

 

COMMUNITY BANKS ARE HERE TO HELP

Read the Iowa Bankers Association's statement on the coronavirus pandemic here

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