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:
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.
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
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:
The SBA is accepting COVID-19 Economic Injury Disaster Loans at this link: https://covid19relief.sba.gov/#/
Please contact us if you are interested in applying for this program. We've created a separate page to go into further detail here: https://www.1stsecuritybank.com/about/news/news_details/?news_cat=news&news_article=paycheck_protection_program:_getting_started
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
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
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
Read the Iowa Bankers Association's statement on the coronavirus pandemic here.
*Please be advised that you are leaving First Security Bank and Trust's website. These links are provided as a courtesy. First Security Bank and Trust does not endorse or control the content of third party websites.