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COVID-19: Financial Resources

COVID-19: Financial Resources

As the financial effects of the COVID-19 pandemic take hold, several new assistance programs are being announced at the federal, state, and local level. We are compiling this information here for your convenience. Please bookmark this page, as it will be updated regularly.

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.

These changes are now in effect for all customers:

  • Early withdrawal penalties will be waived on certificates of deposit (CDs) opened before March 1, 2020. Applicable on balances up to $25,000.
  • Safety Check overdraft protection/line of credit account interest rates have been reduced to 5% APR until October 1, 2020.
  • Applications for Safety Check overdraft protection/line of credit accounts can be accepted online. Click here to apply.

 

AGRICULTURE-RELATED RELIEF PROGRAMS

Farm aid program now open for applications: The U.S. Department of Agriculture is now accepting applications for the Coronavirus Food Assistance Program through Aug. 28. Farmers and ranchers whose commodities have sustained a price decline of 5% or greater, or sustained losses because of supply chain disruptions caused by the pandemic, are among those targeted for aid. The program is funded via the federal CARES Act, which provides $19 billion in immediate relief to farmers. This aid includes direct support to farmers and the Farmers to Families Food Box Program, which purchases food from farmers to supply food banks to help feed needy Americans and keep it from going to waste. Learn more.

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 IMPACT PAYMENTS

May 21 Update: Many people are now receiving Economic Impact Payments in the form of a prepaid debit card. These were sent to people who do not have banking information filed with the IRS. If you would like to know how to retrieve your funds from this card, please click here.

April 22 Update: The Consumer Financial Protection Bureau issued a new video explaining how non-filers can receive their Economic Impact Payments, as well as a FAQ for consumers on how the payments are bing issued. See that here.

Using the Get My Payment Tool, people can see the date their payment is scheduled to be deposited in their bank account or mailed to them and provide their bank account information to receive direct deposit if it is not currently on file with the IRS.

Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:

  • Individuals who filed a federal income tax for 2018 or 2019
  • Individuals who receive Social Security retirement or Social Security Disability Insurance benefits
  • Individuals who receive Railroad Retirement benefits

The Treasury Department and IRS launched an online tool for those who did not file tax returns in 2018 or 2019. This will allow them to receive payments quickly, and can be found here.

The IRS has created a clearinghouse of information regarding who will receive these payments and when. Access the portal here.

 

ECONOMIC INJURY DISASTER LOANS

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

Update July 1: The application deadline for the Paycheck Protection Program has passed, though there is discussion in Washington about extending it. Please see the above link for more information.

Update June 23: An estimated $128 billion remains available in the second round of PPP funding with one week remaining to apply. If you've been on the sidelines, this may be the time to apply. Contact us now.

Update May 29: The Small Business Administration has approved $511.2 billion as of May 23 in Paycheck Protection Program loans, leaving $150 billion remaining. In Iowa, 54,380 loans totaling more than $5 billion have been approved by the SBA.

Update April 16: The $349 billion fund authorized for Paycheck Protection Program loans has been exhausted according to the Small Business Administration. The SBA is no longer accepting applications for PPP loans. Loan applications received by banks but not yet submitted to SBA will not be able to be completed. First Security will continue to work with local businesses on these loans and prepare them for submission to the SBA in the event more funds are approved.

The Paycheck Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Businesses with 500 or fewer employees are eligible. The program is administered by the SBA, but loans are made by banks including First Security. Learn more here. 

The Iowa Bankers Association has created this FAQ on the Paycheck Protection Program: https://www.iowabankers.com/userdocs/SBA_Paycheck_Protection_Program_FAQs.pdf

 

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

 

SOLE OPERATOR ASSISTANCE FUND

A fund has been created to support Targeted Small Businesses (TSB) with zero employees that have been economically impacted by the COVID-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are sole proprietors or single-member LLCs that are also TSB certified, or have an application submitted to the Iowa Economic Development Authority (IEDA) by April 10, 2020 to become TSB certified. Click here to complete the application: https://iowa01.na2.documents.adobe.com/public/esignWidget?wid=CBFCIBAA3AAABLblqZhBiEb2ZquFiGeLF5-m9tSQctJgo9yG5I6tWCOtv8KB1eESmwhgGQFw_pS02MzObMO8* 

 

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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